The United States Department of the Treasury has announced that it is working to address what it perceives as money laundering risks associated with investment advisers. Specifically, the agency asserts that absent consistent...more
1/11/2024
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Broker-Dealer ,
BSA/AML ,
Financial Crimes ,
Financial Institutions ,
Investment Adviser ,
Money Laundering ,
Proposed Regulation ,
Proposed Rules ,
Recordkeeping Requirements ,
Reporting Requirements ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs)
Over the last several years, the Securities and Exchange Commission (the “SEC”) and the Commodities Futures Trading Commission (“CFTC”) have been laser-focused on the use of so called “off-channel communications” in the...more
5/26/2023
/ Books & Records ,
Broker-Dealer ,
CFTC ,
Electronic Communications ,
Employees ,
Financial Institutions ,
Instant Messaging Apps ,
Investigations ,
Investment Adviser ,
Mobile Apps ,
Mobile Devices ,
Policies and Procedures ,
Securities and Exchange Commission (SEC) ,
Social Media ,
Swap Dealers
Over the past couple of years, the crypto industry has come under heavy scrutiny from skeptical regulators seeking to root out fraud and protect investors amid the initial coin offering boom that generated over $4 billion in...more
10/31/2018
/ Bitcoin ,
Blockchain ,
CFTC ,
Coinbase ,
Cryptocurrency ,
Custody Rule ,
Department of Financial Services ,
Digital Assets ,
Digital Currency ,
ETFs ,
Exchange-Traded Products ,
Financial Institutions ,
Initial Coin Offering (ICOs) ,
Innovation ,
Investment Companies ,
Investors ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
State Regulators ,
Virtual Currency
There is universal acknowledgement that anti-money laundering (“AML”) monitoring has become progressively costlier (both in terms of time and money) since the Bank Secrecy Act (“BSA”) was passed nearly five decades ago, and...more
3/1/2018
/ Anti-Money Laundering ,
Anti-Terrorism Financing ,
Bank Secrecy Act ,
Banking Sector ,
Beneficial Owner ,
Financial Institutions ,
Financial Regulatory Reform ,
FinCEN ,
Legislative Agendas ,
National Security ,
New Legislation ,
Suspicious Activity Reports (SARs)
On April 10, 2017, Neil Gorsuch was sworn in as the Supreme Court’s 113th justice. While his experience on the Tenth Circuit Court of Appeals with cases involving financial regulation may be limited, certain of his decisions...more
4/27/2017
/ Chevron Deference ,
Chevron v NRDC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Neil Gorsuch ,
Regulatory Oversight ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Statutory Interpretation ,
Unregistered Securities
In late December, New York State’s Department of Financial Services (“DFS”) released its revised proposed cybersecurity regulation (the “DFS Rule”). While the revisions pare back some of the DFS Rule’s original requirements...more
2/1/2017
/ Banks ,
Covered Entities ,
Cybersecurity ,
Department of Financial Services ,
Employee Training ,
Encryption ,
Federal Bank Regulatory Agencies ,
Final Rules ,
Financial Institutions ,
GLBA Privacy ,
Gramm-Leach-Blilely Act ,
Insurance Industry ,
NIST ,
Popular ,
Risk Assessment ,
Third-Party Service Provider
If the New York State Department of Financial Services (“DFS”) has its way, come January 1, 2017, financial services companies that require a form of authorization to operate under the banking, insurance, or financial...more
9/23/2016
/ Banks ,
Breach Notification Rule ,
Chief Information Security Officer (CISO) ,
Covered Entities ,
Cybersecurity ,
Department of Financial Services ,
Financial Institutions ,
Financial Services Industry ,
Information Security ,
Notice and Comment ,
Proposed Regulation