The Securities and Exchange Commission passed a sweeping set of rules for the $26 trillion private fund industry designed to increase transparency and competition but with provisions that address industry concerns about potential overreach.
Aaron Nicodemus
Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass.
Email: aaron.nicodemus@complianceweek.com
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Posted inEurope
U.K. regulator fines Morgan Stanley $6.8M for off-channel comms
The U.K.’s Office of Gas and Electricity Markets fined Morgan Stanley £5.4 million (U.S. $6.8 million) for allegedly failing to record and retain electronic communications by its wholesale energy traders over two years.
Posted inEurope
Dutch banks’ innovative AML collaboration ready to take next step
ABN AMRO, ING, Rabobank, Triodos Bank, and de Volksbank are each participating in a first-of-its-kind collaboration to shine light on the estimated €16 billion worth of illicit funds coursing through the Netherlands’ banking system every year.
Posted inRegulatory Enforcement
Discover ‘paying the price’ for not investing in compliance
Discover Financial Services is “paying the price” for underinvesting in compliance over the past several years and has been ramping up spending and hiring to catch up, two senior executives said in a call with analysts.
Posted inData Privacy
CFPB’s Chopra teases new rules for data brokers at White House roundtable
The Consumer Financial Protection Bureau is moving forward with plans to propose new rules for data brokers that would regulate their personal data gathering activities under the Fair Credit Reporting Act.
Posted inAnti-Bribery
ABA resolution latest effort to separate lawyers from clients’ crimes
Under increasing pressure from federal lawmakers and regulators, the American Bar Association agreed to strengthen the obligations lawyers must meet when weighing whether to stop representing clients who might be using their services to commit financial crimes.
Posted inRegulatory Enforcement
SEC, CFTC call for self-reporting to reduce off-channel comms backlash
The Securities and Exchange Commission and Commodity Futures Trading Commission have indicated they will be more forgiving to financial services firms that voluntarily self-report recordkeeping violations and take remedial actions before being asked to do so.
Posted inEthics & Culture
Q&A: FlightHub compliance officer on shift to culture of compliance
Sona Bedrossian, FlightHub Group’s general counsel and compliance officer, explains to Compliance Week how the online travel agency embeds compliance into its technology.
Posted inInternal Controls
Common sanctions compliance trip points from 2023 enforcement cases
Penalties against companies including British American Tobacco, Wells Fargo, and Microsoft demonstrate the multiple ways in which businesses can run afoul of U.S. sanctions—an area receiving increased scrutiny by regulators.
Posted inRisk Management
Survey: Financial institutions doing more with less by outsourcing compliance
Respondents to a recent survey conducted by Compliance Week and Guidehouse largely indicated outsourcing improved the effectiveness of their compliance program in fighting financial crime, though limits remain on how much can be outsourced.
