Financial Services

As outlined in a December strategy announcement, the Biden Administration intends to dramatically accelerate the fight against domestic and international corruption. With key leaders confirmed, new methods and resources outlined by recent legislation (with more bills in the offing), and the determination to coordinate across departments, the table has been set to pursue misconduct at a scale not previously witnessed. ...

Demand for ESG-aligned asset management has induced many advisors to take the Net Zero Asset Managers Initiative (NZAMI) Commitment. Lance Dial and Miranda Lindl O'Connell argue, however, that making this pledge calls for careful planning and consideration of fiduciary duties.  Many asset managers are signing up for the Net Zero Asset Managers Initiative (NZAMI), a commitment to support the goal...

The speed and haste by which El Salvador adopted Bitcoin as legal tender has opened the door for significant risk and KYC challenges. While the volume of crypto exchanges continues to snowball, the lack of appropriate AML regulation leaves businesses across sectors exposed.  El Salvador’s ‘crypto-bro’ president, 40-year-old Nayib Bukele, has made Bitcoin (BTC) the central plank of his economic...

ESG-consciousness has taken the global business world by storm. In many circles the acronym has become shorthand for any environmentally minded business. But Doug McKeige, editor-in-chief of The Climate Capitalist, cautions that a stark difference lies between ESG compliance and the growth that will fuel the clean energy transition.  Environmental, Social and Governance (ESG) investing is at an all-time high,...

Though broad in scope, the Biden Administration's plan to counter domestic and international corruption follows four primary lines of effort. A series of related proposals for rule-making conclude their comment period in February. Business leaders have the opportunity to respond to both in advance of enforcement. 

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...

Clients are the lifeblood of any service provider, but winning clients (and even more importantly, retaining them) is an arduous task. This is particularly true in the banking industry where increased competition can make it especially challenging to land focused and consistent customer attention. Often, the first impression a firm makes is the one that lasts, which is why frictionless...