Financial Services

Going by the online handle “erratic,” a former Amazon software engineer conducted an extensive hacking scheme that gave her access to the personal information of tens of millions of Capital One customers, a Seattle jury determined this spring. She’s set to be sentenced this month, and compliance expert Michael Volkov explores the regulatory consequences of her case. Paige Thompson, a...

The U.S. government places extensive regulations on investment banking and related activities, including the use of technology. And while this means operating in the space is far from a simple proposition, Finalis CEO Federico Baradello explores the need to build an infrastructure of trust. "Investment banking services are more difficult to unbundle given significant regulatory restrictions for the industry."  —...

Making the compliance case for relying on regtech to keep pace with digital transformation at banks and financial institutions. Keep up With the Digital Revolution Reimagining Compliance in Banks and FIs: The Role of Regtech What's in this whitepaper by TCS adviser Sunil Kumar:Digital transformation is reshaping virtually all industries, and banking and financial services is no different. Few functions...

Though it was created as a counterbalance to a series of early-aughts corporate accounting scandals, many of today’s most important corporate compliance themes are deeply rooted in the seminal Sarbanes-Oxley Act (SOX). Indeed, as McDermott Will & Emery partner Michael W. Peregrine explores, the law, which turned 20 years old in July, gave birth to the modern corporate responsibility movement...

Racial and gender diversity in the asset management industry lags notoriously behind broader workforce statistics, especially when it comes to individuals in investment positions. Illumen Capital’s Katie Twomey breaks down the issue and offers concrete recommendations for financial services organizations. We know that diverse-owned firms represent just 1.3% of the $69.1 trillion in assets under management within the asset management...

Rather than an exhaustive dossier of rules and regulations providing next steps for crypto firms, President Joe Biden’s March 9 crypto executive order was more akin to “a plan to make a plan.” Timelines for feedback have been established, along with the administration’s intention to protect consumers. MirrorWeb's Harriet Christie explores what it all means for consumers and the industry....

In our hot housing market, the only concern for the typical real estate professional is getting the highest dollar they can for a property. But possible new rules targeting illegal cash could remake the regulatory landscape in real estate, changing things for buyers, sellers and agents. In a recent Instagram post, Ryan Serhant, celebrity real estate agent and star of...

The SEC’s prosecution of chief compliance officers remains a fraught and controversial topic. A recent announcement of an enforced settlement with a financial advising firm and its CCO could raise even more questions about the role of CCOs and what standards the SEC uses in sanctioning them. Two Eversheds Sutherland partners give us a close read of the SEC’s order...

The struggles financial institutions face when it comes to compliance are nothing new. And while technology is often billed as a clarifying force, that magic bullet remains elusive. Napier’s Aidan Houlihan discusses how the Russian invasion of Ukraine casts a spotlight on the stopgap solutions firms have relied on for far too long. For many years, banks have been struggling...

Companies increasingly have the advanced tools to combat financial crime, but as industry specialist Sujata Dasgupta explains, the fragmented nature of financial compliance programs often means the biggest benefits remain unrealized. Financial crime is steadily rising around the globe, not just in volume but in complexity, scale and sophistication, so it’s no surprise that the cost of compliance is expected...

Think your firm’s policies will protect against sanctions for failing to meet the books and records requirements? If your rules explicitly forbid private text or social media messaging apps but do not also describe how such a policy will be enforced, your company may be at risk. Employee use of messaging services and communication tools such as WhatsApp, Signal and...

To police financial crime, more businesses are incorporating artificial intelligence — machine learning, in particular — into monitoring, prevention and compliance programs. CCI interviewed Leslie Bailey, vice president of financial crime compliance strategy at LexisNexis Risk Solutions, who insists the most effective programs are built on a foundation of advanced analytics driven by humans. Bill Millar (CCI): What are the...