Financial Services

FinCEN recently released the factors it will use when deliberating an action against a financial institution for Bank Secrecy Act violations. FTI Consulting’s Jaco Sadie, Michael Buffardi and Stephanie Fauerbach explore how discrete issues could trigger multiple FinCEN enforcement factors....

A modification has been proposed by FinCEN and the Federal Reserve board to lower the threshold for the requirement to collect, retain and transmit information on funds and transfers. As Brandi Reynolds explains, this could have major implications for the...

The pandemic era has ushered in new challenges for financial institutions. Are current risk Identification and control assurance methods enough to deal with the challenges of a dynamic environment? Samiksha Sharma discusses how to address changing needs in an evolving...

Guðmundur Kristjánsson, CEO of Lucinity, discusses the recent uptick in AML fines and what this may portend for banks and other financial institutions in the fight against financial crime. The number of fines for anti-money laundering (AML) failures during the first...

A recent SEC settlement with Interactive Brokers underscores the need for true commitment to compliance. Guidepost Solutions’ Megan Prendergast Millard offers four takeaways from Interactive Brokers’ AML scandal. Too often in companies across the financial services sector, the financial commitment...

MiFID II was designed to provide more protection to investors and greater transparency in Europe’s biggest capital markets. Now, two years in, what has been the impact? Fenergo’s Edel Brophy discusses fines, the affect the pandemic has had and how...

In the last six months, practically everything has gone digital, creating a mountain of new digital data for fraudsters to mine. Sujata Dasgupta discusses the rise in dynamic-biometrics-based identity verification, the next step in fraud prevention for the financial services...

The OCC’s latest guidance on cryptocurrency marks a major step forward. Brandi Reynolds explains what Interpretive Letter 1170 means for banks and the benefits it promises for the world of cryptocurrency. On July 22, 2020, the Office of the Comptroller...

Behavox’s Alex Viall explores differing views toward adopting cloud-hosted software by financial services companies in the U.S and EU. Alex examines regulatory and cultural differences, predicts consequences, and suggests an alternate path forward for an industry always striving to remain...

The COVID-19 pandemic has left financial institutions to face many of the same AML risks as pre-pandemic, but now under largely different circumstances. LexisNexis Risk Solutions’ Leslie Bailey examines what these organizations must do now to effectively weather the storm....

Justin Daniels and Matthew White of Baker Donelson discuss the OCC’s recent interpretive letter on cryptocurrency and the associated permitted activities for regulated banks and financial institutions. Late last month, the Office of the Comptroller of the Currency (OCC) issued...

Gustavo Fideney and Alvaro Ruiz Ostos conclude a two-part series with a discussion on the role of the anti-money laundering compliance officer, the critical need to mitigate reputation risk and some of the scandals that have built the current AML...