Financial Regulatory Forum

Social media regulatory guidance for U.S. banks: a road map for the finance industry

By Guest Contributor
March 15, 2013

By Margaret Paradis, Thomson Reuters Accelus Contributor

NEW YORK, March 15 (Thomson Reuters Accelus) - The pace of social media usage by the U.S. financial industry has begun to rapidly accelerate. One drag on broader and deeper usage, especially by banks, continues to be uncertainty about regulatory compliance standards. Not all segments of the industry have been moving at the same pace. The broker-dealers and insurance companies have forged ahead in this area, relying on issued regulatory guidance. Additionally, asset management is catching up with the benefit of regulatory guidance issued early in 2012. Banking organizations, however, have been acting without specific guidance in this area, creating an extra risk.

Future higher ethical standards will judge today’s conduct, compliance experts say

By Guest Contributor
March 14, 2013

By Stuart Gittleman, Compliance Complete

NEW YORK, March 14 (Thomson Reuters Accelus) - Companies that want to manage their legal and regulatory liability and their reputational capital should treat current standards as the starting point – not the finish line – for their ethics and compliance programs, conference attendees heard Tuesday.

Compliance is today’s slogan for upcoming law graduates, conference speakers say

By Guest Contributor
February 13, 2013

By Stuart Gittleman, Compliance Complete

NEW YORK, Feb.13 (Thomson Reuters Accelus) - ”I just want to say one word to you. Just one word. Are you listening? Plastics,” a business executive told a young Dustin Hoffman in the 1967 movie The Graduate.

U.S. financial examiners’ guidelines underline increasing role of social networks

By Guest Contributor
February 13, 2013

By Bora Yagiz, Compliance Complete

NEW YORK, Feb. 13 (Thomson Reuters Accelus) - The guidelines on social media proposed by bank regulators comprising the Federal Financial Institutions Examination Council (FFIEC) in January are intended as a basic tool to help financial institutions identify potential trouble areas and address them as part of an overall risk management program.

Global firms facing challenges of shifting regulations, their top lawyers say

By Guest Contributor
December 13, 2012

By Stuart Gittleman, Compliance Complete

NEW YORK, Dec. 13 (Thomson Reuters Accelus) - The “shifting sands” of regulation, especially since the onset of the financial crisis, are making it more challenging for U.S. public companies to conduct global operations, the top lawyers for three such companies said Friday.

Internal compliance reporting programs must consider motivations for acting, experts say

By Guest Contributor
December 10, 2012

By Stuart Gittleman, Compliance Complete

NEW YORK, Dec. 10 (Thomson Reuters Accelus) – Preventing fraud, not just reacting once it occurs, should be the goal of every corporate compliance program, but business has a mixed record in encouraging employees to report suspected misconduct internally, speakers at a Thomson Reuters forum said Tuesday.

INTERVIEW: Whistleblowing is a duty if internal calls unheeded, U.S. bailout overseer tells compliance officers

By Guest Contributor
July 31, 2012

By Stuart Gittleman

NEW YORK, July 31 (Thomson Reuters Accelus) - Compliance officers have a duty to become whistleblowers if their concerns are not heeded internally, Neil Barofsky, the watchdog over the U.S. financial crisis bailout program, told Compliance Complete in an interview.

Compliance lessons: U.S. Senate report on HSBC AML failings

By Guest Contributor
July 20, 2012

By Susannah Hammond

LONDON/NEW YORK, July 20 (Thomson Reuters Accelus) - The United States Senate Permanent Sub-Committee on Investigations has published a report into U.S. Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing using HSBC Group plc as a case history. The report does not detail enforcement action taken, though there are several likely fines being considered by a number of U.S. authorities regarding HSBC’s anti-money laundering (AML) failings; it is however a valuable insight into the operations and associated compliance, risk and AML issues arising in a global financial services firm.  (more…)

U.S. brokerage regulator warns of ‘unpleasant surprises’ on ETNs

By Guest Contributor
July 11, 2012

By Stuart Gittleman

NEW YORK, July 11 (Thomson Reuters Accelus) – The Financial Industry Regulatory Authority, the U.S. brokerage regulator, warned investors Tuesday in an alert of the features and risks of exchange-traded notes.

Barclays scandal highlights value of monitoring and testing – governance experts

By Guest Contributor
July 10, 2012

By Emmanuel Olaoye

WASHINGTON/NEW YORK, July 10 (Thomson Reuters Accelus) - A major theme in the Barclays scandal over rate-rigging is the firm’s failure to conduct adequate monitoring and testing of its compliance program, governance experts have told Thomson Reuters Accelus.