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Culture & Governance

U.S. Law and Global Challenges Reshape AML Compliance

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

Culture & Governance

Anchorage Digital Bank Found Deficient in Anti-Money Laundering Compliance

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

Culture & Governance

FinCEN Identifies Significant Threats, Signals Closer Oversight

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

Culture & Governance

Restrictions on Russia Highlight Growing Complexity of U.S. Sanctions Regime

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

Culture & Governance

Antiquities Are New Front in AML Battle

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

Culture & Governance

Managing Global Risks in Light of the Pandora Papers Leak

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

Culture & Governance

Reaping the Benefits of Unified Data: Why Integrated Surveillance Is a Journey, Not a Solution

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

Culture & Governance

How to Develop an Enterprise Risk-Rating Approach

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

Culture & Governance

Where the Pandemic Led Us - What's Next in Regulatory Compliance

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

Culture & Governance

New Administration, New Hope for Clarity on Crypto

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

Culture & Governance

Compliance Teams Seek Trade Surveillance Upgrades

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

Culture & Governance

AML Compliance and Enforcement: Much Maligned but on Path Toward Modernization

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

Culture & Governance

Compliance and Conduct in the Age of Coronavirus - Are Lessons Already Learned?

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

Culture & Governance

FinCEN Penalizes Former Risk Executive for Bank Secrecy Act Violations

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

Culture & Governance

Innovation, Collaboration and the Fight Against Financial Crime

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

Culture & Governance

GRC and Regtech Innovators Expand Their Executive Suites

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

Culture & Governance

Accounting's Operational-Risk Missing Link

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

Culture & Governance

A Hard Look at HIPAA Compliance

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

Culture & Governance

In Communications Monitoring and Compliance, the Complications Keep Mounting Up

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

Culture & Governance

How Foreign Policy Impacts Sanctions Compliance

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

Culture & Governance

Senior Regulator Joins ACA Compliance Group; CFTC Hires Coinbase Counsel

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

Culture & Governance

Data-Protection Regulation's Next Wave

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

Culture & Governance

Technology Takes Edge Off AML Costs

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

Culture & Governance

FinCEN Guidance: Crypto Firms Take Notice

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

Culture & Governance

IBM's Watson and Thomson Reuters in Regtech Collaboration

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

Culture & Governance

Why AML Transaction Monitoring Analytics Are Essential

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

Culture & Governance

Surveillance Sells in Crypto Sector

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

Culture & Governance

Clarifying Tax Reform: The Definition of Interest

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

Culture & Governance

Regulatory Reporting - The Outlook for 2019

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

Culture & Governance

Regulators Signal Readiness for AI in AML

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

Culture & Governance

Why We Need a Different Approach to Supervisory Stress Testing

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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