Business Innovation Could Accelerate Under a Friendlier CFPB

Posted by - February 15, 2018
New leadership at Consumer Financial Protection Bureau signals rollback of oppressive rules, LeClairRyan attorney Jay Spruill advises RICHMOND (February 15, 2018) — Recent moves by the federal Consumer Financial Protection Bureau (CFPB) could signal a friendlier approach to businesses, according to Jay Spruill, a partner in LeClairRyan’s Richmond office and leader…
wells fargo building

Fallout Continues for Wells Fargo

Posted by - August 9, 2017
Evidence of Widespread Consumer Finance Violations Mounts On July 21, 2017, OSHA determined that Wells Fargo had unlawfully retaliated against a former branch manager who reported her colleagues for fraudulently opening customer accounts. The announcement marks the most recent in a series of negative repercussions following the bombshell CFPB announcement in September 2016…
man putting pre-approved credit card in mail

Credit Card Issuers Get Ready

Posted by - June 20, 2017
MLA in Full Effect October 3 On October 3, 2017, the one-year exemption for credit cards under the Military Lending Act (MLA) will expire. New requirements of the MLA expanded both the type of creditors it regulates and the range of credit products it covers. It is important that credit card…
highway sign with X through “Dodd-Frank Act”

Dodd-Frank is Unlikely to Be Repealed

Posted by - April 11, 2017
There is a distinct lack of consensus in Washington on a lot of political fronts these days, but there’s an especially heated debate in process over the Dodd-Frank Act. Dodd-Frank is a complex, cumbersome piece of legislation, and even many of its supporters would concede that changes are needed. At…

Best of 2016: How Blockchain Can Revolutionize Regulatory Compliance

Posted by - December 28, 2016
Blockchain has the potential to transform many business processes, making the data more available, transparent, immediate and secure. Its application in the financial services industry promises to improve efficiency and confidence in some of the most complex, cumbersome and costly processes, including regulatory compliance and reporting, KYC and financial crime…
Maintaining sanctions compliance

U.S. Economic Sanctions: Navigating the Compliance Challenges

Posted by - October 20, 2016
If you haven’t revisited your company’s sanctions compliance program in a while, now is the time. U.S. regulators expect a certain level of sophistication – not to mention effectiveness. Clifford Chance attorneys Wendy Wysong, Ali Burney and Nick Turner outline best practices for maintaining compliance with U.S. economic sanctions.
Blockchain will improve data privacy – but what steps must organizations take prior to adoption?

How Blockchain Can Revolutionize Regulatory Compliance

Posted by - August 10, 2016
Blockchain has the potential to transform many business processes, making the data more available, transparent, immediate and secure. Its application in the financial services industry promises to improve efficiency and confidence in some of the most complex, cumbersome and costly processes, including regulatory compliance and reporting, KYC and financial crime…
A risk-based approach is necessary to maintain compliance in the wake of the Panama Leak

The Panama Papers & Who Owns What

Posted by - April 20, 2016
Are the problems revealed by the Panama Papers anything new? Absolutely not. Unreported offshore accounts are hardly a novel phenomenon. If it’s an original approach you’re looking for, here you have it: from now on, banks and financial service firms will be required to exercise prudent skepticism when performing due…

What a Holistic Customer View Does for Compliance

Posted by - January 28, 2016
Global organizations have historically struggled with capturing a holistic view of their customers – one that spans international jurisdictions, lines of business, and product offerings while still allowing the corporation to maintain compliance. How does an organization standardize the definition and identification of customers when so many factors are at…

The FCPA Risks of Teaming in the Defense Industry

Posted by - January 6, 2016
After a more than $50 billion decrease in spending in 2013, military spending rose again in 2014 by 35 percent. With this increase in cash flow comes an increase in risk -- and since the majority of foreign arms deals are happening in regions known for corruption risk, defense contractors…

Investment Advisers and the Bank Secrecy Act: A Risk-Based Response to FinCEN’s Call to Arms

Posted by - December 23, 2015
Earlier this month the New York State Department of Financial Services announced proposed anti-money laundering and terrorist financing regulations. If adopted, the proposed rules will subject investment advisers to Bank Secrecy Act requirements for financial entities. Regulatory and private scrutiny of compliance programs is expanding, as is the cost of…

Building Best Practices for Effective Monitoring of a Third Party’s Incident Event Management Program

Posted by - December 21, 2015
To help organizations be better prepared against increasingly inevitable incidents, the Shared Assessments SIG Committee has released “Building Best Practices for Effective Monitoring of a Third Party’s Incident Event Management Program.” The paper outlines a newly developed best practices model of incident event management program creation.