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Compliance Insights - February 2021

Your monthly compliance news roundup

AMLA2020 is an inflection point in the fight against money laundering, terrorist financing, and organized crime. Financial services leaders need to take this opportunity to work with regulators to shape the future of AML compliance in addition to making the needed investments in technology and innovation to address the ever rising cost of compliance. Think major surgery, not a band-aid when determining the investment needed.
Mark Highton
Managing Director at Protiviti

Welcome to the February Edition of Compliance Insights. Your monthly compliance news roundup.

The AML Act of 2020: What to Expect and When 

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ADDITIONAL INSIGHTS

How New York’s New Truth in Lending Act Measures Against California and Federal Acts

Guidelines for Serving Limited English Proficiency Consumers Emphasis Expectations and Risks for Financial Institutions

Nearly a Year Into the Pandemic, Relief Fraud and Misuse of Government Funds Continue Unabated

Top Risks for 2021 and 2030 - Financial Services Industry Perspectives

 

Unlike California that allowed covered lenders to wait until they issued a regulation to comply with the new law, New York does not provide a mandatory compliance date that ties to regulation issued by the New York Department of Financial Services. This means that January 1, 2022 will be both the effective and mandatory compliance date.

While it recognizes the challenges financial institutions face serving LEP consumers, the CFPB adds that those challenges are not insurmountable. The bureau provides key considerations and CMS guidelines that institutions should incorporate when managing legal risks and making threshold decisions related to serving LEP consumers in languages other than English.

The sheer number of government assistance programs and volume of funding combined with the need to distribute quickly have presented significant challenges and increased the risk of fraud and misuse of the funds.

The continuing global challenges and potential existential threat posed by the ongoing COVID-19 pandemic. Political divisiveness and polarization. Social and economic unrest. Gridlock. Artificial intelligence (AI), automation and other rapidly developing digital technologies.
 

 

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