Financial Services

Factor’s Chris Magee illuminates a new EU regulation, discussing what organizations are impacted and what they can do to meet their compliance obligations. The Central Securities Depository Regulation (CSDR) is a new EU regulation primarily concerned with improving securities settlement...

Remember the panic around Y2K? Jay Fitzhugh, Chief Regulatory Officer at Mitratech, discusses why we are facing down a similar issue with the concept of negative interest.   Negative interest has become quite the buzzword in financial circles, but what...

Sujata Dasgupta explores the emerging concept of perpetual, dynamic KYC and analyzes how AI-powered solutions can form the building blocks of a dynamic KYC platform. A strong know your customer (KYC) framework is the backbone of effective financial crimes compliance...

ForteBank CCO Timur Mussin continues a discussion on the real cost of noncompliance with a look at the various penalties – reputational, financial and otherwise – associated with regulatory violations. Read Part 1 here. High-Risk Products As part of fierce...

Nutter McClennen & Fish’s Mark Jensen and Ian Roffman address the SEC’s recently issued rules for the use of derivatives. Here, they discuss the SEC’s key findings and policy decisions and emphasize the significance of the new rules to affected...

Timur Mussin, CCO at ForteBank, discusses the importance of a strong ethics and compliance program and explores some of the chief reasons to develop a culture of compliance. Once upon a time, financial organizations functioned without a compliance control system;...

Recent coverage of the FinCEN data leak has illuminated the need for an evolution in SAR filing. Hummingbird CEO Joe Robinson explains how and why the financial services industry needs to innovate now, through technology, to help solve the SAR...

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...