Financial Services

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?

In February, 31 State Attorneys signed a letter endorsing the identify theft rules and acknowledging the need for more secure authentication practices. OneSpan’s Michael Magrath discusses.

The use of clawbacks and malus provisions gained global momentum following the Enron and Worldcom scandals, but the financial services industry has been slow to follow suit. Allen & Overy’s Brian Jebb and Sarah Henchoz discuss. Compensation recovery provisions, commonly known as “clawbacks,” are an effective means to deter fraud and undue risk-taking by financial services C-suite executives, but they...

In this follow-up to a recent piece extolling the benefits of regtech, ACA Technology’s Burt Esrig provides insight into the state of enforcement in the financial services industry and why regtech is no longer optional. The adoption of regulatory compliance technology (regtech) has increased in recent years and the reason is clear: not only has the financial industry’s regulatory framework...

Technology is the future, and the future is now. Oracle’s Sonny Singh discusses how banks are using emerging technologies such as machine learning and graph analytics to improve financial crime investigations and compliance management. The complexity and cost of battling fraud, money laundering and other types of financial crime continues to compound for large enterprises – especially financial institutions. Criminals...