Financial Services

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FinCEN’s Registry Will Be a Game-Changer. It Will Also Place an Added Burden on Corporations.

The Corporate Transparency Act (CTA) passed last year mandates FinCEN to establish a national registry of ultimate beneficial ownership (UBO) for corporations. Complying with this measure will not be straightforward.  The National Defense Authorization Act (NDAA) passed by the U.S. Senate in December 2020 made some remarkable changes to the Bank Secrecy Act (BSA) – 50 years after it was...

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The Intersection of EDD and Banking Cannabis

As the cannabis industry continues to grow, so does its demand for banking services. Brandi Reynolds champions an enhanced due diligence (EDD) program specifically for these customers. A quick read through recent regulatory enforcement actions against financial institutions will show that regulators are intensely interested in higher-risk customers and in the enhanced due diligence (EDD) institutions must adopt to accept...

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Cashless Payments: AML and BSA Risk Management

The COVID-19 pandemic has led to more interest in cashless payments in the gaming industry, but casinos need to consider Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance program implications prior to introducing this new payment option. Deloitte’s Matt Lappas discusses three key areas of focus to strengthen casino compliance programs. According to research performed by the American Gaming...

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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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