Results 1-10 of 62
10 May 2019
On May 2, 2019, a federal district court judge found that a bank and its external counsel had become a de facto arm of the government through efforts to cooperate with the government and minimize the bank's exposure to criminal and regulatory penalties. The...
7 May 2019
Last month, the US Securities & Exchange Commission's Office of Compliance Inspections and Examinations (OCIE) released a risk alert highlighting the most common privacy-related issues that OCIE staff have observed in recent examinations of investment advisers...
Federal Trade Commission Proposes New Amendments to Safeguards and Privacy Rules Amidst Calls for Federal Legislation and Internal Dissent
2 April 2019
Last month, the Federal Trade Commission issued notices requesting comments on proposed amendments to its Financial Privacy and Safeguards Rules, regulations promulgated under the Gramm-Leach-Bliley Act that aim to protect the privacy and security of customer...
19 March 2019
Blockchain is the technology that underpins digital currencies such as Bitcoin – but it has far wider applications and is being used in a growing number of areas. Blockchain has the potential drastically to alter the global financial system. Trade finance...
FinCEN Cautions Financial Institutions on North Korea, Iran & Jurisdictions Exhibiting Strategic AML and Terrorist Financing Deficiencies
13 March 2019
The US Financial Crimes Enforcement Network's first "Advisory" of 2019 highlights restrictions on business activity with North Korea and Iran, and notes other jurisdictions with strategic AML and terrorism financing deficiencies. The FinCEN Advisory...
7 March 2019
Artificial intelligence (AI) has the capability to unlock huge volumes of data and is revolutionising the financial services industry. It creates huge opportunities for both established and disruptive fintech businesses, but with rewards, comes risk. This year,...
11 February 2019
Tech stories were never far from the headlines in 2018. With data privacy taking centre stage, the Cambridge Analytica-Facebook scandal prompted regulatory investigations in Europe and the US. The EU GDPR came into effect, sparking a deluge of compliance emails,...
6 February 2019
The New York State Department of Financial Services ("DFS") reminded regulated entities last week that the final transitional period for DFS's Cybersecurity Regulations ends March 1, 2019. By that date, banks, insurance companies, and other...
7 December 2018
Mexico is undergoing significant political change with the election of left-winger, Andrés Manuel López Obrador ("AMLO"), as President. AMLO took office on December 1 and has committed to bring about the 'fourth Mexican transformation'...
FinCEN and Federal Banking Agencies Issue Joint Statement Encouraging FinTech Sandboxes for AML Compliance
7 December 2018
On December 3, 2018, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, the National Credit Union Administration, and the Office of the Comptroller of the Currency issued a...