News

Bates Welcomes Our Newest Experts and Consultants

Bates News  |  11-12-19

Bates Welcomes Our Newest Experts and Consultants

Bates Group is proud to introduce our newest experts and consultants: Gontran de Quillacq, Caryn Miller, Michael Dorsey, Amy Ott, Mark Filler, Tali Ploetz, Paul Horn and Debra Vaughan.

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This Week at Bates

Bates News, Events  |  11-11-19

This Week at Bates

Bates Group Leaders and Experts will be appearing at several industry events around the country this week.

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Bates Managing Director Hank Sanchez Quoted in The Wall Street Journal

Bates News  |  11-07-19

Bates Managing Director Hank Sanchez Quoted in The Wall Street Journal

Bates Managing Director and Expert Consultant Hank Sanchez is quoted in a new article from The Wall Street Journal.

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SEC Proposes Changes to Investment Adviser Advertising and Solicitation Rules

Compliance and Regulatory Alerts  |  11-07-19

SEC Proposes Changes to Investment Adviser Advertising and Solicitation Rules

The SEC is seeking comment on a newly issued proposal to amend two rules on investment adviser advertising and solicitor compensation.

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FINRA Issues 2019 Report On Exam Findings

Bates Research  |  10-31-19

FINRA Issues 2019 Report On Exam Findings

FINRA issued its annual Report on Examination Findings and Observations on October 16, 2019. Like last year’s Report, the 2019 version highlights selected firm compliance violations and provides “observations” on how firms can improve their programs and address “perceived weaknesses that elevate risk.” Bates Research takes a closer look at FINRA's 2019 priorities and additional compliance concerns raised in the Report.

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New Federal Legislation Progressing on BSA, Beneficial Ownership and Cannabis Financing

Bates Research  |  10-25-19

New Federal Legislation Progressing on BSA, Beneficial Ownership and Cannabis Financing

On September 26, a bipartisan group of Senators introduced a bill to strengthen the authority of the Financial Crimes Enforcement Network (FinCEN) to fight money laundering. Called the ILLICIT CASH Act, the legislation would establish federal reporting requirements for beneficial ownership information. A similar bill, sponsored by Congresswoman Carolyn Maloney, titled the Corporate Transparency Act, passed a vote in the House of Representatives this week. The House also passed its version of the SAFE Banking Act to remove legal uncertainty for regulated banks and credit unions that provide banking services to cannabis businesses. These bills have the potential to significantly impact AML/BSA compliance programs. In this article, Bates Research takes a closer look at their potential impact.

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Digital Assets - Financial Agencies Remind Firms of AML Compliance Obligations

Compliance and Regulatory Alerts  |  10-23-19

Digital Assets - Financial Agencies Remind Firms of AML Compliance Obligations

On October 11, 2019, the heads of FinCEN, the SEC and CFTC issued a joint statement to remind financial institutions of their Bank Secrecy Act obligations for transactions involving “digital assets.”

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Bates Compliance’s Reg BI Countdown Kick-Off Begins!

Bates News  |  10-18-19

Bates Compliance’s Reg BI Countdown Kick-Off Begins!

To support your Reg BI implementation efforts, Bates Compliance is rolling our Reg BI Countdown with action items to keep your compliance team on track as the June 30, 2020 implementation deadline approaches.

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FinCEN Leaders Highlight Innovation, Identity Information and “Culture” as Keys to AML Approach

Bates Research  |  10-10-19

FinCEN Leaders Highlight Innovation, Identity Information and “Culture” as Keys to AML Approach

In two speeches delivered in September 2019, leaders of the Financial Crimes Enforcement Network (FinCEN) laid out their thinking behind the agency’s current regulatory approach to combatting money laundering and terrorist financing. FinCEN Deputy Director Jamal El-Hindi focused on the future of the BSA and emphasized compliance for NBFIs, while FinCEN Director Kenneth Blanco described the use of financial data to fight money laundering and the abuse of personally identifiable information by bad actors. In this article, Bates Research takes a closer look at FinCEN’s message.

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SEC Turns Up Heat on Share Class Selection Disclosure, Now Focusing on Other Forms of Compensation

Compliance and Regulatory Alerts  |  10-03-19

SEC Turns Up Heat on Share Class Selection Disclosure, Now Focusing on Other Forms of Compensation

The SEC Enforcement Division is continuing to concentrate on firms that did not self-report by the deadline of the SEC’s Share Class Selection Disclosure Initiative, and is now focusing on revenue-sharing payments and other forms of representative compensation or cost offsets. Bates takes a look at recent SEC actions and settlements with comments and recommendations by Securities Litigation and Regulatory Enforcement Managing Director Alex Russell.

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