The need for banks and other financial institutions to design their Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance program is paramount to mitigate financing risks and, most importantly, ensure conformity with the heightening BSA/AML regulations. Adopting a risk-based approach that focuses on detection and mitigation measures from potential illicit financial transactions is at the core to avoid hefty fines and legal liabilities. Moreover, banks and financial institutions must keep themselves abreast with emerging regulatory developments to avoid pitfalls.
FINRA’s 2022 Priorities: Significant Changes and Emerging Issues Affecting Your Compliance Programlazupardo2022-12-29T01:31:31-05:00
In this LIVE Webcast, a panel of thought leaders and professionals brought together by The Knowledge Group will provide and present an in-depth analysis of the fundamentals as well as recent developments in FINRA’s 2022 Priorities: Significant Changes and Emerging Issues Affecting Your Compliance Program. Speakers will also present all important issues surrounding this significant topic. Join us for this Knowledge Group Webinar!
Sanctions Trends and Developments: Compliance Issues ExploredAhmed Zidan2022-12-25T21:19:09-05:00
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) continues to administer and enforce strict scrutiny on U.S. and non-U.S. companies. Several settlement agreements have been noted in the past months that signal the broad reach of U.S. sanctions regulations.
Trends and Updates on Cryptocurrencies and Money Laundering: Hot Buttons ExploredAhmed Zidan2022-12-28T00:11:01-05:00
The growing market participation in digital asset transactions further drives governmental scrutiny, particularly in anti-money laundering enforcement involving cryptocurrencies.
Managing Challenges in BSA/AML Reform 2023 and BeyondJoenel2022-12-25T21:53:21-05:00
The Financial Crime Enforcement Network (FinCEN) is continuously expanding its efforts to streamline, modernize, and update anti-money laundering (AML) and anti-terrorism financing regulations.
BSA/AML Enforcement Trends: Regulatory Guidance for an Effective Compliance ProgramAhmed Zidan2022-12-28T00:11:55-05:00
In response to a prevailing view that the US was becoming a haven for money laundering, as well as emerging risks posed by advances in financial technology and the advent of virtual currencies,
Recent BSA/AML Trends and Developments: Best Compliance Practices for Your ClientIwork OJT2022-09-30T02:51:53-04:00
As threats of financial crimes continue to grow, enforcement actions under the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) remain to have a significant impact and implication on future regulations. Recently, the Office of the Comptroller of the Currency (OCC) released its 2020 bank supervision operating plan that sets forth its supervisory strategies and objectives regarding BSA/AML compliance.
BSA/AML Enforcement and Compliance: How to Effectively Mitigate Risks and PerilsJohn Patrick2021-09-27T22:27:46-04:00
Staying compliant with the evolving regulatory landscape of Anti-Money Laundering (AML) and the Bank Secrecy Act (BSA) has always been challenging. With the passage of the National Defense Authorization Act (NDAA) for the fiscal year 2021, increased scrutiny and heightened penalties are expected. Amidst these changes, financial institutions also grapple with imminent credit and liquidity risks which, if not mitigated, could significantly affect operations and revenue.
FINRA Arbitrations: A Comprehensive Guide for 2020 and BeyondIwork OJT2021-07-19T04:30:55-04:00
New regulatory and legislative developments continue to reshape the Financial Industry Regulatory Authority (FINRA) arbitration landscape. One of the sweeping changes today is FINRA’s temporary shift to remote operations and virtual arbitrations in response to the ongoing COVID-19 pandemic. Proper planning and assessment of the "new normal" must be carefully considered by practitioners to avoid the pitfalls which virtual hearings may entail. Other significant updates include FINRA’s overhaul of its Membership Application Program (MAP) rules and the Securities and Exchange Commission’s (SEC’s) approval of FINRA rule setting a minimum fee for brokers’ expungement request.
AML/CTF: Trends, Developments and Enforcement Actions to Guide Companies in 2021Iwork OJT2021-04-20T23:38:30-04:00
Significant advancements continue to reshape anti-money laundering and counter-terrorism financing (AML/CTF) efforts in 2020. In January, the U.S. Department of the Treasury released its National Strategy for Combatting Terrorist and Other Illicit Financing which details the key priorities in Bank Secrecy Act (BSA) enforcement. The Federal Financial Institutions Examination Council (FFIEC) also issued an updated BSA/AML Examination Manual, while the Financial Action Task Force (FATF) discussed the Travel Rule for digital assets.
Effectively Manage KYC Compliance: Keep Up with the Times by Getting Back to Basicsjordan2021-08-19T10:22:48-04:00
Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations have evidently evolved with the onset of the pandemic. With several authorities reconsidering their existing laws in response to the increasing criminal activities and emerging risks, the AML/KYC regulatory landscape and its already intricate compliance environment have become more active and complex than ever.
FINRA Arbitration and Enforcement: A Year in Review and What Lies AheadTKG2021-12-09T21:04:52-05:00
The FINRA arbitration and enforcement landscape has been continuously reshaped with rule changes as well as complications due to Covid-19 restrictions and the resulting change to remote work. Thus, all affected professionals must keep themselves abreast of the emerging updates in this space.
Latest Continuing Education (CE) Requirements: A Comprehensive Guide for FINRA-Registered PractitionersTKG2022-12-29T03:16:46-05:00
In December 2020, the Financial Industry Regulatory Authority (FINRA) Board of Governors approved filing to the Securities and Exchange Commission (SEC) its proposed changes to the continuing education (CE) program under FINRA Rules 1210 and 1240.
Anti-Money Laundering Due Diligence and Compliance in the 2021 Landscape: Going Beyond the HorizonTKG2021-08-19T05:44:46-04:00
The anti-money laundering (AML) due diligence and compliance landscape continue to heighten with the passing of the Anti-Money Laundering Act of 2020 (AMLA). The AMLA, which is regarded as the most crucial AML legislation to date, was designed to modernize the anti-money laundering policy in the U.S. It also aims to strengthen the current financial system, improve government coordination, and streamline AML compliance obligations.
BSA/AML Emerging Trends: Best Compliance Practices for Your FirmJoenel2022-12-27T21:33:26-05:00
The damaging effects of money laundering continue to be a global threat today. Not only do they pose risks to economic stability and the overall financial system, but they also constitute significant threats to national security.