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Cornerstone First Financial

The Mortgage Minute Update: July 26, 2011 For more information on Cornerstone First Financial, visit http ... (more info) (less info) ... Cornerstone FF ... "The ...

RegTech: From Compliance Checkbox To Competitive Cornerstone

Bank of America is being sued for $120 million after failing to flag large deposits into small accounts, which were cleared a few days later. Previously, U.S. Bank was fined $600 million for failing to flag and report suspicious activity according to anti-money laundering (AML) requirements.

These are big banks making these mistakes, and they aren’t the only ones making headlines for regulatory blunders. According to John Epperson, principal at Crowe LLP , that goes to show that the current approaches to regulatory and compliance technology ( RegTech ) aren’t working.

There have been substantial investments in technology by financial services organizations – in particular, a spike in RegTech investments from traditional banks. Banks spent $100 billion on RegTech solutions last year, and $6 billion has been invested by venture capitalists since 2008.

Yet, Epperson says, despite all the money flying around, the problem is far from solved. Organizations are still struggling to extract the value and promise that RegTech has to offer.

China's Xiaomi secures 7 cornerstone investors for its $6.1 billion Hong Kong IPO, including Qualcomm

Xiaomi is selling about 2.18 billion shares in the IPO, 65 percent of which are primary, according to the term sheet. The selling shareholders are early investor Morningside, a Chinese venture capital firm, and Xiaomi managers Wong Kong Kat, Liu De, Heng Feng and Li Wanqiang.

The smartphone maker is also set to hand Hong Kong's equity bankers one of the biggest paydays in recent years.

According to a preliminary offering document, Xiaomi is looking to pay an underwriting commission of 1 percent and an incentive fee of up to 0.25 percent. That means 23 banks on the IPO would share a total fee of about $76 million, if Xiaomi prices at the top of its range.

While the sheer size of the deal makes the fees attractive, the commission rate is lower than what Postal Savings Bank of China paid in its $7.6 billion IPO in 2016, the world's biggest listing in four years. The lender paid an underwriting commission of 1.1 percent and an incentive fee of up to 0.5 percent.

Is this a scam?

My husband recieved a check in the mail from a financial management firm in Canada, along with a letter explaining he won a cruise and $33,000. He was supposed to cash the first check, for $2999.

don't give anyone your info, don't wire anyone money. as long as you don't do anything like that, you'll be fine. This does sound like one of those scans where they send you a check and then have you wire them money. So be careful of that.