Financial Services

Financial institutions must balance the desire to protect vulnerable clients from financial exploitation with their clients’ rightful expectation that their privacy interests will be respected. Bressler, Amery & Ross’ Josh Jones discusses reporting and disclosure issues. The financial exploitation of senior investors and vulnerable adults is a growing problem. Brokerage firms are facing increased scrutiny over their effort to protect...

The federal government still prohibits banks from doing business with cannabis-based businesses, leading banks to miss out on a green opportunity. Fenergo’s Rachel Woolley shares insight into how banks should view onboarding cannabis-based businesses. Even though Colorado announced that over $1 billion of its state revenue was derived from marijuana sales, the U.S. federal government still prohibits banks from doing...

The eventuality of a cyber attack is cause for concern for all kinds of organizations, but lately the financial services industry has been especially afflicted. Drawbridge Partners’ Martin Passante explores the growing cybersecurity threat in financial services and how firms can proactively prepare. Cybersecurity is a growing concern for firms in the financial industry. Whether it is via social engineering...

FinCEN issued the final rule on customer due diligence on the heels of the Panama Papers scandal, and we’re now more than a year past the compliance deadline. Commonwealth Trust Company’s Ola Tucker discusses the rule’s limitations. Panama Papers Scandal Exposes Shell Companies The Panama Papers document leak in 2015 exposed the financial details of over 200,000 offshore entities, including...

Advancements in technology have transformed the horizon of financial services, but these innovations are also raising challenges of their own in areas like cybersecurity, social media, data privacy and third-party risks. ZL Technologies’ CEO, Kon Leong, discusses the latest data trends and their impact on banks. The Interaction of Separate Privacy Regulations (GDPR and CCPA) As more and more privacy...

Cybersecurity is one of the most daunting responsibilities mutual fund boards must confront, and so few on the board are well-versed in it. ACA Compliance Group’s James Pappas and Askari Foy discuss what’s needed to ensure the board understands the threats the organization faces. Imagine if you were tasked with understanding an element of your job outside of your job...

The Trump administration’s policies toward Cuba have recently shifted, creating some urgency for U.S. firms that do business with the embattled country and its regional partners. Michael Carter and Drew Marrocco detail what American companies need to do to maintain compliance. Introduction The United States recently announced that it would enforce a number of sanctions directed at individuals and companies...

Recent research from Fenergo reveals that banks’ C-suite executives overwhelmingly agree: Underinvestment in technology negatively impacts client onboarding and retention – yet a large percentage have not invested in solutions that would help. Fenergo’s Greg Watson examines the disconnect. The rise of fintech and regtech startups has opened up new possibilities for the finance industry, shaking up traditional ways of...

Duff & Phelps’ Global Regulatory Outlook report found that while financial institutions globally are devoting considerable energy and resources to AML efforts, there is still work to be done at the firm level. John Arvanitis discusses. The increasing complexity and regulatory scrutiny of combating money laundering has put the spotlight not only on a financial institution’s AML program, but also...

Investment advisers who have been around awhile know that the SEC, both independently and through case law, has defined and redefined what it means for an adviser to be a “fiduciary.” Kerry Zinn and Tanya Lambrechts discuss the SEC’s latest clarification on the term. Update:  After receiving thousands of comments from financial institutions, industry groups, advisers, investors and others, on...

Trading regulations on CVCs are due for a refresher course from FinCEN in light of recent penalties against a P2P crypto trader. NICE Actimize’s Ted Sausen discusses FinCEN’s recent combination of regulations, rulings and guidance around CVCs. On May 9, 2019, FinCEN issued guidance on the “Application of FinCEN’s Regulations to Certain Business Models Involving Convertible Virtual Currencies.” While the...

The NYDFS cybersecurity requirements for financial services companies must be implemented this year, and one final phase remains. Are you ready?