Financial Services

Steps Companies Can Take to Improve Compliance and Reduce Risk Every year, billions of laundered dollars are moving through financial institutions without detection. Current detection systems aren’t keeping pace with criminals’ ability to outmaneuver them. Financial crime is a complex issue for financial institutions to tackle but AI is offering a clear and effective way forward. The topics of money laundering...

The Developments Impacting Financial Institutions Now It’s hard to wrap your head around all the myriad regulations for financial institutions, and these changes can directly impact an organization’s digital transformation initiatives. Many countries are calling for further regulation, while in the U.S. we’re seeing reform and deregulation, as evidenced by the repeal of the Dodd-Frank Act. Global regulation and standards expert...

3 Reasons Crypto Eludes Regulators Cryptocurrency is all the rave right now, which is why tax authorities are aching to get their share of the revenue. This may prove to be a tricky proposition, though, as many members of the crypto community are against IRS regulation. Despite the challenges and discrepancies, however, the IRS clearly sees crypto as a lucrative...

What Crypto Exchangers and Administrators Need to Know U.S. regulators have recently joined with an international coalition of tax enforcement authorities to investigate cryptocurrency-related crimes. Given that there’s been limited regulatory oversight of cryptocurrency in years past, where does this leave businesses whose bread and butter is cryptocurrency? Cryptocurrency markets have grown significantly in the past decade. Today, there are...

Compliance Challenges in Financial Services The financial services sector faces numerous obstacles – especially the constant change in regulations. Michael Powell, Solutions Consultant at ZL Technologies, shares insights around the four biggest compliance challenges facing the industry today and how data management can play a role in overcoming them. With a unique set of compliance standards, the financial services industry faces...

Opportunities Revolutionize The Current Financial and Commerce System While virtual currencies offer many opportunities to revolutionize the current financial and commerce system, equally great risks exist relating to money laundering, sanctions compliance, and terrorist financing. Banks and virtual currency operators that can achieve robust levels of anti-money laundering (AML) and sanctions compliance and overcome the various compliance challenges will likely...

Fintech Collaborations on the Rise Fintech-bank partnerships result in growth opportunities. In this article, Krista Morgan examines the risk-reward relationship in this growing trend. The strength of our banking system is that we trust it. That trust comes from knowing that banks follow rules designed to protect us. As consumers, we want to know that our money will be safe,...

Broker-Dealers Navigate New Logistics On the heels of the DOL Fiduciary Rule’s defeat by the Fifth Circuit Court, the SEC proposed its own series of rule-makings and interpretations intended to address investor confusion about the duties owed to them by their financial professionals. As regulators debate the proposal, Cordium's Darren Mooney breaks down what it entails, and what firms should be...

Daniel Bühr, with TRACE’s Swiss partner firm LALIVE, discusses recent cases in Switzerland and the country’s uneasy relationship to transparency and financial crime.

Concerns Abound in the Financial Markets This article discusses how the potential transition away from LIBOR has raised significant concerns in the financial markets, including whether LIBOR will end in 2021, what may replace it, what fallback language should be included in contracts in the interim, and how transition risks can be managed? with co-author Elena Mitchell The potential transition away...

Guidance from Director Dalia Blass Director Dalia Blass of the SEC's Division of Investment Management (the "Division") recently delivered the keynote address for the ICI 2018 Mutual Funds and Investment Management Conference.1 Director Blass discussed four main topics: (1) the role of data in the SEC's work, (2) the role of fund directors, (3) aspects of exchange-traded funds (ETFs) and (4)...

CFTC Penalizes Registrant for Outsourced IT Security Lapses Last month, the CFTC settled charges against an organization for its failure to ensure the security of its’ customers’ records and information. The registrant’s third-party vendor gained unauthorized access to more than 90,000 records, and the CFTC’s charges make clear the risks registrants can face when their third parties are derelict in...