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Know Your Customers Financial Institutions

Guidepost Solutions LLC

How the UK High Court Decision on Forced Labor Impacts Your Supply Chain Due Diligence

The recent ruling by the U.K. Court of Appeal declared that the U.K. National Crime Agency’s decision not to investigate the importation of cotton produced through the use of Uyghur forced labor in China was unlawful. This...more

White & Case LLP

The Shadow Financial System

White & Case LLP on

The concept of the shadow financial system rose to international prominence in the aftermath of the 9/11 terrorist attacks. In an interview with a Pakistani newspaper a month later, Osama bin Laden stated that Al Qaeda were...more

Guidepost Solutions LLC

Money Laundering, Terrorist Financing, and Investment Advisors – Yes, Financial Crime is Borderless and Legal Entity-Agnostic

There is a growing acknowledgement that money laundering and terrorist financing is borderless and legal entity-agnostic, just as it is already known that cybercriminals and the means to commit cybercrimes continuously attack...more

Guidepost Solutions LLC

Investment Advisers and Generative AI

Start Planning Now to Reduce Your Increased Money Laundering, Sanctions, and Conflicts of Interest Risks The introduction and use of generative artificial intelligence (GenAI) and predictive data analytics (PDAs) by...more

American Conference Institute (ACI)

[Event] 8th Forum on FinTech & Emerging Payment Systems - April 9th - 10th, New York, NY

ACI’s 8th Annual Legal, Regulatory, and Compliance Forum on Fintech & Emerging Payment Systems will provide in-depth guidance on the latest regulatory developments at the Federal and State Level that you need to be aware of....more

Cadwalader, Wickersham & Taft LLP

KYC – “Know Your Customer,” or Agent, or Financial Institution, to Qualify for the Bankruptcy Code Safe Harbors

Parties structuring certain financial transactions to comply with the Bankruptcy Code safe harbor provisions, including protections from the avoidance powers in Section 548 of the Bankruptcy Code, must be cognizant of recent...more

J.S. Held

INDEPTH FEATURE: Anti-Money Laundering 2024

J.S. Held on

Could you provide an insight into recent trends shaping financial crime in your country of focus? How great a risk does money laundering in particular now pose to companies? One would likely never imagine compliance as...more

Womble Bond Dickinson

Navigating the Labyrinth: Artificial Intelligence in the Battle Against Trade-Based Money Laundering

Womble Bond Dickinson on

In the rapidly evolving financial landscape, governments worldwide are intensifying their focus on compliance in Know Your Customer (KYC) and Anti-Money Laundering (AML) efforts for financial institutions. Trade-Based Money...more

Ankura

The Evolution of KYC: Exploring Perpetual Know Your Customer (PKYC)

Ankura on

Know Your Customer (KYC) is a fundamental process used by Financial Institutions (FIs) to verify the identities of their customers and assess the associated financial crime risk. Its primary goal is to prevent money...more

Ankura

From Customer Centricity to Customer Intimacy: The Era of Hyper-Personalization

Ankura on

Hyper-personalization goes beyond one-time marketing events. It is about harnessing the long-term drivers of growth and prioritizing customer lifetime value. This is achieved by utilizing data and analytics collected at each...more

Cadwalader, Wickersham & Taft LLP

Honey, do you think KYC is still open? September 2023 - The Irish ICAV – Key Features and Finance Considerations

While there has been much industry focus on the re-energised Irish Investment Limited Partnership vehicle, (“ILP”) the ICAV remains the workhorse, or perhaps more accurately the stallion, of Irish Fund structures. We have set...more

J.S. Held

Three Ways to Use Analytic Rigor in Your AML Compliance Operations

J.S. Held on

Introduction: Influx of Information Triggers Threats to Anti-Money Laundering Compliance - Information abounds. The internet, social media, and web 3.0 are full of content and it’s available with a few finger taps....more

Dickinson Wright

Corporate Transparency Act Compliance Date Is Approaching Quickly

Dickinson Wright on

Although the Corporate Transparency Act (CTA”) was adopted in 2021,  implementation has been delayed while the Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”)  established regulations. The deadline,...more

Dickinson Wright

Corporate Transparency Act Compliance Date Is Approaching Quickly | 企業透明性法遵守について

Dickinson Wright on

企業透明性法(以下「法」)は2021年に採択されたが、財務省の金融犯罪取締ネットワーク(以下「FinCEN」)が規制を設ける間、施行が遅れていました。しかし、その遵守期限は間近に迫っています。2024年1月1日以降に設立される報告対象会社は、設立後30日以内に報告書を提出する必要があります。2023年末時点ですでに存在する報告対象会社は、2024年末までに最初の報告を行う必要があります。...more

Dickinson Wright

Corporate Transparency Act Compliance Date Is Approaching Quickly |《企业透明法案》合规日期即将到来

Dickinson Wright on

Although the Corporate Transparency Act (the “Act”) was adopted in 2021,  implementation has been delayed while the Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”)  established regulations. The...more

Orrick, Herrington & Sutcliffe LLP

New York proposes “landmark legislation” to oversee crypto industry

On May 5, New York Attorney General Letitia James announced proposed legislation to increase oversight of the cryptocurrency industry. Calling the “landmark legislation” the “strongest and most comprehensive set of...more

Lowenstein Sandler LLP

Silicon Valley Bank Fallout: Navigating and Managing the Account Opening Processes at Other Financial Institutions

Lowenstein Sandler LLP on

Silicon Valley Bank, Santa Clara, California, was closed on March 10 by the California Department of Financial Protection and Innovation (CDFPI). On March 12, the New York State Department of Financial Services (NYSDFS)...more

Guidepost Solutions LLC

Bank Merger Compliance Risks: Are You Prepared?

Bank mergers and acquisitions are becoming a regular part of life in the banking industry, especially for smaller and medium-sized organizations. They provide significant opportunities for institutions to expand their...more

Ankura

Factors to Be Considered by Financial Organizations for an Effective Transactional Monitoring System

Ankura on

The rising incidence of financial crime continues to haunt financial institutions globally. As per a recent industry report, more SARs (suspicious activity reports) were filed by ~80% of the firms in 2021. COVID-19 pandemic...more

Davies Ward Phillips & Vineberg LLP

Filling the Gap: Scope of Canadian Anti-Money Laundering Laws Expanded

The Canadian federal government has fulfilled its promise to expand Canada’s anti-money laundering (AML) regime to cover crowdfunding platforms and certain payment service providers (PSPs) that previously operated outside the...more

BCLP

Banking Bites - May 2022 #2

BCLP on

Privy Council rules against extension of the Quincecare duty - Does a bank owe a duty of care to a person who is the beneficial owner of funds held in the account of a customer of the bank and who has been defrauded by...more

Guidepost Solutions LLC

Sanctions and The Supply Chain: Basic Steps to Protect Yourself

With the Russian-Ukraine war’s ever-expanding sanctions landscape, the supply chain is even more complex than it already was, and enforcement risk is even higher given the broader array of U.S. federal and international...more

Porter Hedges LLP

Texas Supreme Court Highlights Two Key Takeaways for Texas Banks about Contractual Liability for Email Wire Transfer Scams

Porter Hedges LLP on

To avoid contractual liability for their customer’s wire fraud losses caused by phishing email scams, banks should understand two things from the Texas Supreme Court’s recent opinion in Cadence Bank, N.A. v. Elizondo: (1)...more

Nelson Mullins Riley & Scarborough LLP

Banks and FinTechs Beware: Here Come the Sanctions - What We Can Learn from Previous OFAC Actions Involving FinTech Companies

With Russia’s invasion of Ukraine last week, we saw a swift response by the U.S. beginning with President Biden’s Executive Order 14024 (“The EO”) and followed quickly by the Office of Foreign Assets Control’s (“OFAC”) severe...more

Guidepost Solutions LLC

5 Tips to Best Position Your Fintech for a Banking Charter License Application

Recently, several financial technology (“Fintech”) organizations have applied for – and been granted – banking charter licenses. For example, in May 2019, Grasshopper was approved for a charter issued by the Office of the...more

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