Softek’s Post

Major financial firm has been fined $1.5 million by FINRA for inadequate supervision, leading to avoidable fees in client transactions. This penalty underscores compliance deficiencies that could have been avoided with stronger adherence to Reg BI standards for client protection and transparency. Read more here: https://lnkd.in/e5nCXhdw. At Softek Compliance, we can help your firm with updating policies and procedures to align with Reg BI requirements and provide training for reps. View our services here: https://lnkd.in/eQUvAYc7. #RegBI #FINRA #SoftekCompliance

Beneficial Ownership Information Reporting – New for 2024 Are you ready for the new FinCEN reporting requirements starting January 2024? Understanding these changes is crucial for many U.S. businesses. Our latest article breaks down: 📌 Who needs to report beneficial ownership information 📌 Exemptions from the reporting requirement 📌 Key deadlines for filing reports 📌 Penalties for non-compliance Don't wait until it's too late! Learn how these changes impact your business and how to stay compliant. 👉 Stay informed with our comprehensive guide: https://bit.ly/3uIp0Ut At Grapp Lerash, we're committed to ensuring your business navigates these new regulations seamlessly. Let's work together for your business's success. #FinCEN #BeneficialOwnership #BusinessCompliance #GrappLerash

➡️ Truth Before Reconciliation ➡️ Reconciliation is a verb - Action Needed ➡️ Reconciliation is NOT an Economic Opportunity - it is the right thing to do! ➡️ Reconciliation is not a part-time, off the side of your desk, when I get to it project. ➡️ Reconciliation has no target end date - it is an ongoing collective journey. ➡️ Reconciliation needs everyone’s participation and commitment. Do you take reconciliation seriously? #reconciliation #trc #truthandreconciliation

Hello #connections We are buying calls on following 🚀Debt settlement 🚀ACA 🚀Final Expense All verticals are direct with 3 min buffer Interested and quality centers with volume DM me #finalexpense #aca #debts #debtrelief #finalexpenseinsurance #affordablecareact

File checks are a critical component of ensuring the reliability and integrity of financial advice. In the realm of financial services, where trust and accuracy are paramount, thorough file checks serve as a safeguard against errors, fraud, and regulatory non-compliance. These checks encompass various aspects, including verifying the accuracy of financial statements, confirming compliance with industry regulations and standards, and ensuring the security of sensitive client information. By conducting rigorous file checks, financial advisors can instill confidence in their clients, demonstrate transparency and accountability, and mitigate the risk of potential legal or financial repercussions. Moreover, these checks enable advisors to maintain the highest standards of professionalism and ethics, fostering long-term client relationships built on trust and integrity. In an ever-evolving financial landscape, where market fluctuations and regulatory changes are commonplace, robust file checks serve as a cornerstone of sound financial advice, empowering clients to make informed decisions and achieve their financial goals with peace of mind. #regtech #compliance #financialservices #ifas #mortgagesbroker #fintech

Hacks of customer personal data is on the rise and post hack has seen a number of CRO heads role and upset customers. Fortiro allows businesses access to state-of-the-art document fraud AI technology, preconfigured out of the box, including programatic TFN redaction. #weareallinthisntogether #jointhemission.

Remedial actions on pre-sales file checks are vital to maintaining the accuracy and reliability of financial advice provided to clients. When pre-sales file checks reveal errors, inconsistencies, or incomplete information, immediate corrective measures must be taken. This includes verifying and updating client data, ensuring compliance with regulatory requirements, and rectifying any discrepancies in financial records. Advisers should engage in thorough communication with clients to obtain any missing information and clarify any ambiguities. Additionally, documenting these corrections and maintaining a clear audit trail is essential for transparency and accountability. By implementing these remedial actions, advisers can mitigate risks, uphold the highest standards of professionalism, and ensure that clients receive sound, well-informed financial advice, ultimately fostering trust and long-term client relationships. #compliance #regtech #fintech #financialservices #ifas #mortgagebrokers

Finreify eSign simplifies every signature, from contracts to approvals. It is an efficient tool for managing agreements and documents. #NBFC #agreement #document #BFSI.

🔒 Strengthen Your Financial Controls! 🔒 One crucial rule for safeguarding your company's assets and minimizing fraud is **Dividing Custody of Assets and Record Keeping**. 🗂️💼 By ensuring that the responsibilities of handling cash or inventory are separate from those of recording transactions, you create a robust check and balance system. This separation reduces the risk of misappropriation and ensures accurate financial reporting. 📊✅ Want to learn more about effective internal controls and how to implement them? Contact SubLedger USA today! #InternalControls #FraudPrevention #FinancialManagement #BusinessIntegrity #AccountingBestPractices #SubLedgerUSA

FORVIS provides an overview of Regulation E and the requirements of the Electronic Fund Transfer Act to help your institution move forward with compliance.