Financial services organizations, such as credit unions, must comply with data mandates from a growing list of regulatory entities, from FINRA and the Commodity Futures Trading Commission to the Office of Compliance Inspections and Examinations of the Securities and Exchange Commission.

Amid this increasingly global regulatory environment, organizations are struggling to comply with this vexing array of demands on their data. The proliferation of big data combined with changing rules and short response times create a perfect storm. In response, legal and risk management teams are increasingly using their corporate and employee data to their advantage to reduce or avoid legal fees and fines.

In May, FINRA issued a $17 million fine — the largest-ever penalty against a financial services firm — for anti-money laundering compliance failures. Financial institutions hoping to avoid a similar fate realize that a backward-looking approach to compliance cannot address future liability, especially now that governmental agencies are employing sophisticated data analytics to identify illegal activity.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.