News & Analysis as of

Anti-Money Laundering Risk Management FinTech

Troutman Pepper

Federal Banking Agencies Reiterate Guidance on Managing Risks Posed By Fintech Partnerships and Other Third Party Relationships

Troutman Pepper on

Last week, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the agencies) issued a joint statement highlighting...more

Sheppard Mullin Richter & Hampton LLP

Federal Reserve Board Issues Cease and Desist Order Against Banking-As-A-Service Provider

On June 14, the Federal Reserve Board (Fed) released a cease and desist order against an Arkansas-based banking-as-a-service (BaaS) provider for compliance and risk management failures. As part of the order, the bank is...more

Ballard Spahr LLP

Federal Banking Agencies Issue Guide to Third-Party Risk Management Practices for Community Banks

Ballard Spahr LLP on

On May 3, 2024, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), the Federal Deposit Insurance Corporation (“FDIC”), and the Office of the Comptroller of the Currency (“OCC”) jointly released the...more

Ballard Spahr LLP

Recent FDIC Consent Orders Reflect Ongoing Scrutiny of Bank Relationships with Fintechs

Ballard Spahr LLP on

In February 2024, the Federal Deposit Insurance Corporation (FDIC) entered into consent orders with two banks who partner with fintechs to offer “banking as a service” (BaaS) related to safety and soundness concerns relating...more

A&O Shearman

Regulatory monitoring: EU version Newsletter - March 2024

A&O Shearman on

1. Bank regulation- 1.1 Prudential regulation- (a) General- (i) International- BCBA: Basel III monitoring report- Status: Final- BCBS has published its latest monitoring report setting out the impact of the Basel III...more

American Conference Institute (ACI)

[Event] 8th Forum on FinTech & Emerging Payment Systems - April 9th - 10th, New York, NY

ACI’s 8th Annual Legal, Regulatory, and Compliance Forum on Fintech & Emerging Payment Systems will provide in-depth guidance on the latest regulatory developments at the Federal and State Level that you need to be aware of....more

Sheppard Mullin Richter & Hampton LLP

South Dakota Lenders on Tight Deadline for BSA/AML Compliance

On January 12, South Dakota’s Division of Banking issued a mandate setting March 31, 2024 as the deadline for all South Dakota licensed money lenders and non-residential mortgage brokers to comply with their Bank Secrecy...more

Harris Beach PLLC

[Webinar] Third Party Risk is Your Risk - January 24th, 11:00 am - 12:00 pm EST

Harris Beach PLLC on

• Highlights of recent joint agency guidance on Third-Party Risk Management (3PRM) • How 3PRM considerations have increased in importance in BSA/AML compliance programs and enforcement actions • Lessons learned from...more

Ballard Spahr LLP

OCC Risk Perspective Report Focuses on Third-Party Relationships with Fintechs

Ballard Spahr LLP on

In its Fall 2023 Semiannual Risk Perspective, published on December 7, the Office of the Comptroller of the Currency (“OCC”) reported on key issues facing the federal banking system. In evaluating the overall soundness of...more

J.S. Held

Risky Business: How Fintech Firms Can Build Better AML and Sanctions Risk Assessments

J.S. Held on

The year 2023 promises to be exciting for Fintech. On the upside, the web 3.0 economy is poised for significant growth as decentralization favors creatives and community with its lower costs and lower barriers to entry...more

Guidepost Solutions LLC

Bank Merger Compliance Risks: Are You Prepared?

Bank mergers and acquisitions are becoming a regular part of life in the banking industry, especially for smaller and medium-sized organizations. They provide significant opportunities for institutions to expand their...more

Troutman Pepper

Evaluating Fraud Under the Bank Secrecy Act - The Crypto Exchange Podcast

Troutman Pepper on

In this episode of The Crypto Exchange, Troutman Pepper attorney Carlin McCrory welcomes Disputes, Compliance and Investigations Managing Director Terri Sands from Stout to discuss the risks and regulatory scrutiny that...more

Perkins Coie

Fintech Legal Report - July 2021

Perkins Coie on

President Biden Issues an Executive Order on Competition with Implications for Financial Institutions - On July 9, 2021, President Biden issued an Executive Order on Promoting Competition in the American Economy. The...more

Latham & Watkins LLP

10 Key Regulatory Focus Areas for UK/European Wholesale Markets in 2020

Latham & Watkins LLP on

In last year’s publication and in our mid-year progress report, we highlighted the top regulatory focus areas for our clients during 2019, concentrating on wholesale market structures and conduct risk. This publication...more

Latham & Watkins LLP

10 Key Regulatory Focus Areas for UK/European Wholesale Markets in 2019 – Progress Report

Latham & Watkins LLP on

These topics are attracting particular attention because they are either at a key stage in the regulatory change or implementation cycle, or because uncertainty and inconsistency in their recent implementation means that they...more

White & Case LLP

Cryptoassets and ICOs: EU Regulators Show Their Hand

White & Case LLP on

On 9 January 2019, the European Banking Authority (EBA)1 and the European Securities and Markets Authority (ESMA)2 published two reports with their advice on cryptoassets for the European Commission (EC) (and in ESMA's case,...more

Latham & Watkins LLP

10 Key Regulatory Focus Areas for UK/European Wholesale Markets in 2019

Latham & Watkins LLP on

As we approach the end of the post-crisis regulatory reform agenda, we are still witnessing fast-paced regulatory developments that are undeniably and significantly driven by Brexit — with no signs of things slowing down in...more

Holland & Knight LLP

Global Regulatory Update for Cryptocurrency and Initial Coin Offerings

Holland & Knight LLP on

• The rapid proliferation of technological advancements in global financial markets has caused regulators in several countries to increase their scrutiny of investments in, and implications of, cryptocurrencies. • This...more

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