April 26, 2019 | Compliance
The House Financial Services Committee recently voted in approval of legislation intended to increase the cannabis industry’s access to banking, and that’s huge. With a 45 to 15 vote that followed several days of debate and amendment considerations, the legislation advances to the full body of Congress. While action on the floor has yet to be scheduled, this bill solidifies legalization advocates’ long-held hope that the House is prepared to take on sweeping marijuana reforms in 2019.
The House Financial … Read More
March 26, 2019 | Compliance
How to Communicate Your Commitment to a Harassment Free Workplace
It’s been more than a year since I first wrote about the emerging #MeToo movement and its impact on employers. A lot has changed since then. While I knew more would come to light regarding the harassment of women in the workplace, I am surprised at the breadth and scope of what the #Me Too movement has exposed. Every day, we hear more examples of extreme sexual misconduct and sometimes
As published in Forbes, February 7, 2019.
Financial crimes, and the people who commit them, continue to evolve with the digital age. Traditional methods for combatting these crimes can no longer be expected to work. Innovative, technology-based solutions to fight financial crime are now almost just “table stakes.”
As with most tech innovation, implementation is the key. And when it comes to tech solutions that combat financial crime, and therefore doing what’s necessary to become compliant, implementation isn’t easy … Read More
January 3, 2019 | Compliance
“Those who scheme to defraud minority-owned businesses and their own employees must face the consequences of their actions. My office will continue to prosecute scam artists that try to take advantage of New Yorkers,” said New York State Attorney General Barbara Underwood in a press release.
Attorney General Underwood’s statement follows the December 7, 2018 conviction of Michael Martin, a former Albany, New York contractor, for defrauding minority-and women-owned business enterprises (MWBE), leaving a number of owners and … Read More
November 30, 2018 | Compliance
A previous version of this article was published in Corporate Compliance Insights on November 29, 2018 and written by Stephanie Douglas.
7 Steps to Minimize Risk
Today’s boards are increasingly aware of the significance and scrutiny given to their oversight obligations in the #MeToo era. Depending on the soundness and swiftness of their actions, an organization can be seen as capable and intent on “doing the right thing,” or it can appear to be slow to act or even unresponsive … Read More
October 23, 2018 | Monitoring
Navigating new criminal division guidance and accelerating remediation
As published in Corporate Compliance Insights on October 23, 2018.
In his remarks at the Corporate Compliance and Enforcement Conference last Friday, Assistant Attorney General Brian A. Benczkowski expanded on the Department of Justice’s (DOJ) new guidelines for corporate compliance and monitorships, issued on October 11, 2018.
While it is yet to be seen how these new guidelines will impact the frequency of monitorships, it does seem clear that the DOJ … Read More
Article originally published in Law360.com.
Private equity and hedge fund firms are under greater compliance scrutiny and, as a result, increased regulatory and legal exposure. The responsibilities of board members are not limited to investment performance monitoring. Regulators are now moving up the corporate ladder to identify wrongdoing. That means bringing actions against people who did not think they could be held accountable.
Understanding the risks of noncompliance extends far beyond the period when due diligence for an investment … Read More
Say goodbye to the under-regulated era of cryptocurrency. While crypto trading on the more mainstream exchanges is fueling the market, it’s also bringing greater scrutiny from regulators, as shown by the recent report by the New York State Attorney General’s office (OAG) on crypto exchange abuse, The Financial Action Task Force (FATF) announcements about upcoming crypto standards, and warnings to investors. And as guidance emerges and enforcement actions increase, crypto exchanges will, … Read More
On July 31, 2018, the Office of the Comptroller of Currency (OCC) at the U.S. Department of the Treasury (DoT) announced it would begin accepting applications from FinTechs for special bank charters, which would allow them to operate nationally. But individual states and inter-state organizations are strongly opposed. The Conference of State Bank Supervisors … Read More