BUSINESS TOPIC CLASSIFICATION

Compliance.ai is the first RegTech company to match regulatory documents to corresponding business functions (topics) by leveraging its proprietary Expert-in-the-Loop methodology. Topic classification allows users to quickly deduce whether a newly published document applies to their business while also ensuring that a related document isn’t overlooked, even if it is published by an agency you don’t normally track. Automatic Topic Classification, along with automatic key date extraction (publication, comment close, effective dates) enables for accurate Prioritization of regulatory tasks.

Bank Secrecy Act/Anti-Money
Laundering

The Bank Secrecy Act / Anti-Money Laundering rules (BSA/AML) require U.S. financial institutions to assist the U.S. government in detecting and prevent money laundering and fraud. Money Laundering includes the concealment of the origins of illegally obtained money, typically involving bank transfers. Fraud includes deception intended to result in financial gain.

Bank Operations

Relates to the general operations of the bank and cross product operations.

Broker-Dealers

A broker-dealer is a natural person, a company or other organization that engages in the business of trading securities for its own account (as a dealer) or on behalf of its customers (as a broker). By definition, broker-dealers are buyers and sellers of securities, and they are also distributors of other investment products. Broker-dealers fulfill several important functions in the financial industry. These include providing investment advice to customers, supplying liquidity through market making activities, facilitating trading activities, publishing investment research and raising capital for companies. Broker-Dealers are mainly independent firms or subsidiaries of commercial banks, investment banks, or investment companies.

Commercial Lending

An entity (bank, other lender) lends money to a commercial entity (non-consumer entity) to pay for something (usually real estate).

Consumer Lending

An entity (bank, credit union, P2P lender, other lender) lends money to a borrower (individual consumer) to pay for something (car, home, personal expenses, etc.).

Crowdfunding

The practice of funding a project or venture by raising small monetary contributions from multiple investors, typically through an online platform. The funds may be provided in exchange for a) loan repayment (with or without interest), b) equity, c) other “rewards,” like an invite to a product launch.

Cybersecurity

Cybersecurity refers to the protection of electronically-stored information. This may also include the protection of computers, electronic communication systems, electronic communications services, wire communication, and electronic communication, including information contained therein, to ensure its availability, integrity, authentication, confidentiality, and nonrepudiation.

Debt Collection

The process of pursing payments of debts owed by individuals or businesses typically by a debt collection agency or in-house collections department

Deposits

Deposits of money made to banking institutions for safe keeping. May include checking accounts, savings accounts, debit cards, and money market accounts.

FCPA/ABAC

Foreign Corrupt Practice Act (FCPA) and Anti-Bribery/Anti-Corruption (ABAC). The goal of FCPA and ABAC is to create a level playing field for honest businesses by prohibiting and preventing corrupt payments to obtain or retain business.

Insurance

Primarily focuses on life insurance.

Leasing

Contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset. Property, buildings and vehicles are common assets that are leased. Industrial or business equipment is also leased.

Lending

An entity (bank, credit union, P2P lender, other lender) lends money to a borrower (individual or business) to pay for something (car, home, personal expenses, etc.).

Mortgage Lending

A mortgage is a loan used to purchase property (such as a house). Bank (or other lender) lends money to borrower; the loan is secured by the title of the property.

Payday Loans

A payday loan (aka “small dollar loan” or “deferred deposit transaction”and “deferred presentment transaction” or “payday advance”) is a short-term loan, often for $500 or less; repayment is typically due on the borrower’s next payday. When a borrower takes out a payday loan, he typically has to give the lender access to his checking account or write a post-dated check for the full balance that the lender can deposit when the loan is due.

Payments

Related to money transfer services or payment instruments. Money Service Businesses or MSBs. Also includes other payment instruments such as credit cards, EFT.

Privacy

Privacy law refers to the laws that deal with the regulating, storing, and using of personally identifiable information (PII) of individuals, which can be collected by governments, public or private organizations, or other individuals.

Securities

Includes securities and derivatives. A security is an investment of money in a common enterprise with an expectation of profits that results solely from the efforts of others. This may include any note, stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on: any security, certificate of deposit, or national securities exchange relating to foreign currency.

Trusts

Covers Revocable Trusts, Irrevocable Trusts, Asset Protection Trust, Charitable Trusts, etc

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