These are some of the compliance-related stories that recently caught my attention.
Image of Brick production in Songea, Tanzania is by Egbert
SEC Says Dodd-Frank’s Statute of Limitations Doesn’t Apply to It by Ernest Badway in Securities Compliance Sentinel
According to the SEC, the Dodd-Frank Act does not require the SEC to bring an enforcement action within 180 days of issuing a Wells Notice. See http://www.sec.gov/litigation/opinions/2014/ia-3829.pdf.
Although the Dodd-Frank Act amended the Securities and Exchange Act of 1934 Section 4E(a)(1) to require the SEC to bring the action within 180 days, the SEC said it was not applicable since Congress never said what the consequences if it failed to do so. The SEC claims to be relying upon precedent from other admiminstrative agencies.
Money Laundering 101 by Kortney Nordrum in SCCE’s Compliance and Ethics Blog
AML (Anti-Money Laundering) and BSA (Bank Secrecy Act) laws are absolutely my favorite regulations. No other regulation can provide the feeling of accomplishment when money-laundering violations are found and reported. The same goes for anti-terrorist funding reports. You feel you made a difference that is valued by law enforcement and government. However, no matter what your business line is, money laundering can influence your bottom line. That said, here is a brief overview on how and what should happen when detecting and deterring money-laundering.
Hitting the Ground Running – Your First 100 Days as a New CCO by Tom Fox
In the March-April issue of the Red Flag Group’s Compliance Insider magazine, the issue of what you can do to help yourself to succeed in a new role was explored in an article entitled “The First 90 Days in Compliance”. The article uses the book The First 90 Days by author Michael Watkins as a starting point to provide “systematic methods you can employ to both lessen the likelihood of failure and reach the break-even point faster.”
CFPB Seeks to Overhaul Rules for Bank Privacy Notices by Joe Mont in Compliance Week
The Consumer Financial Protection Bureau has proposed a rule that would streamline the requirements for privacy notices issued by financial institutions, allowing them to be posted online instead of the current practice of delivering them individually to customers.
