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Compliance Insights

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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
Your Monthly Compliance News Roundup New Cybersecurity Regulation for Financial Services Companies CFPB Issues First No-Action Letter Under Project Catalyst Initiative CFPB Amends Regulation B to Align With Forthcoming Changes to HMDA Data Collection and Reporting Requirements New Cybersecurity Regulation for Financial Services Companies In March 2017, the New York Department of Financial Services (NYDFS) issued a new regulation regarding cybersecurity for financial services companies (referred to as Part 500). This groundbreaking regulation includes a series of new requirements with...
09/2017
Your Monthly Compliance News Roundup SCOTUS Amends Federal Bankruptcy Rules CFPB Takes Action Against Bank for Inadequate Consumer Reporting Processes CFPB Issues Guidance on Pay-by-Phone Fees NY Branch of Foreign Bank Seeks to Close in Response to Regulatory Action New OFAC Sanctions Restrict Venezuela’s Access to U.S. Markets SCOTUS Amends Federal Bankruptcy Rules In April 2017, the Supreme Court of the United States (SCOTUS) submitted to Congress amendments to the Federal Rules of Bankruptcy. The amendments will take effect December 1, 2017 and will have an impact on a creditor’s...
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...
08/2017
Your Monthly Compliance News Roundup CFPB Issues Rule Limiting Mandatory Arbitration Clauses OCC Cites Rising Compliance Risk Management as Supervisory Priority FinCEN Fines Foreign-Based Virtual Currency Exchange CFPB Finalizes Amendments to TRID Rule, Proposes Further Changes CFPB Issues Rule Limiting Mandatory Arbitration Clauses In July 2017, the Consumer Financial Protection Bureau (CFPB) published a final rule that prohibits banks and other consumer financial institutions from including mandatory arbitration agreements in the contracts for consumer financial products that prevent...
07/2017
Your Monthly Compliance News Roundup CFPB Proposes Further Changes to Prepaid Rule The Next Frontier in AML Compliance Programs: Artificial Intelligence CFPB Focuses on Credit Card Promotional Offers OCC Releases Third-Party Risk Management FAQs CFPB Proposes Further Changes to Prepaid Rule In June 2017, the Consumer Financial Protection Bureau (CFPB) issued proposed changes to its October 2016 Prepaid Rule, which prescribed substantial new requirements for institutions offering prepaid financial products. The new requirements are intended, in part, to promote greater transparency in...
Issue
4
07/2017
July 2017 Welcome to the next edition of Protiviti’s Asia Risk and Compliance newsletter. In close collaboration with our Protiviti offices in the USA and Europe, this newsletter provides a summary of important risk and compliance developments in financial services across Asia. Recent developments in Asia include Hong Kong’s establishment of a joint fraud and money-laundering task force and Singapore’s consultation paper on draft regulation resulting from the Securities and Futures (Amendment) Act of 2017. Further afield, the Organisation for Economic Co-Operation and Development (OECD)...
06/2017
This monthly round-up of compliance news includes the following articles Small Business Lending Data Collection Personal Liability for BSA/AML Compliance Increased Regulatory Focus on Consumer Reporting OCC Updates Procedures Related to Violations of Laws and Regulations Small Business Lending Data Collection In May 2017, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) to solicit information regarding the small business lending market in response to a Dodd-Frank Act provision that will require financial institutions to submit data to the CFPB on...
05/2017
Your Monthly Compliance News Roundup A Call to Streamline State Supervision of MSBs Key Amendments to the Mortgage Servicing Rules Aim to Strengthen Protections for Borrowers CFPB Issues 2016 Fair Lending Report A Call to Streamline State Supervision of MSBs Call Report (MSB Call Report), a new resource made available in the Nationwide Multistate Licensing System and Registry (NMLS). The NMLS, originally developed as a voluntary system and later codified in the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act), is a web-based system of record for state-licensed...
04/2017
Your Monthly Compliance News Roundup OCC Releases Licensing Manual Supplement for Fintech Companies Applying for a Special Purpose National Bank Charter Russia Airs its Dirty Laundry CFPB Announces $1.75 Million Fine for HMDA Violations OCC Releases Licensing Manual Supplement for Fintech Companies Applying for a Special Purpose National Bank Charter In the January 2017 issue of Compliance Insights, we provided a summary of the Office of the Comptroller of the Currency’s (OCC) plan to grant special-purpose national bank charters to a broad range of business models, particularly...