Tagged: financial institutions

New Podcast Episode 250 — Cybersecurity Risks for Financial Institutions Relying on the Cloud — An Interview of Carlo Massimo

New Podcast Episode 250 — Cybersecurity Risks for Financial Institutions Relying on the Cloud — An Interview of Carlo Massimo

The newest episode of the re-branded Corruption Crime & Compliance has dropped!! The Episode can be accessed here. Financial institutions are rapidly moving their operations to the cloud.  In response to this development, and the increasing risks of cyber breaches, legislators and regulators are gearing up to impose significant cybersecurity requirements.   Carlo Massimo is a journalist who covers Cyber Security and International Tech Policy. Carlo...

Regulatory Implications from 2019 Capital One Hack and Recent Conviction of Former AWS Engineer

Regulatory Implications from 2019 Capital One Hack and Recent Conviction of Former AWS Engineer

Paige Thompson, a former Amazon Web Services employee, was recently convicted of seven counts of fraud in U.S. District Court for stealing personal data from more than 100 million customers from unsecured accounts stored on Amazon’s Web Service in the cloud.  The data breach cost US bank Capital One more than $270 million in compensation and regulatory fines for the breach.  Thompson orchestrated the theft...

Beneficial Ownership Due Diligence Requirements

Beneficial Ownership Due Diligence Requirements

The new FinCEN regulations requiring financial institutions to secure beneficial ownership information is fast approaching – May 2018. The US has been way behind in this regulatory area. As a result, money-laundering activity in the US is fairly common. The EU has fast outpaced the US with its 4th Anti-Money Laundering Directive, and with the UK’s initiation of an ownership registry for UK companies. Prosecutors...

Revisiting FinCEN’s Proposed Regulations on Beneficial Ownership

Revisiting FinCEN’s Proposed Regulations on Beneficial Ownership

You don’t need a weatherman to know which way the wind blows. – Bob Dylan, Subterranean Homesick Blues Political winds are important for a number of reasons. When working in the government, you have to seize the political opportunities to advance practical proposals. When it comes to requiring banks and financial institutions to collect beneficial ownership information from account holders and customers, the Panama Papers...