man with coins behind his suit

The Inherent Risks of “Too Big to Fail”

Posted by - June 28, 2018
Australia Grapples with its Monstrous Banks Compliance failures at a system-wide level are the hardest to heal from. This article looks at the risks facing companies that are “too big to fail” in light of the recent Australian bank scandal. Compliance failures at a system-wide level are the hardest to…

When are Anti-Money Laundering Program Deficiencies a Crime?

Posted by - May 30, 2018
Criminal Actions Brought Against Rabobank and US Bank Kerry Zinn identifies stipulations to evaluating anti-money laundering programs and the importance of cooperating with regulators.  In early 2018, the Department of Justice (“DOJ”) brought two criminal actions relating to Anti-Money Laundering (“AML”) program deficiencies. This article examines the criminal actions brought…
white puzzle piece completing regulatory compliance puzzle

Practical Steps for Compliance with NYDFS Regulation Part 504

Posted by - April 12, 2018
5 Actions to Take Now With the New York State Department of Financial Services (“DFS”) Part 504 regulation’s first annual compliance certification deadline approaching, financial institutions must ensure compliance as soon as possible. This piece discusses practical steps to benchmark your program against the requirements. The International Monetary Fund estimates…
coffee cup with MiFID logo

Navigating MiFID II Compliance Waters

Posted by - March 29, 2018
Easing the Burden for Financial Services Firms Financial services firms that are headquartered or do business with customers in the European Union (EU) have been subject to the Markets in Financial Instruments Directive (MiFID) since its enactment in 2007. But now there is a new wrinkle — an enhanced version…
digitized dollar sign

Navigating KYC in the Nordics, Part 2

Posted by - March 28, 2018
Embracing New Technologies Fenergo’s Laura Glynn discusses how banks around the world are embracing a more digitalized and transformative approach to compliance and, indeed, client life cycle management. Read Part 1. The global financial services industry is currently on the brink of a massive technological disruption. Financial institutions are now…
microscope on vintage background

Navigating KYC in the Nordics, Part 1

Posted by - March 26, 2018
Under the Regulatory Microscope Faced with increased regulatory demands and scrutiny in the midst of heightened regulatory enforcement, Nordic banks need to take a hard look at their AML/KYC systems and embrace a digital transformation approach to compliance. Fenergo’s Laura Glynn, Director of Regulatory Compliance, discusses. Over the last 10…
gold bitcoin among paper currency

Cryptocurrency Challenges and Opportunities

Posted by - March 23, 2018
Leveraging Compliance to Build Regulator and Customer Trust Bitcoin and other cryptocurrencies continue to gain ground as investors buy in, looking for high returns, and as acceptance of it as payment takes hold. However, with such growth come risks and challenges that fall firmly under the compliance umbrella and must…
venn diagram illustrating overlapping interests

SEC & FINRA: 4 Shared Regulatory Priorities

Posted by - March 19, 2018
Where Firms Should Concentrate Compliance Efforts In the past few months, both the SEC and FINRA issued guidance concerning their regulatory priorities for the coming year. Both of the agency’s annual priorities letters address a large number of diverse topics. Experts from Baker Donelson discuss where the SEC’s and FINRA’s concerns…
NYDFS key on keyboard

Validating AML Models Under the NYDFS Part 504 AML Requirement

Posted by - March 7, 2018
Enhancements Needed to Address Deficiencies April is fast approaching, and with it comes the deadline for certification with the New York State Department of Financial Services (NYDFS) Part 504 rule. The requirements pose considerable challenges for financial institutions, and any regulated institution that fails to detect or report suspicious money…
profile of head full of gears

Cognitive Robotics and the Annual AML Risk Assessment

Posted by - March 2, 2018
Powering the Process through Automation For financial institutions, the cost of noncompliance with AML policies and procedures is ever increasing. Per industry reports, AML fines have gone up to nearly $4 billion since 2014, and they continue to rise. Among other solutions, the banking industry is beginning to adopt robotics…
money laundering

The Need for Anti-Money Laundering Regulatory Reform

Posted by - February 1, 2018
It is rare these days for Republicans and Democrats to agree on political priorities – another profound grasp of the obvious.  Recently, on Capitol Hill there appears to be some common ground on the issue of reforming AML laws and regulations. The motivation is to make financial AML regulations “smarter”…