News & Analysis as of

Financial Institutions

United States Imposes New Sanctions Restricting Transactions with the Government of Venezuela

• On May 21, 2018, the Trump administration imposed new sanctions on the Government of Venezuela in response to the reelection of President Maduro and the “deepening humanitarian and public health crisis” fueled by the Maduro...more

Final Global Strategy to Address Wholesale Payments Fraud

by Shearman & Sterling LLP on

Following a consultation late last year, the Committee on Payments and Market Infrastructure has published the final strategy for reducing the risk of wholesale payments fraud related to endpoint security. The strategy is...more

Customer Due Diligence and Beneficial Ownership Requirements for Legal Entity Customers – Overviews and Examination Procedures

On May 11, 2018, the Federal Financial Institutions Examination Council issued new examination procedures on the final rule, “Customer Due Diligence Requirements for Financial Institutions” (the “CDD Rule“). The CDD Rule was...more

Financial Stability Board Consults on Reporting on the Use of Compensation Tools to Address Misconduct Risk

by Shearman & Sterling LLP on

The Financial Stability Board has published proposed Recommendations for consistent national reporting of data concerning the use of compensation tools to address misconduct risk in significant financial institutions. The FSB...more

Congress OKs Sweeping Rewrite of Dodd-Frank

by BakerHostetler on

The House voted Tuesday to give final congressional approval to a sweeping rewrite of the nation’s banking rules that would roll back key elements of Dodd-Frank but still leave most of that 2010 law on the books....more

FCAC Report Identifies 11 Best Practices in Financial Consumer Protection

Building on the federal government’s continued commitment to modernize and enhance Canada’s financial consumer protection framework (Framework), the Financial Consumer Agency of Canada (FCAC) has released its Report on Best...more

Key Regulatory Developments in Spain

by Dentons on

We present you with the selection of key regulatory developments from Spain....more

FinCEN’s Customer Due Diligence Rule Becomes Effective; FinCEN and FINRA Guidance Provides Interpretive Color for Firms Working to...

by Shearman & Sterling LLP on

May 11, 2018 marked the compliance date for the Customer Due Diligence Requirements for Financial Institutions rule issued by the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) on May 11, 2016 (the...more

CFTC Reduces Marketplace Barriers for Global Development Initiatives

On May 16, 2018, the Commodity Futures Trading Commission’s (“CFTC“) Division of Swap Dealer and Intermediary Oversight (“DSIO“) granted relief to non-U.S. counterparties who enter into swaps with International Financial...more

With CDD and Beneficial Ownership Rule in Effect, FinCEN Continues to Clarify and Refine Rules for Financial Institutions

Long awaited rules for “Customer Due Diligence Requirements for Financial Institutions” (the CDD Rules) went into effect on May 11, 2018. FinCEN has taken steps to clarify and refine implementation of the CDD Rules, issuing...more

Maryland Allows Lenders to Create Escrow Accounts for Water and Sewer Facilities Assessments

by Weiner Brodsky Kider PC on

The Maryland governor signed into law Senate Bill 755 on April 24, 2018. Once effective, upon request by the borrower, a lending institution that lends money secured by a first mortgage or first deed of trust on any interest...more

FFIEC Releases 2017 HMDA Data

by Weiner Brodsky Kider PC on

The Federal Financial Institutions Examinations Council (FFIEC) released the 2017 Home Mortgage Disclosure Act (HMDA) data on mortgage lending transactions at 5,852 financial institutions....more

A Quick Guide to the Suspicious Activity Report (SAR)

by Foodman CPAs & Advisors on

The Suspicious Activity Report (SAR) was originally created by five federal financial supervisory agencies (Federal Reserve Board, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Office of...more

Can I Secure a Loan with Bitcoin? Part III

by Ward and Smith, P.A. on

In my previous articles, I discussed the challenges of using Article 9 of the Uniform Commercial Code ("UCC") to create and perfect a security interest in virtual currency like Bitcoin, Ethereum, or Litecoin. I also discussed...more

BSA/AML ALERT: FinCEN Grants a 90-Day Exemption from the Beneficial Ownership Rule for Certain Financial Product Renewals and...

by Vedder Price on

On May 11, 2018, compliance with the beneficial ownership rule became mandatory. In accordance with the rule, a covered financial institution must verify, at the time a new account is opened, the beneficial owners opening the...more

South Carolina Begins Licensing Money Transmission

South Carolina Anti-Money Laundering Act becomes effective May 25, 2018. Applications must be filed by June 29, 2018. Implementing regulations become effective May 25, 2018. ...more

FFIEC Manual Incorporates Beneficial Ownership Rule and CDD Requirements

by Ballard Spahr LLP on

Incorporation Solidifies Customer Due Diligence as “Fifth Pillar” to BSA/AML Compliance Program - May 11, 2018 was the much anticipated effective date for the Customer Due Diligence (“CDD”) Requirements for Financial...more

MAS Drafts Guidelines for Management Accountability

by Allen & Overy LLP on

The MAS is proposing to require financial institutions to clearly identify and delineate the responsibilities of senior management and of employees in material risk functions. The proposed “Guidelines on Individual...more

FFIEC Examination Procedures for the Beneficial Ownership Rule

by Sullivan & Worcester on

The FFIEC has updated its BSA/AML manual effective May 5, 2018, to add a section on the new legal entity due diligence requirements and to update the section of the manual on customer due diligence generally. The Fed...more

Our recent Thought Leadership

by Dentons on

The following represents a carefully curated selection of our recent Thought Leadership contributions: ECB-SSM’s supervisory “Guides” - The ECB-SSM’s release of its final supervisory “Guides”, which read like rulebooks,...more

The Economic Loss Doctrine as a Barrier to Data Breach Recovery

We recently commented on one hotly contested legal issue being addressed by the courts in data breach class action litigation, that of plaintiffs’ standing. Another issue that has been the subject of recent court activity in...more

Aw Schnucks! Seventh Circuit Dismisses Data Breach Class Action By Financial Institution Plaintiffs Under Economic Loss Doctrine

by Carlton Fields on

The Seventh Circuit recently upheld the dismissal of a novel putative class action filed by financial institutions against grocer Schnuck Markets (“Schnucks”) based on the economic loss doctrine. ...more

Financial Services Weekly News - May 2018 #3

by Goodwin on

Editor's Note - In This Issue. The Consumer Financial Protection Bureau (CFPB) published its Spring 2018 rulemaking agenda; the U.S. Department of Housing and Urban Development (HUD) announced that it will seek public...more

Customer Due Diligence and Beneficial Ownership: Updates to FFIEC Examination Manual and FinCEN Administrative Ruling

by Morrison & Foerster LLP on

May 11, 2018 was the applicability date for FinCEN’s new “Customer Due Diligence Requirements for Financial Institutions” (the “CDD Rule”). FinCEN noted the occasion by issuing a press release to remind covered financial...more

Framework for Cyber-Attack Testing Published by ECB

On May 2, 2018, the European Central Bank (“ECB“) published the “TIBER-EU” framework, a document which outlines the process for European and national authorities to work with financial institutions to put in place a program...more

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