Financial Regulatory Forum

Link cyber and anti-money laundering units, but do not combine them — experts

March 30, 2016

(Thomson Reuters Regulatory Intelligence) – Last month’s cyber attack against Bangladesh’s central bank in which hackers stole $81 million from the bank’s account at the Federal Reserve Bank of New York and then laundered the funds has ignited a debate at U.S. financial institutions regarding whether cyber security and anti-money laundering units should be merged to better combat financial crime. (more…)

IMPACT ANALYSIS: Data protection practices and governance – action items for firms

March 3, 2016

By Julie DiMauro, Regulatory Intelligence

NEW YORK (Thomson Reuters Regulatory Intelligence) – Regulators want to see how well the organizations they oversee protect personal data. The challenge is to craft these protection protocols to meet their demands and to provide evidence of compliance.

As compliance demands more technology, here’s one approach to reporting

February 10, 2016

As financial compliance grows ever more dependent on analytical tools and automated processes, a look at one approach can help illustrate the challenges and the strategies for meeting the demands of a new era.

COMMENTARY: Citigroup surveillance lapses: “but for the grace of God”

September 9, 2015

By Scott McCleskey, Regulatory Intelligence Expert

NEW YORK, Sept. 9 – The recent SEC enforcement action against Citigroup for trade surveillance lapses provides an embarrassing lesson about the pitfalls of technology and the importance of the “third line of defense”, an effective audit of the processes of compliance and other control functions. (more…)

IA BRIEF: The state of adviser social media compliance in the U.S.

August 10, 2015

In the past year compliance professionals have been preoccupied with preventing cybercrime, and rightfully so, with recent high-profile cyber attacks and increased regulatory attention. However, the compliance implications of social media in the financial services sector remain an evolving trend as well, with high importance. A recent investment adviser survey offers a glimpse at the state of the current adviser programs while exposing new risks.

COMMENTARY: Three steps to more resilient risk-management systems – DTCC risk chief

July 23, 2015

By Andrew Gray, Deposit Trust & Clearing Corporation

NEW YORK, July 23, 2015 (Thomson Reuters Regulatory Intelligence) – Of all the changes to global financial markets in recent years, the risk management function has undergone one of the most dramatic transformations in the industry. The discipline is broader, more sophisticated, and more diverse than ever before, encompassing new responsibilities that add operational, systemic, technology, vendor, and physical risk, as well as business continuity management, to the more traditional financial risk categories.

IA Brief: Six steps to address U.S. SEC cybersecurity focus

February 11, 2015

Now that the Securities and Exchange Commission has formally named cybersecurity as a top exam priority, firms must prepare for the impending scrutiny.

SEFs 2015 outlook: industry sees more flexible execution rules; harmonization

January 13, 2015

Regulatory efforts to simplify existing swap mandate rules in order to reduce fragmentation between the U.S. and Europe are likely to dominate the focus of participants in the swaps execution facility (SEF) market in 2015.

Safeguard customers’ personal information; regulators are watching

September 19, 2014

By Julie DiMauro, Compliance Complete

NEW YORK, Sept. 19, 2014 (Thomson Reuters Accelus) – In a sanction that can serve as a wake-up to the financial industry, Verizon Communications last week agreed to pay $7.4 million to end an investigation that found it failed to tell two million new customers about their privacy rights before using their information for marketing purposes, the Federal Communications Commission said.

IA brief: Account takeovers are big cybersecurity risk for advisers

April 24, 2014

By Jason Wallace, Compliance Complete

NEW YORK, April 24, 2014 (Thomson Reuters Accelus) – A recent cybersecurity roundtable hosted by the Securities and Exchange Commission should act as a call to action for investment advisers, as the threat of cyber attacks is high for all companies and increasing daily, say event panelists.