Compliance

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 money laundering makes up between 2 and 5 percent of...

A Primer on the Standardized Approach to Credit Risk The Bank for International Settlements (BIS) regulatory body has proposed using a standardized approach to credit risk (SA-CR) when measuring credit risk. Banks using intelligent process automation (IPA) may leverage the approach to ensure compliance with the new due diligence requirements. Most of the recent regulatory changes or guidelines being issued...

The Potential Changes Coming There’s still a significant amount of uncertainty around blockchain, but the technology is already proving transformational, and its use in the GRC field may just revolutionize the compliance and audit professions. Christian Auty offers several predictions about the impact blockchain will have on compliance. The bloom is off the rose. The uncertainty – regulatory and otherwise...

Implications for Compliance Programs from the Digital Realty Ruling The Supreme Court ruled recently on the Digital Realty v. Somers case, and the decision is significant from a compliance standpoint; potential informants are incentivized to report directly to the SEC rather than through internal channels. Peter Rasmussen of Bloomberg Law offers key tips for corporate counsel to minimize any risks...

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 beginning to actively explore new technologies, such as artificial intelligence...

Little Movement in Latest Transparency International Rankings Transparency International published its 2017 Corruption Perceptions Index (CPI) on February 21, 2018, showing modest improvements for most countries in Asia-Pacific. Some higher-risk countries, however, continue their downward slide in the overall rankings. We've included the Asia Pacific countries below and the full CPI is available at https://www.transparency.org/news/feature/corruption_perceptions_index_2017. with co-author Nicholas Turner The...

Making Sense of Dollars and Cents With the upcoming GDPR directive on everyone’s minds, compliance is a hot issue. Many see compliance as an unnecessary additional expenditure. What they fail to realize, however, is that noncompliance costs nearly three times as much as compliance does. Today, data is more valuable than gold, and organizations are hyperaware of how precious this...

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 years and since the onset of the global financial crisis,...

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 be addressed in a proactive, rather than reactive, manner. Cryptocurrency Challenges One of the greatest challenges faced by...

Lessons Learned from the Trenches The #MeToo and #TimesUpNow social media campaigns sparked a movement to expose intimidating behavior and sexual assault in the workplace. Because of the resulting paradigm shift, harassed employees are empowered to speak up about wrongdoings. Corporate investigators Amy Conway-Hatcher and Bridget Moore discuss the need for corporations to re-evaluate their whistleblower reporting programs, assess current...

But Will it Change Anything? The Supreme Court recently narrowed the Dodd-Frank whistleblower definition and excluded from protection employees who do not take their complaints to the SEC.  It is impossible to know at this point what effect the case will have on the number of whistleblower actions, both because the decision is new and because there are numerous other...

Last month, the U.S. Supreme Court issued a decision in the Digital Realty Trust v. Somers case, a closely watched case in the compliance community. Tom Fox reviews the Court's decision and considers the effect of the decision on a host of actors, including CCOs, compliance practitioners, compliance programs, corporate America and the SEC itself.