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Troutman Pepper Locke

SEC Whistleblower Awards Face Scrutiny as Denials Rise

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A recent article by Bloomberg Law highlighted a significant shift in the Securities and Exchange Commission’s (SEC) approach to whistleblower claims. The article, “Whistleblower Awards Slow to Trickle as SEC Raises Bar on...more

Troutman Pepper Locke

New Jersey Division on Civil Rights Issues Finding of Probable Cause Against Consumer Financial Services Company for...

Troutman Pepper Locke on

On March 11, New Jersey Attorney General (AG) Matthew Platkin and the New Jersey Division on Civil Rights (DCR) announced that DCR issued a finding of probable cause against Advance Funding Partners/Same Day Funding (Advance...more

Blake, Cassels & Graydon LLP

Quebec Court of Appeal Rules on the Limits of CPA Professional Secrecy for Financial Whistleblowing

On November 12, 2024, the Quebec Court of Appeal (QCA) rendered a significant decision in Autorité des marchés financiers c. Ordre des comptables professionnels agréés du Québec (available in French only) relating to section...more

A&O Shearman

The FCA's non-financial misconduct survey: decoding the findings

A&O Shearman on

In February 2024, the FCA sent a survey to 1,028 wholesale firms (insurers, market intermediaries, banks and brokers) asking about recorded incidents of non-financial misconduct between 2021 and 2023. With a 96% response...more

Latham & Watkins LLP

FCA Publishes Results of Non-Financial Misconduct Survey

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The data provides important insights to assist firms with their ongoing work in this area. On 25 October 2024, the FCA published the results of a survey on non-financial misconduct it undertook earlier in the year...more

Epstein Becker & Green

#WorkforceWednesday®: New DOJ Whistleblower Program - What Employers Must Know - Employment Law This Week®

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As featured in #WorkforceWednesday®: This week, we’re analyzing the U.S. Department of Justice’s (DOJ’s) new Corporate Whistleblower Awards Pilot Program and its impact on employers: The DOJ’s new Corporate Whistleblower...more

Ballard Spahr LLP

DOJ Unveils Corporate Whistleblower Awards Pilot Program – With Implications for Financial Institutions and AML/CFT Compliance...

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On August 1, 2024, the Department of Justice launched its Corporate Whistleblower Awards Pilot Program (the “Pilot Program”). Under this 3-year initiative managed by DOJ’s Criminal Division, a whistleblower may be eligible...more

Troutman Pepper Locke

Regulators Prowl for Financial Firms That Wield NDAs to ‘Muzzle’ Whistleblowers

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In a note to clients, the law firm Troutman Pepper Hamilton Sanders said that, while the legislation bars employers from taking actions that “discriminate against” whistleblowers, it’s a leap for the agency to interpret the...more

Ballard Spahr LLP

CFPB: Confidentiality Agreements Can’t Deter Whistleblowers from Reporting Alleged Violations

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The CFPB warned on July 24, 2024,  that confidentiality agreements that employees of a company are required to sign likely violate federal law if those agreements imply that employees could face retaliation from their...more

Skadden, Arps, Slate, Meagher & Flom LLP

DOJ Pilot Program Promises Non-Prosecution Agreements to Individuals Reporting Fraud, Bribery and Other Corporate Crimes

On April 15, 2024, the Department of Justice’s (DOJ’s) Criminal Division unveiled a new Pilot Program on Voluntary Self-Disclosures for Individuals that offers non-prosecution agreements (NPAs) to individuals who voluntarily...more

Katten Muchin Rosenman LLP

UK Financial Insights from Katten | Issue 3

UK Financial Insights from Katten is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds in the UK and Europe....more

Littler

New Anti-Money Laundering Whistleblower Improvement Act Expands Coverage and Strengthens Incentives for Whistleblowers

Littler on

On December 29, 2022, President Biden signed a new whistleblower law that significantly increases the risk and cost of whistleblower claims for domestic and overseas financial services institutions that must be cognizant of...more

Goodwin

Stress Test Scenarios Released for 2022

Goodwin on

In This Issue. The Federal Reserve Board of Governors (Federal Reserve), the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) released stress test scenarios to assess...more

The Volkov Law Group

FINRA Reminds Broker-Dealers on Importance of Compliance with New AML Rules

The Volkov Law Group on

The new Anti-Money Laundering laws and regulations continue to roll out with new risks, liabilities and compliance requirements.  There is a coming AML enforcement storm, fueled by a new AML whistleblower program that will...more

Morgan Lewis

UK Financial Conduct Authority Continues Focus on Diversity and Inclusion

Morgan Lewis on

The UK Financial Conduct Authority (FCA) has recently announced that it is considering adding a sixth question on diversity and inclusion (D&I) to its five conduct questions (5CQs). The significance of D&I has long been...more

Ballard Spahr LLP

The New BSA Whistleblower Law: What You Need to Know

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Today’s episode features a discussion of the new whistleblower provisions in the Anti-Money Laundering Act of 2020. We’ll discuss the types of businesses covered, who can be a whistleblower under the Act, the increased...more

Hogan Lovells

Financial institutions general regulatory news, March 2021 # 5

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CMA 2021/22 annual plan - The Competition and Markets Authority (CMA) has published its annual plan for 2021/22. In 2021/22, the CMA will focus on the following themes...more

Jackson Lewis P.C.

Returning To The Office In The Financial Industry

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As COVID-19 vaccinations progress and as our economic and social lives begin to return to normal, employers are faced with new challenges. These challenges are particularly difficult for banks and credit unions, which not...more

Hogan Lovells

Financial institutions general regulatory news, October 2020 # 4

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COVID-19: FCA proposes additional guidance for insurance and premium finance firms on customers in financial difficulty - The FCA has published draft additional guidance for insurance and premium finance firms, setting...more

Hogan Lovells

New EU Whistleblowing Directive – what UK financial services firms need to know

Hogan Lovells on

On 7 October 2019, the Council of the European Union formally adopted a new Directive on the protection of persons who report breaches of Union law. The Directive was published in the Official Journal of the European Union on...more

Saul Ewing LLP

New York State Department of Financial Services Issues Guidance on Whistleblowing Programs

Saul Ewing LLP on

On January 7, 2019, the New York State Department of Financial Services (the “Department”) published Guidance on Whistleblowing Programs (the “Guidance”). ...more

Ballard Spahr LLP

Danske Bank Money Laundering Scandal: The Tip of the Iceberg(s)

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In September, the Danish law firm Bruun & Hjejle’s report (“B&H Report”) released its internal investigation report into alleged money laundering conducted through the Estonian branch of Danske Bank (“Danske”)....more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Amidst all of that Black Friday and general holiday craziness, the White House released a blockbuster report issued by a collection of 13 federal agencies on Friday warning that, if left unchecked, global climate change could...more

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