Financial Services

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Biden’s Inauguration Heralds a New Era in Financial Regulation

Known for its “America First” policy, the Trump administration led a push to roll back financial regulatory measures. As Acuity Knowledge Partners’ Bijaya Das and Nishanth Neeli explain, the Biden administration will usher in another wave of change, seeking to combat economic inequality and social injustice through increased financial regulatory efforts. In the aftermath of the global financial crisis in...

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Assessing Emerging Tech’s Impact on Financial Services Compliance

In the financial services sector, compliance processes are often reactive, rather than proactive. But new technology use cases are changing that. Northern Trust’s Dan Houlihan discusses how the compliance field will evolve thanks to AI, blockchain and better data management practices. As new regulations emerge globally, compliance requirements for financial services firms continue to grow, as do the accompanying costs....

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5 Ways Software Can Simplify Compliance

Software can make compliance simpler and easier for as long as the pandemic lasts (and beyond), from doing the heavy lifting when it comes to pre-clearing trades to being able to delegate review authority with the click of a mouse. StarCompliance’s John Grgurich writes. The world is facing more questions than ever surrounding the coronavirus pandemic. For financial firms and...

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The Most Significant Change to AML Rules Since the Patriot Act

Anti-money laundering laws have now seen the most significant reformation of the Bank Secrecy Act since the adoption of the USA PATRIOT Act. Rimon Law’s Thomas Fawell examines the new AML laws. The newly enacted National Defense Authorization Act (NDAA) imposes the most significant reformation of the Bank Secrecy Act (BSA) and related anti-money laundering (AML) laws since the adoption of...

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The Top Regulatory Trends to Watch in 2021

Whether it’s global reforms in combatting financial crime, the impact of Brexit or the acceleration of digitalization in financial services, 2021 promises to be a year to watch in terms of financial regulatory trends. Fenergo's Rachel Woolley covers the top regulatory trends to watch for this year. 1. Increase in Reforms Across the Globe Many countries and regions across the...

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Financial Services Compliance in 2021

Behavox CEO Erkin Adylov unpacks compliance trends that financial firms would be wise to focus on amidst the ongoing challenge of flexible working arrangements in 2021. If they fail to adjust compliance protocols accordingly, these firms could face massive regulatory fines. 2020 was a year like no other. COVID-19 forced financial firms to transition to a distributed workforce with employees...

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FinCEN’s Proposed Changes to the Recordkeeping and Travel Rule Thresholds

FinCEN has proposed lowering the “Recordkeeping Rule” and “Travel Rule” thresholds, and although the changes would benefit law enforcement, they could also result in increased cost to regulated entities. BDO’s Chuck Pine discusses the potential compliance burden the proposed changes could pose. On October 27, 2020, the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN) and the Board...

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2 Surprises from the SEC’s New Fair Value Rule

The SEC recently adopted the Fair Value Rule, requiring fund investments to be fair valued where market quotations are not “readily available.” Nutter McClennen & Fish’s Mark Jensen and Ian Roffman discuss the effects this change will have. Sometimes the launch of a new regulation has ripple effects nearly as important as the regulation itself. The SEC’s adoption of Investment...

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SEC Modernizes Reporting Requirements for Public Companies

Recent updates by the SEC to reporting requirements are meant to elicit improved disclosures. McCarter & English partner Peter Campitiello offers insight into what the changes will require of public companies. The U.S. Securities and Exchange Commission (SEC) recently adopted amendments to modernize the disclosure requirements in Items 101, 103 and 105 of Regulation S-K.1 Having largely not touched these provisions...

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Proposed FASB Changes and The Road to Lease Accounting Compliance

How has COVID-19 impacted the road to compliance and the accounting industry? Visual Lease’s Joe Fitzgerald discusses why FASB has proposed new changes to its lease guidelines and what it means for companies on their compliance journey. COVID-19 has shifted the landscape in nearly every industry, and the lease accounting and compliance sectors have been no exception. The Financial Accounting...

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Identifying and Preventing Money Laundering in a Pandemic

“In every crisis, an opportunity:” the criminal’s motto, probably. Financial crime compliance consultant Shubham Jain discusses what banks can do to foil the efforts of financial criminals during these unprecedented times. COVID has shaken the entire world in almost every aspect. People are still adapting to “the new normal” – from being forced to remain indoors and hence, work from...

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An Overview of the New Central Securities Depository Regulation

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 and the regulation of central securities depositories. The regulation’s core themes will be recognizable to those familiar with the existing...

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