News & Events –

Are you a regulated financial institution that operates in New York? If so, it is important to familiarize yourself with the New York State's Department of Financial Services (DFS) Rule 504. The rule was put into place in 2017 and requires companies to establish anti-money laundering (AML) programs that meet the DFS’s specific and strict requirements, and to certify compliance with the regulation annually to the DFS. Bates has the details in this new article.

Meet Bates Group's Testifying experts specializing in Blockchain and Digital Assets, including Crypto and Virtual Currencies.

On January 23, 2023, the New York Department of Financial Services (NYDFS) issued new guidance on regulated entities which custody digital assets, registered either under its BitLicense regime or as limited purpose trust companies. The guidance is intended to offer clarity in regard to NYDFS’s expectations for regulated entities—their custody procedures, processes, practices, and controls over customer digital assets. Bates has the details in this new article from Senior Consultant John Ashley, CIPP/US, CCRS, CRCMP.

Issued on January 10, 2023, the comprehensive report from FINRA’s regulatory operations covers 24 topics addressing issues that "remain perennially important, with updates to reflect evolving risks, industry trends and findings from FINRA’s recent oversight activities." In this article, Bates summarizes FINRA’s continuing and emerging examination priorities. Our annual chart offers insight into how newly observed risks have added to and affected those priorities year over year.

Bates Group consultants Brandi Reynolds and John Ashley have combined their expertise with other AML, cryptoasset and law enforcement professionals to create an innovative new certification for financial crimes in the crypto space -- the “Certified Cryptoasset AFC Specialist" (CCAS) Certification from ACAMS.

Bates Managing Director Brandi Reynolds is speaking on the "State of Cryptocurrency As We Head Into The New Year" at the ACAMS Colorado Chapter Virtual Event, January 24, 2023.

Businesses that are interested in engaging in virtual currency activities in Louisiana must now take steps to file for a license from the state. Read our new alert for details and a link to the new license application checklist.

January is National Human Trafficking Prevention Month. Financial institutions play a critical role in helping to fight human smuggling and human trafficking by identifying suspicious behavior and sharing crucial intelligence with law enforcement officials.

Bates Group is a proud Bronze sponsor of the New York State Bar Association Women In Law Section (WILS) 19th Annual Edith I. Spivack Symposium and Kay Crawford Murray Memorial Award Luncheon. This two-day event will be held Thursday, January 19 and Friday, January 20, 2023, during the NYSBA Annual Meeting.

All New York banking organizations—and all New York licensed branches and agencies of foreign banking organizations—must get approval from the New York State Department of Financial Services prior to engaging in virtual currency-related activity. The NYDFS clarified its expectations on that requirement in an industry guidance letter dated December 15, 2022. Bates has the details in a new article.

Banks are quickly realizing that it’s time to embrace crypto customers. With the rise of digital banking, more people are choosing to store their funds in cryptocurrencies, and banks need to be able to accept these customers as part of their services. Here, we look at the important considerations that banks should make as they begin to accept cryptocurrency customers. 

FINRA has announced the publication of the 2023 Report on FINRA's Examination and Risk Monitoring Program. The comprehensive report from FINRA’s regulatory operations covers 24 topics relevant to the evolving securities industry. Additionally, the report introduces a new Financial Crimes section highlighting FINRA’s increased focus on protecting investors and safeguarding market integrity against these ongoing threats. Stay tuned for our annual commentary, coming soon, on FINRA’s 2023 objectives and how they may impact your legal, regulatory and compliance matters.

Beginning in August 2021, FINRA examined firms to assess the sufficiency of their practices and controls over options accounts. FINRA just issued an update based on the results, including new guidance on what they want you to consider in order to enhance your supervision and revise your compliance programs.

Bates Managing Director Brandi Reynolds, BSA/AML Compliance, MSBs, FinTech, and Virtual Assets, is featured in the latest issue of CrossTech Magazine. Read online now!

The SEC Divison of Examinations and Office of Investor Education and Advocacy have both issued recent alerts about protecting investors from identity theft. The first alert was issued because recent firm examinations revealed practices “inconsistent” with Regulation S-ID (Identity Theft Red Flag Rules). Here is an overview of both recent alerts.

The SEC recently held a National Seminar on compliance for investment advisers and investment company senior officers. Of the many important panels at the day-long seminar, one was devoted to the SEC’s expectations on investment adviser compliance with ESG requirements. A week later, on November 22, 2022, the regulator announced a $4 million settlement with a large investment adviser for ESG-related compliance failures. Read our new article with takeaways from the seminar, which covered SEC exam concerns, an ESG disclosure proposal update, recent enforcement activity, and a CCO’s advice on ESG compliance.