What’s Ahead for Consumer Financial Protection: Navigating the Evolving Legal and Regulatory Landscape For Financial Services Companies

2021-09-16T01:15:18-04:00

The Consumer Financial Protection Bureau (CFPB) enforcement landscape has been continuously reshaped by significant rule changes and regulatory developments. Among the latest issues, which the financial services industry needs to be aware of, include consumer protection concerns related to COVID-19 and CFPB’s anticipated rules relating to default mortgage servicing. Both are expected to bring more complexity and compliance challenges to financial institutions.

Recent BSA/AML Trends and Developments: Best Compliance Practices for Your Client

2021-05-14T05:41:43-04:00

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 Perils

2021-09-23T01:20:30-04:00

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 Beyond

2021-07-19T04:30:55-04:00

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 2021

2021-04-20T23:38:30-04:00

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 Basics

2021-08-19T10:22:48-04:00

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.

A Comprehensive Guide on FINRA’s Released Risk Monitoring and Examination Priorities

2021-08-20T03:41:55-04:00

The Financial Industry Regulatory Authority (FINRA) has recently issued its 2021 Examination and Risk Monitoring Program report, where it addressed several significant topics in four distinct areas: firm operations, communications and sales, market integrity, and financial management. The report also covers some newer focus areas, such as the Consolidated Audit Trail (CAT), Regulation BI (Reg BI), and digital asset activities.

Anti-Money Laundering Due Diligence and Compliance in the 2021 Landscape: Going Beyond the Horizon

2021-08-19T05:44:46-04:00

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.

Go to Top