Financial Regulatory Forum

Switzerland says goodbye to light touch regulation

By Guest Contributor
May 3, 2012

By Rachel Wolcott

LONDON, May 3 (Thomson Reuters Accelus) - These days even the Swiss are fed up with their bankers. The financial crisis has riled Swiss citizens to the point that the Alpine country’s reputation for light-touch financial regulation will soon be a thing of the past. In a direct democracy such as Switzerland, where every citizen can vote on laws and even propose them, the people have spoken. What they have said is: we want more rules and regulation for bankers and asset managers.

Wal-Mart bribery scandal seen undermining effort to soften U.S. anti-corruption statute

By Guest Contributor
May 2, 2012

By Brett Wolf

ST. LOUIS, May 2 (Thomson Reuters Accelus) – News that Wal-Mart may have tried to cover up bribes paid by its Mexico unit will make it difficult for Congress to weaken an anti-bribery statute loathed by the U.S. business community, at least in the short term, sources say.

Report: Q & A – Why New York is the nation’s top online fraud center, and which transactions are riskiest

By Guest Contributor
April 23, 2012

By Connie Loizos

NEW YORK, April 23 (PeHUB) – If you’re wondering which city in the country is the epicenter of online fraud, it’s New York.

Bank ‘mystery shoppers’ can help ensure adherence to abusive practice rules, expert says

By Guest Contributor
April 17, 2012

By Ted Knutson

WASHINGTON/NEW YORK, April 17 (Thomson Reuters Accelus) - The use of “mystery shoppers” and focus groups to test the compliance of bank employees has broadened beyond the traditional topic of lending discrimination to now include uncovering and avoiding violations of unfair, deceptive and abusive practice, an industry consultant said.

EXCLUSIVE: Ernst & Young to oversee high-stakes review of Citibank transactions, sources say

By Guest Contributor
April 13, 2012

By Brett Wolf

NEW YORK, April 12 (Thomson Reuters Accelus) - Citibank has retained Ernst & Young to supervise a regulator-mandated review of the bank’s transactions that will seek to determine the degree to which alleged compliance failures allowed drug traffickers or other criminals to launder money, sources familiar with the arrangement said.

Enforcement against Citibank serves as reminder that compliance counts in product development

By Guest Contributor
April 12, 2012

By Brett Wolf

NEW YORK, April 12 (Thomson Reuters Accelus) - A financial institution’s anti-money laundering team must have the authority to question account relationships and business plans, and any objections must be taken seriously. That was one of the key lessons to be learned from the last week’s regulatory enforcement action against Citibank over AML weaknesses, experts said.

JOBS Act provision opens door to hedge fund advertising, trade group urges caution

By Guest Contributor
April 9, 2012

By Emmanuel Olaoye

NEW YORK, April 9 (Thomson Reuters Accelus) - A little known provision of the new small-business capital JOBS Act opens the door to advertising by hedge funds, but an industry organization cautioned members that the advertisements must still comply with state laws and other regulations.

Disclosures 2012: level of cyber-security risk disclosures varies after new SEC guidance

By Guest Contributor
April 6, 2012

By Robert Kalb

NEW YORK, April 6 (Business Law Currents) – Ever-growing reliance on technology in customer interactions, proprietary data storage and even normal business operations is creating increased risk for companies working to ensure these systems remain uncompromised. As threats of cyber-attacks expand across industries, and given the potential material impact on operations, the security of these digital technologies from internal and external threats is vital.

Time to merge risk management and compliance?

By Guest Contributor
April 5, 2012

By Rachel Wolcott

LONDON/NEW YORK, April 5 (Thomson Reuters Accelus) – Regulators’ rising interest in risk management combined with a long trail of big fines for compliance failures has some consultants and industry leaders wondering whether it is time for the two disciplines to come closer together if not merge completely.

Financial institutions and investment funds should prepare now for FATCA

By Guest Contributor
April 4, 2012

By Steven D Bortnick, contributing author for Thomson Reuters Accelus

NEW YORK, April 4 (Thomson Reuters Accelus) – The enactment of the Foreign Account Tax Compliance Act (FATCA) as in March of 2010 has sent shock waves through financial institutions and investment fund management companies. FATCA aims to obtain information to prevent U.S. persons from evading taxation through the use of foreign entities. Although the law does not fully enter in force until January 1, 2013, the effort to become compliant with FATCA should begin immediately. Some tips on how to do so are noted below.