The role of the insurance compliance officer has evolved from a purely advisory role into a proactive one with internal audit characteristics in the last few years according to a white paper by Ethical Corporation, a global business publication. (more…)
Financial Regulatory Forum
By Scott McCleskey, Regulatory Intelligence Expert
NEW YORK, Sept. 23, 2015 – The U.S. Justice Department’s initiative to focus on individual culpability in corporate crimes is long overdue and holds the potential, if vigorously pursued, to put teeth into efforts to enforce the law by deterring criminal activity. There are costs and perils to this approach, but the continuing litany of corporate misbehavior despite rising corporate fines suggests that other approaches have been less than effective. (more…)
A process of “derisking” is underway by financial firms exiting sectors that represent compliance landmines, bankers said on Tuesday, but a top U.S. sanctions enforcer said that is sometimes just the right move.
By Henry Engler, Compliance Complete
NEW YORK, Feb. 19 (Thomson Reuters Accelus) – The question of which regulator will take the lead in enforcing the complex Volcker rule took center stage this week, as U.S. lawmakers voiced concern over the lack of clear leadership among the five agencies in charge of the statute.
By Bora Yagiz, Compliance Complete
NEW YORK, Dec. 5 (Thomson Reuters Accelus) – Focusing on too-big-to-fail policies and hard-to-implement resolution plans may lead regulators to miss the next big financial failure, which could come in the areas of shadow banking and short-term financing, industry experts said.
This was the main message given by a panel of experts at a conference organized by the Clearing House, a banking association and payments company on Thursday. (more…)
By Henry Engler, Compliance Complete
NEW YORK, Sept. 11 (Thomson Reuters Accelus) – If there is one part of the cultural makeup of Wall Street that remains firmly in place despite the financial crisis and subsequent avalanche of regulations, it is the reticence among those who lose money to come clean early.
By Nick Paraskeva, for Compliance Complete
NEW YORK, May 29 (Thomson Reuters Accelus) – Goldman Sachs’ report on new business ethics and practices voiced lofty ambitions that are both frequently aired and difficult to implement. But it also articulated higher standards on issues such as reputational risk, suitability and conflicts of interests, which are increasingly demanded by customers, regulators and investors.
By Mark Davies, contributing author for Compliance Complete
LONDON, Apr. 18 (Thomson Reuters Accelus) – Continuing efforts by financial regulators and by firms themselves to monitor and offset risk have affected almost all areas of firms’ operations, including the management and maintenance of data. The overhaul of global systems following the financial crisis has led to an audit of data, and specifically of the information which firms hold about themselves and their counterparties or clients, known as business entity reference data.
By Stuart Gittleman, Compliance Complete
(Additional reporting by Suzanne Barlyn of Reuters)
NEW YORK, Jan. 17 (Thomson Reuters Accelus) – Anti-money laundering compliance will again be a focus of Financial Industry Regulatory Authority examinations this year, particularly at broker-dealers with higher-risk business models due to their clients, products and service mix, or locations.
By Christopher Elias
LONDON/NEW YORK, Dec. 4 (Business Law Currents) – New European short selling regulations are dressing naked short sellers in a regulatory straightjacket, but ill-fitting provisions may leave investors with skin in the game.