Cryptocurrency markets experienced a series of disastrous setbacks in 2022 which resulted in significant losses This great turmoil underscores the volatility risks in the crypto landscape. Regulators are also ramping up its enforcement efforts to protect consumers and address increasing illicit activities. As an aggressive government crackdown is anticipated in the coming months, industry participants must keep an eye on emerging developments to avoid legal pitfalls.
Bolstering BSA/AML Compliance in 2023: Effective Risk Management Programs ExploredAhmed Zidan2023-04-25T09:19:48-04:00
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.
Cartel and Collusion: Identifying Risks and Structuring Preventive MeasuresJoenel2022-12-25T20:54:41-05:00
The Department of Justice Antitrust Division recently announced notable substantive updates to its Corporate Leniency Program which signals heightened crackdown on antitrust violators.
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.
The Promises of Enterprise Resource Planning in Food & Beverage Industrylazupardo2022-12-25T22:03:06-05:00
With supply chain disruptions, rapidly changing compliance regulations, and rising demands for food quality, today’s food and beverage (F&B) industry must be more agile and innovative than ever before. These manufacturing challenges emphasize the importance of leveraging Enterprise Resource Planning (ERP) technology
What the DOJ’s New Cryptocurrency Task Force Means for Your Firm: Key Trends and Risk Mitigation StrategiesJoenel2022-12-28T02:18:49-05:00
As digital assets and distributed ledger technologies continue to develop, cybercrimes involving cryptocurrencies also worsen. From email phishing to ransomware, hackers have shifted their attacks into more pervasive and malicious forms breaking even the most sophisticated security systems. Thus, the DOJ, together with the National Cryptocurrency Enforcement Team (NCET)
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,
Data Breach Litigation in the 2020 Landscape: Practical Tips and Strategies to Avoid the PitfallsIwork OJT2022-09-28T23:47:03-04:00
With the fast-growing problem and increasingly sophisticated threats of cyber security and data breaches, litigation and other related cases continue to hound the landscape. These lawsuits have brought large numbers of damages to individuals and industries, such as consumers and financial institutions over the years.
Responding to and Dealing with SEC Investigations: A Comprehensive GuideIwork OJT2022-09-29T01:11:59-04:00
When a certain company is served with a subpoena from the Securities and Exchange Commission (SEC), it indicates that the Commission has obtained sufficient information to get a formal investigation order. It can be harrowing for any business entity to be served with such order as it may have a significant impact on the company’s resources and overall reputation.
Here Comes California Consumer Privacy Act (CCPA): How to Stay CompliantIwork OJT2023-01-19T03:02:54-05:00
Intended to enhance consumer privacy rights and data use transparency, the California Consumer Privacy Act (CCPA) of 2018 is regarded as the most comprehensive privacy law in the U.S. The Act, which went into effect on January 1, 2020, imposes stringent privacy requirements with significant impacts on many entities that do business with California residents.
Never Trust, Always Verify: Battling Sophisticated Cybersecurity Threats with “Zero Trust” ApproachIwork OJT2022-09-29T02:53:17-04:00
Today’s leaders in cybersecurity continue to look for ways to protect organizations from the increasingly sophisticated cybersecurity attacks. From the antiquated belief of "trust, but verify," the security world seems to be warming up to the new principle of zero trust IT. Under the latter approach, nothing inside or outside of an organization is being trusted. The zero trust model cuts the time spent in tracking false positives, thus, enabling organizations to increase their productivity.
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.