Banks using outdated processes could draw 5x bigger fines in 2022
Regulators likely to target FIs relying on spreadsheets, manual processes for repeat reporting errors
U.S. regulatory authorities may be less lenient about bank accounting and reporting errors stemming from old technologies — like spreadsheets — particularly for repeat offenses. Banks could see 500% higher fines for errors stemming from outdated, problematic methods. So predicts Bikram Singh, chief executive officer of Brunswick, N.J.-based EZOPS, a provider of an artificial intelligence […]
