Showing posts from 2019

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…

6 NDA – Requisite Questions for In-House Counsel

Any business that hires employees or works with contractors and business partners will inevitably need to exchange proprietary information in order to carry out business.  Non-disclosure agreements, or NDAs, can help ensure this information is protected and not used against you.

Regardless of the type of NDA used, effective ones should do the following:
Identify the parties bound to the agreement.Define which information should be considered confidential and which should be excluded.Describe how parties receiving confidential information should use and protect it.Include terms covering the expiration of the NDA and procedures for returning classified information to the sender.Describe the remedies that could result from breaching the NDA.Here are six key NDA drafting and litigation considerations for organizations working with partners domestically and overseas:

LegalEase Solutions is a legal service provider, with a dedicated and skilled team of attorneys, pioneering technology and a co…

How to Manage Automotive Warranty Litigation

Automakers around the world are expanding warranty coverage to increase clientele and remain competitive, but the associated costs and risks are proving to be detrimental. The mechanized makeup of today’s automotive units has resulted in rising manufacturing defects, maintenance issues, and difficulties in identifying the source of defects. The mounting safety requirements and warranty litigation are terminating in highly liable products that exceed their break/fix costs[1]. Historical data has proven that Original Equipment Manufacturers (OEM) will face increased warranty expenses this year while suppliers may have to contribute a greater per-vehicle percentage to these expenses[2].

To manage these warranty risks and claims, automotive companies can follow systemized procedures that will reduce the number of claims and cost of repairs[2]:
1.Warranty Risk Management Prior to Contracting The warranty risk management process should begin even before the contracting phase. Suppliers shoul…

What Makes an AML Program Effective

Nearly two trillion dollars are laundered globally every year through humantrafficking, drug smuggling, terrorism,andother organized crimes, with the US alone losingnearly 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
Adesignated 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 fileSuspicious Activity Reports with the Financial Cri…