This monthly roundup of compliance news includes the following articles:
Money Laundering and Sanctions Risks of Cryptocurrency;
FSB Issues Guidance on Compensation Tools to Address Misconduct;
CFPB Issues the Final Rule Regarding Periodic Statements for Mortgage Borrowers in Bankruptcy
Cryptocurrency Money Laundering and Sanctions Risks
While the benefits of cryptocurrencies have been widely publicized for their potentially lucrative investment opportunity and legitimate uses to improve global payment efficiency, their high degree of user anonymity poses significant challenges to the...
Protiviti Compliance Insights
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03/2018
Your monthly compliance news round up:
(1) NYDFS Issues Guidance for Virtual Currency Entities
(2) Legislative Actions to Improve the U.S. AML/CTF Framework
(3) CFPB Releases Five-Year Strategic Plan
NYDFS Issues Guidance for Virtual Currency Entities
In February 2018, the New York State Department of Financial Services (NYDFS) released guidance requiring virtual currency entities to adopt measures to combat fraud and market manipulation. So-called cryptocurrencies are offered through non-bank entities using distributed ledger, or blockchain, technologies that consumers and businesses...
02/2018
1. Consumer Financial Protection Bureau Takes Steps to Reevaluate Progress Rules; 2. FINRA Issues and SEC Approves Rules to Protect Senior Investors.
01/2018
1. DOD Issues Additional Guidance Regarding MLA Amendments; 2. FINRA Guidance Issued on Customer Due Diligence Rule for Broker-Dealers; 3. Arbitration Agreements After Congress’s Invalidation of the CFPB Arbitration Rule.
12/2017
1. Digital Mortgage and Consumer Lending Trends and Innovations; 2. Guidance Issued Regarding Expanded Russian Sanctions Under CAATSA; 3. FASB Releases New Lease Accounting Standards.
11/2017
1. BCBS Issues Consultative Document on the Implications of Fintech on the Banking Industry; 2. CFPB Issues Final Rule Regarding Payday, Vehicle Title and Certain High-Cost Installment Loans; 3. CFPB Issues Guidance for Protecting Consumer-Authorized Financial Data; 4. OCC Issues Bulletin on New, Modified or Expanded Bank Products and Services.
Issue
6
11/2017
November 2017 - Issue 6
Welcome to the latest edition of Protiviti’s Asia-Pacific Risk and Compliance Insights. In this bimonthly newsletter, we provide a summary of important risk and compliance developments across the Asia-Pacific financial services sector.
Recent developments include Hong Kong’s Securities & Futures Commission issuing a statement in relation to initial coin offerings (following a similar approach by U.S. and Chinese regulatory bodies earlier in the year); Singapore’s easing of regulatory requirements for venture capital funds; and Australia’s recent publication of 2018...
10/2017
1. New Cybersecurity Regulation for Financial Services Companies; 2. CFPB Issues First No-Action Letter Under Project Catalyst Initiative; 3. CFPB Amends Regulation B to Align With Forthcoming Changes to HMDA Data Collection and Reporting Requirements.
09/2017
1. SCOTUS Amends Federal Bankruptcy Rules; 2. CFPB Takes Action Against Bank for Inadequate Consumer Reporting Processes; 3. CFPB Issues Guidance on Pay-by-Phone Fees; 4. NY Branch of Foreign Bank Seeks to Close in Response to Regulatory Action; 5. New OFAC Sanctions Restrict Venezuela’s Access to U.S. Markets.
Issue
5
09/2017
September 2017
Welcome to the latest edition of Protiviti’s Asia-Pacific Risk and Compliance Insights. In this quarterly newsletter, we provide a summary of important risk and compliance developments across the Asia-Pacific financial services sector.
Recent developments include Hong Kong’s Securities & Futures Commission (SFC) issuing the first in a series of bulletins relating to its intervention in the pre-IPO market, Singapore’s regulatory clarification on digital token offerings and Australia’s recent civil lawsuit, related to anti-money laundering (AML), against a major domestic bank...