Global Head of Public Sector, Bank Services Group, and AML/KYC , Institutional Clients Group, Citigroup
Not long ago, the mere mention of "1073" at a payments conference was enough to start a rumble.
The controversial Dodd-Frank rule enacting new requirements on remittance payments and reporting guarantee of receipt of funds, intraday liquidity requirements, fee and exchange-rate disclosures had some institutions considering whether to quit the business.
But much of that concern has been allayed by the amended final rule (now with optional fee disclosures, and exemptions for small remittance providers), and by the work of wholesale service providers like Citi's Institutional Clients Group and its head of public sector and bank services, Julie Monaco.
She and Citi, which work with 400 of the top 500 banks globally, have placed a major focus on helping clients prepare for forthcoming deadlines, including this month's enactment of the 1073 requirements. Another major regulatory focus in the past year was the Dec. 31 expiration of the Federal Deposit Insurance Corp.'s unlimited deposit insurance coverage, for which Monaco used a two-pronged strategy of client education and new product rollouts to help fill the void.
Monaco's role at Citi evolved this year when Citigroup CEO Michael Corbat reorganized Citi Transaction Services, where Monaco had been North America region head and the global head for the public sector, bank services and marketing groups. In her new role, she is part of Citi's investment bank.