Financial Services

Third-party risk management (TPRM) has grown in prominence as organizations increase their reliance on external parties, from cloud providers to credit card processors. As more enterprises invest in this critical business function, certain best practices are becoming key to a successful TPRM program. The authors of this article, a consultant and third-party risk manager for the international retailer AutoZone and...

2022 will probably be a lot like 2021, only more so. With most key federal positions filled, the Biden Administration is in a position to ramp up enforcement over the next twelve months. A rundown of top white-collar crime enforcement issues from 2021 informs the enforcement trends we expect to see more of in 2022.

After repeated investigations that have laid bare the struggle governments have in identifying the ultimate beneficial owners implicated in money laundering and other fraud, it's clear there isn't a one-size-fits-all solution. While governments continue adopting new rules meant to address this problem, much work remains. Identifying ultimate beneficial owners (UBOs) remains a central challenge for a number of counter financial...

The verdict is in: the Financial Accounting Standards Board (FASB) will not issue a third delay to the ASC 842 effective date for private companies, which will take effect Dec. 15, 2021. This means many firms may be flat-footed when the new standards go into effect. If you thought you would have had more time to prepare for the new...

As weather events and ESG investments accelerate, risk teams have grown accustomed to accounting for climate-related exposure. Financial institutions and other businesses are beginning to incorporate that information into other aspects of operations, like fund transfer pricing, credit assessment and more. In the contemporary era of climate change, the financial services industry is seeing several transformations across its product and...

During the past two decades, we have witnessed how financial crime compliance (FCC) has evolved from a basic customer identification program as laid down in Bank Secrecy Act 1970 to the current spectrum of regulations. And while technology can help address processes and platforms, one area may be overlooked in many institutions — people. The regulations FIs must confront are...

Instances of ransomware attacks – and resulting payments via cryptocurrency – continue to increase at an accelerating rate. As the intermediary between victim and criminal, banks hold a great deal of promise in identifying this activity. But considering to the nature of cryptocurrency, that is one tall order.

Updated enforcement priorities and guidance on facilitating ransomware payments remind companies of all types to establish holistic AML policies and programs — and revisit them as events warrant, write Saul Ewing Arnstein & Lehr partner Joe Valenti and associate Christie McGuinness. The Financial Crimes Enforcement Network (FinCEN) this summer announced America’s first government-wide priorities list for anti-money laundering and countering...

Explore industry-driven insights into the cost and operational impacts of today’s financial crime compliance climate, including: How compliance costs are distributed between labor and technology Where recent sanctions and regulatory expectations impact financial crime compliance strategies and staffing Why operating pressures tied to the pandemic are slowing account openings and revenue realization Which emerging threat vectors and industry sectors represent...

While some indications have emerged of the U.K. and E.U. collaborating closely on cross-border financial regulations, post-Brexit inconsistencies have already cropped up. Banks hoping to avoid regulatory mismatches will inevitably need to rethink their compliance strategy. At the beginning of 2021, the U.K. completed its journey out of the E.U. orbit after the transitionary period ended on 31 December 2020....

Moratoriums on foreclosures due to COVID-19 ended this summer, prompting concerns of a shock similar to the 2008 housing crisis. While there are numerous differences between today and the previous recession, financial service providers can stay a step ahead by arming themselves with a few lessons learned.

Increased regulation of cryptocurrencies by the Securities and Exchange Commission (SEC) appears imminent. But details, scope and timing are up in the air. Three crypto experts weigh in with their take.