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Risk Assessment Data Security Financial Institutions

Ankura

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

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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

Jones Day

FTC Requires Non-Bank Financial Institutions to Report Data Security Breaches Under Amended Safeguards Rule

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On Friday, October 27, the Federal Trade Commission ("FTC") announced new amendments to the Safeguards Rule, requiring covered financial institutions to report certain data breaches to the FTC and reflecting its continuing...more

Jackson Lewis P.C.

Reminder: The FTC “Safeguards Rule” Compliance Date is Next Month

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The Federal Trade Commission updated its “Standards for Safeguarding Customer Information” (“Safeguards Rule”) and extended the compliance deadline to June 9, 2023. Some entities still may be wondering – “Do these regulations...more

Shutts & Bowen LLP

Changes to GLBA Safeguards Rule Affect More Than Traditional Financial Institutes

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The Gramm-Leach-Bliley Act (“GLBA”) was a bi-partisan regulation passed by Congress in 1999 in an attempt to update and modernize the financial industry. One component of the GLBA, its Safeguards Rule, requires financial...more

Fisher Phillips

Steering Your Auto Dealership into Compliance with New Information Security Rules: A 9-Step Guide

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Auto dealerships that provide financing are subject to the Gramm Leach Bliley Act (GLBA). That’s the old news. What’s new is that GLBA-covered businesses have until December 9 to implement significant changes to their...more

Hudson Cook, LLP

The FTC's Sweeping Changes to the Safeguards Rule

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Time to Reexamine Your Information Security Program - On October 27, the Federal Trade Commission finalized its long-awaited updates to the Safeguards Rule. The Safeguards Rule implements provisions of the...more

Perkins Coie

GLBA Safeguards Rule Updated to Impose New Data Security Requirements

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Following a 3-2 vote, the Federal Trade Commission (FTC) recently announced amendments to the Safeguards Rule under the Gramm-Leach-Bliley Act. The Safeguards Rule was first promulgated in 2002. The revisions are meant to...more

Foley & Lardner LLP

FTC Strengthens Data Security Requirements

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The Federal Trade Commission (FTC) recently published changes to data security requirements for financial institutions by revising the Safeguards Rule (Rule) under the Gramm-Leach-Bliley Act (GLBA). The law is designed to...more

Oberheiden P.C.

5 Keys to Performing A GLBA Audit

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Purpose and Background of the GLBA - The Gramm-Leach-Bliley Act (“GLBA”), also known as the Financial Services Modernization Act of 1999, is a federal statute enacted by Congress in 1999 that requires financial...more

Hogan Lovells

FTC Seeks Comment on Proposed Changes to GLBA Implementing Rules

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The Federal Trade Commission (“FTC”) issued notices on March 5 seeking public comment on proposed amendments to the regulations implementing the Gramm-Leach-Bliley Act (“GLBA”), commonly known as the Safeguards Rule and...more

McAfee & Taft

Biometrics usher in new era of privacy laws, litigation risks

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In an effort to improve data security, many banking and retail companies have begun using biometric data, such as fingerprints and other physical features, as high-tech replacements for passwords. In view of these efforts,...more

Morrison & Foerster LLP - Social Media

N.Y.’s New Cybersecurity Regulations: What Financial Services Companies Need to Know

With corporate data security breaches on the rise, the New York State Department of Financial Services (NYDFS) has adopted rules requiring financial institutions to take certain measures to safeguard their data and inform...more

Robinson+Cole Data Privacy + Security Insider

Cybersecurity Threats for Treasury & Payment Management Systems Report Released

Pactera Technologies N.A., Inc. [www.Pactera.com] has released the report “Cybersecurity Threats for Treasury & Payment Management Systems: Six Things you Should Know to Manage Them.” It is easy to understand and pertinent,...more

Patterson Belknap Webb & Tyler LLP

Rock and a Hard Place: Banks In Search of Compliance Amid Diverging Regulatory Regimes

Last year was the first that national banks and federal savings associations subject to supervision by the Office of the Comptroller of the Currency (“OCC”) were armed with a sense of the agency’s regulatory expectations when...more

Carlton Fields

Cybersecurity Still Top FINRA Operational Risk

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On January 4, the Financial Industry Regulatory Authority (FINRA) published its annual Regulatory and Examination Priorities Letter providing firms with information about areas FINRA plans to review in 2017 as well as...more

Eversheds Sutherland (US) LLP

Legal Alert: New York’s New BSA/AML Rule Imposes Monitoring, Filtering and Certification Requirements

On June 30, 2016, the New York Department of Financial Services (DFS) adopted a new anti-terrorism and anti-money laundering (AML) regulation (Final Rule) that builds on federal anti-money laundering requirements to address...more

Perkins Coie

SEC’s Increased Cybersecurity Enforcement and How to Reduce Your Risks

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The SEC announced last week that an investment adviser had agreed to settle charges that it failed to take required steps to protect against and respond effectively to a cybersecurity breach. The action comes on the heels of...more

BakerHostetler

The SEC OCIE Announces Increased Scrutiny of Broker-Dealers’ and Investment Advisers’ Cybersecurity Programs

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On September 15, 2015, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) issued a National Exam Program Risk Alert (2015 Risk Alert) to provide broker-dealers and investment...more

Burr & Forman

TN Ethics Opinion Approves Lawyers’ Cloud Storage of Client Data

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Tennessee has joined other states in formally approving lawyers’ cloud-storage of client-confidential data. The Board of Professional Responsibility (“BOPR”) held that lawyers ethically may use cloud storage for...more

Burr & Forman

OCIE to Conduct More Cybersecurity Exams

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This week the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) announced a second-round of cybersecurity examinations, continuing its initiatives on the issue. The move follows the SEC’s: March 2014 roundtable...more

Davis Wright Tremaine LLP

The Fourth European Union Anti-Money Laundering Directive and Its Effects on Financial Institutions Operating in the EU

The Fourth European Union Anti-Money Laundering Directive (Fourth AML Directive), approved by the European Parliament on May 20, 2015, went into effect on June 25, 2015, repealing the 2005 Third AML Directive. Given the...more

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