News

FINRA, Treasury and Legislators Push AML Back to the Forefront

Bates News, Bates Research  |  12-13-17

FINRA, Treasury and Legislators Push AML Back to the Forefront

Legislators and regulators continue their uneven path toward a more comprehensive and inclusive framework to combat international money laundering. In the past few weeks, FINRA provided new anti-money laundering (AML) guidance to member firms as it issued a first-of-its-kind public summary of an examination of broker-dealer compliance programs. The U.S. Treasury Undersecretary for Terrorism and Financial Intelligence (TFI) announced the launch of a new FinCEN Exchange to support the TFI's approach to Bank Secrecy Act (BSA) requirements. In addition, regulatory and legislative initiatives moved forward to broaden the scope of authority for law enforcement agencies.

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Did BitCoin Just Go Mainstream? The Challenge for U.S. Regulators is Getting Real

Bates News, Bates Research, Industry News  |  12-06-17

Did BitCoin Just Go Mainstream? The Challenge for U.S. Regulators is Getting Real

Only a few weeks ago, SEC Chair Jay Clayton made clear that trading in virtual currencies can present a significant risk to investors and poses unique regulatory challenges. He warned that investors are vulnerable to price manipulation and fraud because they may lack information about online platforms that list and trade virtual coins or tokens offered and sold in initial coin offerings (“ICOs”). He pledged to provide more clarity and transparency about the risks, and he promised the SEC would publish guidance for investors on standards, process, value and existing protections

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An Uber Cyber Breach

Bates News, Bates Research  |  11-29-17

An Uber Cyber Breach

Another high-profile cyber breach was disclosed last week. Uber, the app-based transportation service, announced that, in 2016, hackers stole information including names, email addresses, phone numbers and driver’s license data, related to 57 million drivers and riders. This incident is significant, not only to underscore the vulnerabilities of data on the cloud and corporate servers, but also because it highlights the serious consequences of mismanaging what is becoming an all-too-frequent occurrence.

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Alert: FINRA Regulatory Notice 17-40

Practice Alerts  |  11-29-17

Alert: FINRA Regulatory Notice 17-40

FINRA Issued Regulatory Notice 17-40 on November 21, 2017 to provide guidance to firms regarding Anti-Money Laundering program requirements under FINRA Rule 3310, following the adoption of FinCEN's Final Rule to Enhance Customer Due Diligence (CDD) Requirements for Financial Institutions.

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Seeking Sunlight for Investors,  SEC Chair Addresses Five Areas of Focus

Bates News, Bates Research  |  11-20-17

Seeking Sunlight for Investors,  SEC Chair Addresses Five Areas of Focus

With the latest cyber crises momentarily at bay, SEC Chair Jay Clayton is taking the opportunity to address both short- and long-term agency priorities. In a speech before the Practising Law Institute’s 49th Annual Conference on Securities Regulation, Mr. Clayton continued to set forth the agency’s near-term, narrowly focused retail and institutional regulatory priorities and articulated longer-term elements of a five-year strategic plan.

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Fraud Week 2017: Why Do People Commit Fraud?

Bates News, Industry News  |  11-16-17

Fraud Week 2017: Why Do People Commit Fraud?

Why do people commit fraud? This short video explores how pressure, opportunity and rationalization — called the Fraud Triangle — can come together to influence an individual to commit fraud.

Bates Group is a proud supporter of International Fraud Awareness Week, November 12-18, 2017.

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Bates Expert Dr. Shane Shook to Speak on Cadwalader Cybersecurity CLE Webinar on November 30, 2017

Bates News, Industry News  |  11-15-17

Bates Expert Dr. Shane Shook to Speak on Cadwalader Cybersecurity CLE Webinar on November 30, 2017

Bates Consulting and Testifying Expert Dr. Shane Shook will be a featured speaker at an upcoming webinar titled Cybersecurity Threats to Banks and Financial Institutions: What to Know and What to Do, on November 30, 2017 from 12-1 p.m. EST. This complimentary CLE webinar is presented by Cadwalader, Wickersham & Taft LLP.

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FinCEN Customer Due Diligence Rule Implementation Deadline Approaching

Practice Alerts  |  11-15-17

FinCEN Customer Due Diligence Rule Implementation Deadline Approaching

Covered financial institutions must assess and enhance their AML programs to be in compliance with the specific requirements of the new Rule by May 11, 2018. Is your firm ready?

Bates AML/BSA Consulting and Testifying Expert Susan Berger provides some background and details about the two new requirements which must be satisfied by the May 11 deadline.

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Bates Group Joins ACFE for International Fraud Awareness Week November 12-18, 2017

Bates News, Industry News  |  11-12-17

Bates Group Joins ACFE for International Fraud Awareness Week November 12-18, 2017

Bates Group joins hundreds of organizations who have partnered with ACFE, one of the largest anti-fraud organizations, for their yearly Fraud Week campaign. 

According to Geoff Winkler, Bates Group’s Director of Fraud and Forensic Investigations, “No one is immune from fraud, as it affects every industry in both our business and personal lives.”

During Fraud Week, Bates Group will be sharing infographics, articles, videos and other information on batesgroup.com and on social media to promote fraud awareness, education, and prevention. 

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President Signs New Elder Abuse Prevention and Prosecution Law as NASAA Rolls out New Guidance

Bates News, Bates Research  |  11-08-17

President Signs New Elder Abuse Prevention and Prosecution Law as NASAA Rolls out New Guidance

Political momentum continues to drive lawmakers’ efforts to combat elder financial abuse. In our last report on the subject, Bates considered the current state of play as indicated by the North American Securities Administrators Association’s (NASAA) survey results on (i) firm practices and policies applicable to senior customers and (ii) state securities regulator perspectives on senior financial fraud. Since then, federal and state legislatures have enacted bipartisan laws to expand agency authority over elder abuse and to better cope with guardianship issues. 

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