Compliance

In just a few days, on May 25, the clock will expire on the two-year transition period for companies to reach compliance with the General Data Protection Regulation (GDPR). This not only impacts organizations operating in the European Union (EU), but also affects companies in the United States and elsewhere that handle the personal data of anyone who resides in...

Data Privacy Becomes King Cloud security and compliance laws surrounding personal information will continue to proliferate as governments attempt to protect their citizens’ private data. With a heightened consumer awareness of the need for data privacy, any violation of trust will damage an organization. Follow these recommendations to avoid fines, business interruption and loss of that all-important and increasingly rare...

Kara Brockmeyer, former Chief of the SEC Enforcement Division’s FCPA Unit, describes the Unit’s role in the joint enforcement of the U.S. anti-bribery law.

How to Avoid Sanctions Risks A recent advisory issued by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), U.S. Department of State and U.S. Coast Guard warns the entire shipping industry of the sanctions risks associated with North Korea’s deceptive shipping practices. The OFAC maintains comprehensive sanctions against the Democratic People’s Republic of Korea (DPRK). This...

A Look at SEC, FINRA and Other Issues Cryptocurrency experienced massive and unprecedented growth in 2017, rising from a total market cap of $18.8 billion in January 2017 to $598.5 billion in December 2017. As of February 6, 2018, there were over 1,500 virtual currencies. The emergence of cryptocurrency has caused concern for regulators, who see rampant growth and speculation...

Getting the Full Picture, Fast Comprehensively identifying and verifying corporate hierarchies and ultimate beneficial owners (UBOs) has become increasingly important since the implementation of 4MLD and MLR2017. However, achieving this view is time-consuming, and most organisations struggle to uncover the full picture. In this article, Paul Charmatz, Managing Director at encompass corporation, explores some of the big questions around beneficial ownership....

Jeff Clark of Willkie Farr & Gallagher provides comprehensive guidance for planning and executing internal investigations and leveraging resources.  

The Risk to Investors Despite the proliferation of Bitcoin and other cryptocurrencies, financial regulators have been slow to introduce rules to govern them. Cordium’s Jesse Brown surveys the current state of regulation regarding investment in cryptocurrencies and ICOs and discusses the compliance considerations investors should make before pursuing investments in the crypto space. Cryptocurrency and its applications within the financial...

A Compliance Challenge On April 6, the U.S. imposed economic sanctions on a number of Russian individuals and entities (specially designated nationals, or SDNs). Wendy Wysong, Nick Turner and Ali Burney offer insights into how these sanctions will impact U.S. and non-U.S. persons and businesses. with co-authors Nick Turner and Ali Burney The most recent U.S. economic sanctions on Russia...

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...