By: Marc Murphy At a recent AML event, a speaker from a global financial institution claimed that regulatory coverage of documentation was a hugely problematic and thorny issue for his organisation. In fact, judging by the nodding heads in the audience,…
Compliance & Regs
Global Regulatory Changes Signal a Tectonic Shift for Derivatives Trading and Banks
By: Julian Fisher The center cannot hold! The day of banks making over-size profits from trading OTC derivatives, which comprised some 37% of banking revenue in 2010, is over. Regulatory forces, in the form of Dodd-Frank, EMiR and MiFIR in…
FDIC – Social Media: Consumer Compliance Risk Management Guidance
By: Kseniya (Kate) Strachnyi On December 11, 2013, the Federal Deposit Insurance Corporation (FDIC) issued FIL-56-2013 – Social Media: Consumer Compliance Risk Management Guidance (the “Guidance”). It provides guidance around conducting risk assessments and developing/ evaluating policies and procedures related…
Are Banks at Risk of Missing Regulatory Deadlines?
By: Marc Murphy Attending a data management event last week in London, it suddenly dawned on me that banks are in real danger of missing regulatory deadlines for implementation of compliance initiatives to comply with FATCA, Dodd-Frank, EMIR and MiFID…
Preventing the Next Wave of Unreliable Financial Reporting
Why US Congress Should Amend Section 404 of the Sarbanes – Oxley Act By: Tim Leech Sarbanes – Oxley Section 404 calls for opinions from CEOs, CFOs and external auditors of US listed companies on control effectiveness over financial reporting.…
FATCA – The Best Opportunity for KYX!
By: Marc Murphy (Fenergo) Having attended the FATCA Forum event in London two weeks ago, one word kept cropping up time and time again in relation to FATCA – not from vendors (surprisingly enough) but from compliance and tax experts…
Compliance Risk – Banking
By: Maria Coppinger-Peters Compliance risk is the current and prospective risk to earnings or capital arising from violations of, or nonconformance with, laws, rules, regulations, prescribed practices, internal policies, and procedures, or ethical standards. Compliance risk also arises in situations…
Risk-Based Capital Standards: Establishment of a Risk-Based Capital Floor
Summary of the relevant sections of Dodd-Frank Act On June 6, 2011, the OCC, Federal Reserve, and FDIC (the “agencies”) have jointly issued a draft final rule amending the advanced risk-based capital adequacy standards to conform to provisions in Dodd-Frank…
Another Reform & Another Crisis?
The current financial crisis has spawned new regulations around credit, liquidity and systematic risks. Post Crisis, the regulators and supervisors have a bigger challenge ahead in deciding “What’s next for better tomorrow”? One of the common platforms where Basel Committee…
Basel III Key Updates
Overview: This article describes a concise history of Basel I & II and provides an overview of the key Basel III rules and regulations. In addition, a comparison of Basel II & Basel III is illustrated. The 1, 2, 3’s…