Financial Services

As compliance regulations grow in complexity, organizations will need to both protect their reputation and avoid costly enforcement actions. LexisNexis Risk Solutions’ Leslie Bailey discusses how best to manage the challenge. Anti-money laundering (AML) compliance costs have continued to increase at a dramatic pace. Our recent study projected that the cost of compliance for U.S. and Canadian financial services firms...

Cutting-edge technologies create footprints in all aspects of life, and banking compliance is no exception. Financial crimes compliance expert Sujata Dasgupta looks at the daily impact these technologies have on banks and financial institutions. Financial crimes across the globe have steadily risen in the last two decades – not just in volume, but also in terms of complexity and sophistication....

Ola Tucker, founder of Compliance Notes, discusses the board of director’s oversight role with respect to a financial institution’s BSA/AML compliance program, as well as the specific responsibilities arising out of that role. Anti-money laundering compliance has been a main focus of regulators and prosecutors in recent years. This is evidenced by the increase in criminal and regulatory penalties imposed...

Over the past year, the SEC and FINRA have been hard at work enforcing communications supervision compliance regulations throughout the financial services industry -- and many firms are feeling the impact of the increased scrutiny. Download this summary now to see how the violations occurred, including: Bank Fined $10.5 Million for Supervision Violations Clearing Firm Fined for Anti-money Laundering Compliance...

What might be among the largest regulatory and compliance burdens organizations face in the near future? Operational Resilience. Protiviti’s Ron Lefferts discusses the need for financial institutions to achieve better standards in order to achieve it.  Operational disruptions are impacting the financial sector with greater frequency and severity, and with each disruptive episode, the focus on managing operational threats is...

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...