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Internal Controls Financial Services Industry

Conyers

The Importance of Sound Corporate Governance for Virtual Asset Service Providers: Lessons from Past Failures

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In recent years, the virtual asset industry has experienced exponential growth, bringing about innovations in digital payments, tokenisation and decentralised finance (Defi). While highly innovative, the volatile nature of...more

Alston & Bird

FDIC Proposes Rule to Establish Custodial Account Recordkeeping Requirements

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Our Financial Services Team studies the Federal Deposit Insurance Corporation’s plans to require insured depository institutions (IDIs) to keep specific records so that they know the actual owner of deposits placed by...more

BCLP

Personal Matters - How will the risks to firms from individuals’ behaviour increase in 2024?

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Financial regulators in the UK have been interested for some years in the question of how personal behaviour can affect the risk profile of a financial institution. A recent SEC case suggests that US regulators may now be...more

Mayer Brown

NYDFS Finalizes Climate Risk Management Guidance

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On December 21, 2023, the New York Department of Financial Services (“NYDFS”) finalized guidance on how the banks and mortgage institutions it regulates (“New York Institutions”) should manage climate-related financial and...more

Hudson Cook, LLP

New York DFS Finalizes Amendments to Cybersecurity Regulations

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On November 1, 2023 the New York Department of Financial Services ("DFS") released amended cybersecurity regulations ("Regulations"). These changes will impose additional controls, demand more frequent risk assessments, and...more

Husch Blackwell LLP

The Justice Insiders Podcast: SEC Plays Chicken with Jarkesy

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Host Gregg N. Sofer welcomes back to the podcast Richard Epstein, Laurence A. Tisch Professor of Law at NYU School of Law, to discuss the U.S. Supreme Court’s consideration of Securities and Exchange Commission v. Jarkesy, a...more

The Volkov Law Group

Pain in the App: Messaging Apps Lead to Large SEC Enforcement Actions

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On September 29, 2023, the U.S. Securities and Exchange Commission charged several firms with recordkeeping failures. These recordkeeping failures relate to pervasive and longstanding off-channel communications.  Generally,...more

BakerHostetler

NYDFS Issues Revised Proposed Second Amendment to Its Cybersecurity Regulation

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The New York State Department of Financial Services (NYDFS) recently published a revised proposed second amendment to its cybersecurity regulation, 23 NYCRR 500. ...more

Cadwalader, Wickersham & Taft LLP

Basel Committee Issues Guidance on Core Principles for Effective Banking Supervision

In April 2022, the Basel Committee on Banking Supervision (the Basel Committee) began a review of “the core principles for effective banking supervision” (Core Principles or CP). Last month, the Basel Committee published...more

Hogan Lovells

Bank of Italy consults on control and administration system guidelines for crowdfunding service providers

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On 17 May, the Bank of Italy published a public consultation on the supervisory guidelines for  crowdfunding service providers to implement EU Regulation 2020/1503 on European crowdfunding service providers (“CSP”) for...more

Goodwin

The FCA’s 2023/24 Priorities for UK Payments: Firms and Investors, Take Note

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On March 16, 2003, the UK Financial Conduct Authority (FCA) published its letter Portfolio Letter: FCA priorities for payments firms to the CEOs of UK Payment Institutions (PIs), Electronic Money Institutions (EMIs), and...more

American Conference Institute (ACI)

[Event] Summit on Anti-Corruption & Compliance Programs - March 22nd - 23rd, Mexico City, Mexico

Hosted by American Conference Institute, the Mexico Summit on Anti-Corruption & Compliance Programs returns for another exciting year with curated programming that shines a global spotlight on anti-corruption compliance...more

Holland & Knight LLP

NYDFS Proposes Amendments to Cybersecurity Regulation

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The New York Department of Financial Services (NYDFS) on Nov. 9, 2022, released Proposed Amendments to its Cybersecurity Regulation. The NYDFS Cybersecurity Regulation was one of the first laws requiring companies to comply...more

Holland & Knight LLP

Se actualizan instrucciones de gestión de riesgo LAFT para entidades vigiladas en Colombia

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La Superintendencia Financiera de Colombia (SFC) expidió la Circular Externa No. 011 de 2022 mediante la cual actualiza los mecanismos normativos para que "las entidades vigiladas gestionen de forma adecuada y eficiente el...more

Mitratech Holdings, Inc

[Event] Interact 2022 - August 14th - 17th, Nashville, TN

Exclusive roadmap reveals, immersive Q&A with top product & industry experts, live product demos, electrifying presentations, co-innovation opportunities, and so much more— all coming to you live from the heart of Nashville,...more

Morgan Lewis - Tech & Sourcing

Sanctions Apply to Cryptoasset Sector Confirm UK Financial Regulatory

On March 11, 2022, the UK Financial Conduct Authority (FCA), the Bank of England, and the Office of Financial Sanctions Implementation (OFSI) released a joint statement reiterating that all UK financial services firms,...more

Orrick, Herrington & Sutcliffe LLP

Six Things to Know About FinCEN’s Proposed SAR Sharing Pilot Program

The Financial Crimes Enforcement Network (“FinCEN”) published a notice of proposed rulemaking (the “Proposed Rule”) in late January seeking public comment on a proposed pilot program that would expand financial institutions’...more

Holland & Knight LLP

The Impact of Cybersecurity Regulations on the Financial Services Industry in 2022

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Following the SolarWinds and the Colonial Pipeline cyberattacks, the Biden Administration emphasized a shift toward mandatory cybersecurity requirements. Throughout 2021, government agencies issued new cybersecurity guidance,...more

Barnea Jaffa Lande & Co.

Do You Own Crypto? AML Order Also Applies to Digital Currencies

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For the first time, companies providing virtual currency services will be required to comply with Israeli anti-money laundering provisions. This follows an amendment to the Prohibition of Money Laundering Order that recently...more

Jones Day

M&A Highlights From ASIC's September Corporate Finance Update

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ASIC has released its third quarter update on corporate finance regulatory activities. From an M&A perspective, the update includes ASIC's observations on its public M&A deal statistics, outlines ASIC's recent concerns in M&A...more

Goodwin

CFPB To Revisit Trump-Era QM Final Rules

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In this Issue. The Consumer Financial Protection Bureau (CFPB) issued a statement announcing its intention to revisit Trump-era qualified mortgage (QM) final rules; the Biden Administration announced changes to the Small...more

White & Case LLP

Spain to tax acquisitions of shares of major Spanish listed companies

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The Spanish Official Gazette published last October 16th legislation enacting a new indirect Tax on Financial Transactions levied, at 0.2%, on the acquisition of shares of major Spanish listed companies irrespective of the...more

Ballard Spahr LLP

Federal banking agencies issue joint statement on enforcement of BSA/AML requirements; FinCEN follows with its own statement

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Regulators Provide Greater Transparency into BSA/AML Enforcement Process. On August 13, 2020, the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the...more

Ballard Spahr LLP

FFIEC Issues Joint Statement on Additional Loan Accommodations Related to COVID-19

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On August 3, 2020, the Federal Financial Institutions Examination Council (“FFIEC”) issued a joint statement to provide prudent risk management and consumer protection principles for financial institutions to consider when...more

K2 Integrity

[Webinar] Mitigating Fraud Risk During COVID-19 - June 30th, 4:00 pm - 5:00 pm GMT

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During times of economic stress, organisations face heightened fraud risk from both within and outside their organisation. Now more than ever, it’s critical to have in place a robust anti-fraud strategy, effective monitoring...more

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