Contact Bates Today

Bates Group is with you every step of the way. Contact us today for more information on how our End-to-End Solutions can help your firm.

Get My Solution Started

Bates Group Logo

We’re looking for talent! Interested in a career at Bates Group? Visit our Careers page.

Key Takeaways from the SEC’s 2024 Examination and Enforcement Priorities with Bates Group’s Comparison Chart
Image © [Kristina Blokhin] /Adobe Stock

01-23-24

Key Takeaways from the SEC’s 2024 Examination and Enforcement Priorities with Bates Group’s Comparison Chart

The Securities and Exchange Commission’s Division of Examinations publishes its examination priorities report annually to provide insights into its risk-based approach, including the areas it believes present potential risks to investors and the integrity of the U.S. capital markets. Reviewing their roadmap offers vital insights for firms. See our annual chart tracking the Division's changing priorities.

Read More

Expert Insights: The Compliance Risks of Artificial Intelligence

01-19-24

Expert Insights: The Compliance Risks of Artificial Intelligence

Bates Compliance Managing Director Brandi Reynolds offers her insights into the State of Financial Crimes 2024 report published by ComplyAdvantage. Specifically, the survey findings pertaining to Artificial Intelligence-based compliance solutions and the risks these tools can pose for the financial industry professionals who use them.

Read More

Consumer Compliance Alert: CFPB Proposes New Rule Covering Digital Payment Apps
Image © [momius] /Adobe Stock

11-21-23

Consumer Compliance Alert: CFPB Proposes New Rule Covering Digital Payment Apps

The CFPB has recently proposed a new rule to define the market for general-use digital consumer payment applications. The proposed market would cover providers of funds transfer and wallet functionalities through digital applications for consumers’ general use in making person-to-person payments for personal, family, or household purposes. Larger participants of this market would be subject to the CFPB’s supervisory authority under the Consumer Financial Protection Act (CFPA).

Read More

FinCEN Alert: “Pig Butchering” Scams and the Importance of Suspicious Activity Reporting for Financial Institutions
Image © [Rawpixel.com] /Adobe Stock

09-26-23

FinCEN Alert: “Pig Butchering” Scams and the Importance of Suspicious Activity Reporting for Financial Institutions

Financial institutions play a vital role in detecting and reporting suspicious activity that may be related to financial crimes. The Financial Crimes Enforcement Network (FinCEN) issued recent alert to highlight a prominent virtual currency investment scam known as “pig butchering.” The alert points to several red flags that financial institutions should look out for to detect suspicious activity related to this scam.

Read More

Preventing Elder Financial Exploitation: Solutions to a Growing Threat
Image © [Vitalii Vodolazskyi] /Adobe Stock

06-15-23

Preventing Elder Financial Exploitation: Solutions to a Growing Threat

Elder abuse is a devastating problem that affects millions of seniors every year. In its 2022 Elder Fraud Report, the FBI’s Internet Crime Complaint Center reported total losses of $3.1 billion reported by victims over 60 years oldan 84 percent increase in losses from 2021. This alarming statistic reveals just how important it is to be aware of elder abuse and take steps to prevent it.

Read More

The Compliance Risk of Artificial Intelligence
Image © [Jimerb] /Adobe Stock

05-12-23

The Compliance Risk of Artificial Intelligence

AI and algorithms have wide usage but bring unique risks to organizations, including compliance risks due to potential bias, discrimination, and data breaches. The FTC issued guidance in April 2023 to help manage these risks and protect consumers.

Read More

MTMA Provides Uniform Framework for Licensing and Regulation of Money Transmitters
Image © [tang90246] /Adobe Stock

05-04-23

MTMA Provides Uniform Framework for Licensing and Regulation of Money Transmitters

The Money Transmission Modernization Act (MTMA) was created to modernize the money transmission industry by allowing for comprehensive standards and requirements that reduce regulatory burden and encourage innovation, and improved consumer protections that allow for less confusing rules across states. In this article, we look at the three key benefits of the MTMA, as well as the current attitude of state legislatures toward its adoption.

Read More

Are You Ready for a CFPB Examination? Bates Can Help
Image © [momius] /Adobe Stock

04-05-23

Are You Ready for a CFPB Examination? Bates Can Help

The Consumer Financial Protection Bureau (CFPB) engages in rigorous examinations of financial institutions to ensure that they follow all applicable laws and regulations, have effective compliance management systems in place, and provide meaningful consumer protections. Bates Group offers independent consumer compliance reviews to help protect your business and customers.

Read More

SEC, White House Announce New Cybersecurity Strategy and Rules; Over $10.2 Billion in Losses, says FBI Cyber Report
Image © [xyz+] /Adobe Stock

03-30-23

SEC, White House Announce New Cybersecurity Strategy and Rules; Over $10.2 Billion in Losses, says FBI Cyber Report

In response to the threat from cyber actors “who use constantly evolving and sophisticated tactics, techniques, and procedures to cause harmful cybersecurity incidents,” the SEC proposed a new set of comprehensive rules intended to mitigate that risk. The proposal is consistent with the White House’s recent announcement of a new comprehensive National Cybersecurity Strategy and the annual FBI report on cybercrime trends based on 2022 data. Bates has the details.

Read More