Compliance

Facing BSA/AML enforcement, a financial institution’s action plan can either ameliorate or aggravate penalties. Professionals from Deloitte’s anti-money laundering and sanctions practice discuss how organizations can get back into regulators’ good graces quickly and effectively.

Michael Volkov argues CCOs have to refuse leadership of ESG but dovetail their oversight with their roles in the overall governance framework. The “G” can be leveraged to build an even better corporate culture and improve governance operations. Forgive me for going out on a limb here.  But this issue is fairly obvious.  A simple question: Should the Chief Compliance...

Between COVID-19 disruptions, KYC challenges, paused account onboarding and altered due diligence practices, 2020 saw financial crime compliance costs increase by roughly one-third. It remains unclear to what extent those trends will continue this year. There’s no doubt 2020 has brought many unforeseen hurdles to financial institutions (FIs) like banks and investment, asset management and insurance firms. With those challenges...

The end of some pandemic-related disruptions may be in sight, but have yet to arrive. In other cases, there will be no end. Organizations need to invest in their workforces and keep their sights on ESG, according to a recent NAVEX report. Carrie Penman, CRCO at NAVEX Global, discusses. In a changed business and social landscape, it’s important to pay...

The European Commission proposed a new set of regulations to both make AI trustworthy and spur its development. While rules still need to be ratified, they have the potential to affect any business leveraging or developing AI in the EU. A proposed set of regulations from the European Commission for a sweeping regulatory framework governing artificial intelligence is under consideration...

OFAC's recent enforcement action against MoneyGram underscores organizations' need for robust screening to ensure AML compliance and prevent sanctions violations. MoneyGram, a global payments service, has settled with OFAC for $34,329 for 359 sanctions programs violations. According to OFAC, the transactions totaled $105,627 in value and were processed on behalf of approximately 40 individuals on OFAC’s Specially Designated Nationals List...

The proposed U.S. Citizenship Act of 2021 includes numerous items that, if passed, would fundamentally shift the landscape of migrant labor. Its features could affect a range of visas, the green card application system and more.

The Fundamental Review of the Trading Book (FRTB) affects capital calculations and substantially impacts one's risk monitoring framework. Richard Moss encourages readers to avoid betting on the long shot. Financial institutions may be facing higher capital requirements based on the Basel Committee on Banking Supervision (BCBS) changes to FRTB. The deadline for implementing the new market-risk FRTB reporting requirements is...

ACA good faith reporting standards sunsets this year. The American Rescue Plan has added further complexities. Make sure you are equipped to comply with these ever-shifting employee health care regulations to avoid unnecessary expenses. When it comes to federal Affordable Care Act (ACA) reporting this year, employers need to understand how the pandemic and a new presidential administration could open...

Most companies aren't including DEI and other workforce data in the human capital disclosure sections of their 10-Ks. A recent Intelligize report analyzes SEC filings following a rule change last November. Though companies say diversity, equity and inclusion (DEI) are top concerns, few included DEI data as part of human capital disclosures on their latest Form 10-Ks. Public companies already...

Organizations of all types – from startups and nonprofits to established businesses – must contend with licensing and registration challenges as they expand. These pros can facilitate the process for you. Sponsored The first line of legal defense for any business is its registered agent. When state agencies, courts and process servers need to contact the business, they will do...

The Biden administration has imposed a number of trade sanctions against Russian organizations and individuals, but the impact of the move remains unclear. The Biden Administration announced new and significant trade sanctions against Russia. The action was long expected, given the Biden Administration’s criticism of Russia, and it was a comprehensive response to Russia’s interference in the 2020 U.S. election,...