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Reports of ESG’s death are greatly exaggerated. If anything, it’s hit a growth spurt as new regulations come online: 99% of the Fortune 500 published some form of ESG data last year. Workiva research...
August 9, 2024 | By Pete Rau
There’s no doubt that artificial intelligence has proven to be groundbreaking. Several decades ago, the widespread use of AI still seemed like a far-fetched concept. Now, it’s more common than not to...
July 12, 2024 | By Donald McElligott
On May 13, in an unprecedented joint statement, the heads of three of the world’s top agencies dedicated to fighting financial crime – the Financial Action Task Force (FATF), INTERPOL and the United...
June 21, 2024 | By Craig Timm
Assessment and reporting of cybersecurity incidents, long ingrained as risk-management and business-continuity imperatives, have gotten even closer scrutiny at companies subject to Securities and...
March 8, 2024 | By David Weldon
Dark patterns – deceptive user-interface design elements that subtly coerce users into making choices against their best interests – have emerged as a threat to privacy rights across company websites...
February 23, 2024 | By Kasey Pukys and Andy Soodek
For the ever-widening battle against money laundering and financial crime, new Corporate Transparency Act regulations are designed to shed light on illicit shell companies and other maneuvers,...
February 16, 2024 | By Jim Romeo
In mid-November, the U.S Securities and Exchange Commission revealed its financial tally from 784 enforcement actions during fiscal year 2023: $4.949 billion, second only to the $6.4 billion...
December 15, 2023 | By Jim Romeo
Global fines for banks that are failing to prevent financial crimes rose 50% in 2022, due to the tsunami of Russian and Belorusian sanctions, the Ukraine war, the economic downturn and the rise in...
April 21, 2023 | By Samar Pratt
Wall Street banks have been hit with more than $2 billion in fines for using unauthorized communications channels – a number that may rise further as regulators clamp down on unmonitored and...
March 10, 2023 | By Rupal Patel
Within an asset management firm’s website may be a page that signals its commitment to diversity, equity, and inclusion (DEI) in ownership, leadership, employment and even investing practices. The...
October 14, 2022 | By Maurice Collada III
A recent Securities and Exchange Commission proceeding against a Georgia investment advisory firm and its chief compliance officer is prompting renewed concerns about the personal financial liability...
September 16, 2022 | By Jim Romeo
Regulators send insistent messages with a steady beat of anti-money laundering and financial crime enforcement actions. A few recent examples are USAA Federal Savings Bank’s $140 million in civil...
June 3, 2022 | By Jim Romeo
Anchorage Digital Bank, which markets itself as “the first federally chartered digital asset bank,” has been ordered by the U.S. national bank regulator to correct anti-money laundering (AML)...
May 13, 2022 | By Jeffrey Kutler
The financial industry doesn’t need a crash course in anti-money laundering and countering the financing of terrorism (AML/CFT) regulations. They have been in place and evolving since the U.S. Bank...
March 25, 2022 | By Jim Romeo
The stepped-up economic sanctions against Russia and the sectors they target exacerbate the burdens and risks for businesses facing compliance obligations – tasks both facilitated and complicated by...
March 18, 2022 | By John Hintze
The U.S. Bank Secrecy Act (BSA) and its anti-money laundering regulations have progressively expanded to apply to activities beyond cash and bank transfers, and the Anti-Money Laundering Act of 2020...
December 10, 2021 | By Jim Romeo
Editor’s Note: This article is adapted from one that appeared on the website of law firm King & Spalding. The co-authors are partners Drew Hruska, Zack Harmon, Kyle Sheahen, Robert Dedman, Sumon...
November 5, 2021 | By King & Spalding
Integrated (or holistic) surveillance has been a hot topic in the financial services industry for several years, because of the view that bringing together diverse data sets and analyzing them...
September 24, 2021 | By Matt Smith
A risk taxonomy and risk-rating scales are foundational components of enterprise risk management (ERM). The former gives a firm the ability to pinpoint all of its risks, while the latter allows...
August 26, 2021 | By Brenda Boultwood
When the pandemic hit, we certainly sensed there would be a strong impact on our social lives. But what was not immediately apparent was the extent that Wall Street and its regulated financial...
May 21, 2021 | By Chris Wooten
In May 2015, the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) cracked down on cryptocurrency company Ripple for anti-money-laundering lapses. The action was tone-setting in at least...
February 5, 2021 | By Jeffrey Kutler
Amid challenges related to staff working from home, risk and compliance teams at trading firms need to up their game when it comes to conducting both trading and communications surveillance....
November 13, 2020 | By Katherine Heires
The FinCEN Files, a series of reports published in September by BuzzFeed News, criticized the anti-money-laundering efforts of global banks and shed some unflattering light on the system of...
November 6, 2020 | By Katherine Heires
When the workforce began to pivot to new work-from-home or other, varied offsite environments, virtually no area within a financial institution went unaffected by the shifts. Nearly everyone had to...
June 8, 2020 | By Ted Sausen
A former chief operational risk officer of U.S. Bank, the principal subsidiary of Minneapolis-based U.S. Bancorp, has been assessed a $450,000 civil money penalty for shortfalls in Bank Secrecy Act...
March 13, 2020 | By Ted Knutson and Jeffrey Kutler
Although financial crime has existed for as long as money has been around, it continues to beset financial institutions. The United Nations Office of Drugs and Crime estimates that as much as $2...
February 21, 2020 | By Jason Somrak
Fueled by global demand and rising revenue, fast-growing providers of risk and compliance services and technology are building up their senior executive ranks. As announced in January, Vatsa...
January 31, 2020 | By Jeffrey Kutler
What do chemists and accountants have in common? Surprisingly, quite a lot. They are both data analysts and researchers whose core function is to manipulate and experiment with substances to produce...
January 17, 2020 | By Peter Hughes
Unprepared, unaware, confused, bewildered - these are reactions we regularly encounter when discussing compliance with the Health Insurance Portability and Accountability Act's (HIPAA) Privacy and...
December 6, 2019 | By Teresa Wilkins and Chris Isaacs
Financial firms' communications compliance may never have been entirely easy. But the explosion of mobile technology, social media, chat and collaboration platforms raises to new levels not just the...
November 22, 2019 | By Ted Knutson
Sanctions have become increasingly frequent and nuanced to meet current political and economic realities. They are imposed, lifted and modified regularly, often within a few days' or weeks' time, due...
November 22, 2019 | By Charles Delingpole
Executive appointments announced on successive September days reflect continuing steady demand for legal and compliance expertise - along with a bit of a twist in the proverbial revolving door...
September 20, 2019 | By Jeffrey Kutler
Financial institutions and other companies are facing major challenges in gearing up for state privacy laws taking effect across the U.S. - and not just the most prominent of them, the California...
August 23, 2019 | By John Hintze
Financial industry executives continually bemoan - often without precisely disclosing - the high costs of compliance, which has stimulated interest and investment in automated solutions, particularly...
August 16, 2019 | By Ted Knutson
On May 9, 2019, the Financial Crimes Enforcement Network issued guidance on the Application of FinCEN's Regulations to Certain Business Models Involving Convertible Virtual Currencies. While the...
June 7, 2019 | By Ted Sausen
In the latest extension of the Watson artificial intelligence technology for financial industry regulatory compliance, IBM has announced a collaborative offering with Thomson Reuters that aggregates...
May 3, 2019 | By Jeffrey Kutler
Financial services firms are under more pressure than ever to prove that their approach to anti-money-laundering (AML) transaction monitoring is working. Regulators want to see evidence that firms...
April 26, 2019 | By Ranjith Ramachandran
Regulatory clarity and institutional-grade infrastructure are regarded as keys to taming the “wild west” of cryptocurrency markets and attracting more mainstream trading interest. In addition to...
April 1, 2019 | By Jeffrey Kutler
Regulations typically aim to clarify vaguely written laws and ultimately reduce risk for those affected. Several regulatory proposals stemming from recent tax reform seek to provide companies with...
March 22, 2019 | By John Hintze
More than a decade has passed since the global financial crisis. The crisis exposed a range of risk vulnerabilities - both in the financial regulatory system and by the ways financial institutions...
February 22, 2019 | By Anita Bafna, Vadim Tovshteyn and Steven Thiakodemitris
A statement by regulators regarding technology implementation in the anti-money-laundering environment will have a significant impact on how financial institutions will select and implement new...
January 18, 2019 | By Ted Sausen
If you Google 'stress test,' you'll most likely see a person on a treadmill, hooked up to electrodes, with an ECG monitoring his or her heart. A stress test for a financial institution is similar: it...
January 4, 2019 | By Jo Paisley
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