Napier AI’s Post

Exciting Update for Registered Investment Advisers! The SEC and FinCEN have proposed a new rule aimed at enhancing the regulatory framework for RIAs and ERAs by implementing Customer Identification Programs (CIPs) under the Bank Secrecy Act and the USA PATRIOT Act. This comprehensive overview explores the key provisions and the anticipated impact on RIAs, including increased compliance obligations, operational changes, and risk management improvements. Discover how this proposed rule can elevate your firm's reputation and trustworthiness while navigating the challenges of compliance. Read the full article to stay ahead of the curve: https://lnkd.in/gU4c2CPy #InvestmentAdvisers #SECUpdates #FinCEN #Compliance #RiskManagement #BankSecrecyAct #FinancialRegulations #CustomerIdentification #RIACompliance

The Wolfsberg Group, an assembly of leading global banks, has enhanced its efforts to combat financial crime by issuing Principles for #Auditing a #FinancialCrime #RiskManagement Programme for Effectiveness, building on its 2019 Statement on Effectiveness. The Wolfsberg Group has encouraged Financial Institutions and regulators to focus on effective outcomes in Financial Crime Risk Management using the Wolfsberg Factors: 1. Complying with financial crime laws and regulations; 2. Establishing a reasonable and risk-based set of controls to mitigate the risks of an financial institutions being used to facilitate illicit activity; and 3. Providing highly useful information to relevant government agencies in defined priority areas. The Group's latest publication aims to guide financial institutions in assessing the performance of their #FinancialCrime #RiskManagement endeavors, promoting not only rigorous internal management of #financialcrime risks but also aiding in the evaluation processes employed by supervisory bodies over regulated entities and the financial industry at large.

A few key developments for financial services compliance and risk professionals to be aware of including developments from the PRA, FRC, EBA, ESMA and CFTC. Read more here. #financialservices #riskandcompliance https://lnkd.in/e7XJXh4F

Need to move dirty money? Hiding assets? Join me on August 20th as I join Erin O'Loughlin, CFCS, CAMS to dig into the U.S. Department of the Treasury's 2024 Investment Advisor Risk Assessment. We won't help you setup a money laundering machine but we will look at the identified risks and proposed rules that the financial industry needs to watch. Link in the comments! Association of Certified Financial Crime Specialists - ACFCS #financialservices #moneylaundering #fraud #investments

Many European wealth managers are failing to adapt to the demands of MiFID II by not fully assessing client suitability and risk levels, according to analysis by Oxford Risk. Author: Pete Carvill https://lnkd.in/d5WqMXPj #mifidii #oxfordrisk #wealthmanagers

Online fraud is the most frequently recorded type of fraud in the post-COVID era, accounting for 17% of cases according to London Stock Exchange Group (LSEG) Risk Intelligence's inaugural fraud analysis. The report emphasizes the need for increased collaboration between private and public sectors to tackle the growing complexity and convergence of financial crimes. Read more ⬇ #OnlineFraud #Accounting #News

Reforms are underway in the UK's payment and e-money safeguarding regime. The government is set to enhance the Financial Conduct Authority's powers to provide greater regulatory agility and clearer guidelines for firms. Given the critical issues of delayed client fund returns during insolvency and inadequate fund segregation, these reforms are timely. Firms must now bolster their internal controls, enhance monitoring, and ensure rigorous compliance to safeguard client funds effectively. Stay tuned for more updates on these critical reforms slated for the latter half of 2024. Sam Haskins, Managing Director, in the Regulatory Risk Management team shares his thoughts here: https://lnkd.in/gbzWE5yx #FCAsafeguarding #emoneysafeguarding #financialconductauthority

Regulators have cottoned on to the explosion of third-party risk. In the financial services space, specifically, they’ve gone on to impose stringent requirements on regulated entities. What requirements have they come up? This article, from BCI Partner Noggin summarizes some of the recent regulations. Take a look to learn what you need to do to comply: https://buff.ly/4cCB4Y1 #ThirdPartyRisk #CPS230 #DORA

Reforms are underway in the UK's payment and e-money safeguarding regime. The government is set to enhance the Financial Conduct Authority's powers to provide greater regulatory agility and clearer guidelines for firms. Given the critical issues of delayed client fund returns during insolvency and inadequate fund segregation, these reforms are timely. Firms must now bolster their internal controls, enhance monitoring, and ensure rigorous compliance to safeguard client funds effectively. My colleague, Sam Haskins, Managing Director, in our Regulatory Risk Management team shares his thoughts here: https://lnkd.in/de2RkN-m #FCAsafeguarding #emoneysafeguarding #financialconductauthority

The Financial Crimes Enforcement Network (FinCEN) issued a final rule on August 28, 2024, that will require certain investment advisers to comply with anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations. The rule will apply to registered investment advisers (RIAs) and exempt reporting advisers (ERAs) that are registered with the U.S. Securities and Exchange Commission (SEC). The rule will take effect on January 1, 2026. Are you ready for the changes? Capco can help you navigate the compliance landscape with our experienced team of experts. Read our latest blog to learn how we can help: https://okt.to/NKIlpx Authors: Spencer Schulten, JD, LLM, CAMS and Daniel Outcalt #FinancialCrimes #Compliance #RiskManagement #FinancialServices