Skip to main content

The Legalette

Search This Blog

5 Key Considerations for M&A Deals

Posted by LegalEase Solutions on December 04, 2018

Get link
Facebook
Twitter
Pinterest
Email
Other Apps

Regulatory Compliance

Get link
Facebook
Twitter
Pinterest
Email
Other Apps

Comments

Post a Comment

Popular Posts

Suspicious Transaction Reporting - A Checklist

Suspicious Transaction Reporting (STR) or Suspicious Activity Reporting (SAR) has become the prime focus of the finance industry, which is particularly under the radar of law enforcement agencies and regulators. Financial companies are struggling to comply with the Bank Secrecy Act (BSA) and to efficiently report suspicious transactions. SARs are critical to the nation’s BSA and effective utilization of financial data can serve as a deterrent to terrorism financing and money laundering . Maintaining a structured and streamlined SAR process helps organizations file complete, informative, and timely SAR reports. Companies need to ensure that their SAR process includes but is not limited to policy, privacy, civil rights, technology, training, and outreach.[1]
1. Advocate the SAR ProcessFirst and foremost, the company’s leadership team must vigorously advocate the SAR process both within and outside the company. They must effectively communicate this to their employees and ensure that adeq…

How to Upgrade Your Contract Management Process

Finding the silver lining in upcoming regulations

Financial organizations have become quite tired of the unceasing flurry of regulatory activity in their industry. But what many of them don’t realize is that when regulatory mandates are seen as an opportunity rather than a burden, the long-term benefits surpass the short-term discomfort. Colin Reid, CTO at Vox Financial Partners[1], points out how European banks took advantage of the new legislative framework, Markets in Financial Instruments Directive (MiFID II), to standardize trade records across the EU by upgrading trade data warehouses to centralized data repositories. Now, they are well-equipped to respond to future regulatory changes and trade reporting requirements. Reid proposes three ways to use upcoming regulatory changes to upgrade one’s contract management approach[1]: 1.StandardizationThe easiest of ways to improve one’s contract management process and greatly reduce susceptibility to risk is to standardize language across…

What Makes an AML Program Effective

Nearly two trillion dollars are laundered globally every year through human trafficking, drug smuggling, terrorism,and other organized crimes, with the US alone losing nearly 500 billion dollars of taxes annually. To gear up for the mounting risks of money laundering, all companies need to enforce a well-coordinated AML audit program, that complies with the Bank Secrecy Act (BSA) and the Financial Industry Regulatory Authority, both of which ensure that appropriate procedures and internal controls are in place to account for changes in regulations and business.

What Constitutes an Effective AML Program
A successful AML program revolves around the following pillars of compliance:

1. Appointing an AML compliance officer
A designated AML compliance officer , well-versed with the BSA, should monitor the company's compliance with AML obligations, oversee the employees’ training, ensure the proper maintenance of all AML records,and promptly file Suspicious Activity Reports with the Financia…

Powered by Blogger

LegalEase Solutions