Compliance

This free 30-page eBook explores graph analytics as an AML tool to uncover money laundering networks and improve financial crime compliance. Despite efforts spent on AML, recent reports from the leaked FinCEN Files shed light on the weaknesses in the global anti-money laundering system that are allowing criminal activity to remain undetected. The AML system seems to be broken. Does...

Historic level of enforcement action during national health emergency continues March 26, 2021 – The Department of Justice announced an update today on criminal and civil enforcement efforts to combat COVID-19 related fraud, including schemes targeting the Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL) program and Unemployment Insurance (UI) programs. As of today, the Department of Justice has...

Colleges and universities, like every other type of organization, fall victim to wrongdoing. But unlike many other institutions, boards of trustees often fail to maintain mechanisms that can catch illegal activity before it is too late. Over the past decade, governmental enforcement activity has uncovered systemic compliance failures at colleges and universities across the country. This enforcement activity’s breadth is...

The CTA changes what constitutes beneficial ownership and establishes more robust automated data collection. In addition, it increases responsibilities and incentives for employees to blow the whistle on money-laundering activity. Fox Rothschild's Joshua Ashby and Kimberly Kwan discuss. With the New Year, the U.S. welcomed newly elected president Joe Biden. It is expected that this administration will ramp up enforcement...

We're facing a "Channel Explosion" these days, which means we're challenged to monitor more data streams than ever -- and we must do it in the new era of the hybrid workforce.  Technology can play a critical role here. Here's how an AI-driven solution can enhance financial services compliance while improving company culture. The hybrid workforce is here to stay. ...

Washington D.C. (March 4, 2021) — The Securities and Exchange Commission today announced the creation of a Climate and ESG Task Force in the Division of Enforcement. The task force will be led by Kelly L. Gibson, the Acting Deputy Director of Enforcement, who will oversee a Division-wide effort, with 22 members drawn from the SEC’s headquarters, regional offices, and...

OFAC has brought two enforcement actions against digital currency services providers in as many months – the latest, against BitPay, should spur companies to develop risk-based sanctions compliance programs. Michael Volkov discusses the violations. The Treasury Department’s Office of Foreign Asset Control continues to focus enforcement activities on digital currency companies. This focus is likely to increase given recent comments by...

Based on research from Thomson Reuters, this report indicates there's a perception that the overall value of maintaining a compliant workforce has diminished, and that training has largely been reduced to a "check the box" activity. The research suggests that more robust compliance frameworks are needed -- particularly given the "new normal" of the COVID era. Highlights include: Understanding the...

The SEC's updated MD&A rules will bring about key changes in financial disclosures, streamlining existing disclosure requirements. In adopting final amendments to Regulation S-K on November 19, 2020, the Securities and Exchange Commission (SEC) took additional steps to streamline disclosure requirements relating to Management’s Discussion and Analysis (MD&A) and other financial disclosures required in public company periodic reports and registration...

The Corporate Transparency Act (CTA) will require millions of U.S. businesses to provide beneficial ownership information to the federal government. Foley Hoag’s Luciano Racco weighs in on who’s impacted, along with the regulation’s value for AML and sanctions compliance programs. Buried within the 1,400-page National Defense Authorization Act for Fiscal Year 2021 (the NDAA) – enacted on January 1, 2021...

Corporate whistleblower tips are skyrocketing. In FY 2020, the SEC received over 6,900 whistleblower tips – the most ever for any year. More than 80% of those tips came from company employees who had previously raised red flags, which typically should have triggered evaluations to determine what sort of internal probe might be necessary. This new guide, authored by lawyers...

GRC pros know that culture and compliance are inexorably linked. COVID has thrown a wrench in corporate culture, though (along with everything else). Calvin London opines about why re-establishing a culture of compliance now may prove difficult. (Non)Compliance in 2020 I, for one, was very glad to see the back end of 2020. It was the year of COVID, which...