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Drug Cartels As Foreign Terrorists: AML Spotlight

April 1, 2025 By Chris Kentouris Leave a Comment

US President Donald Trump’s decision in January to classify drug cartels as foreign terrorist organizations and specially designated global terrorists has put anti-money laundering compliance executives at US financial institutions doing business in Latin America on high alert when it comes to their AML programs. Based on the US Department of State including eight drug […]

Filed Under: Analytics, Compliance, Data, Reporting, Risk, Risk Tagged With: AML, Compliance, Data, KYC, Regulators, Standards

SEC: Clear Path For Crypto Asset Custody?

February 19, 2025 By Chris Kentouris Leave a Comment

The US Securities and Exchange Commission’s decision last year to fine Galois Capital for violating its custody rule as well as potential changes to that regulation under the new crypto-friendly Trump administration are fueling speculation about whether one of the critical stumbling blocks to the institutionalization of the crypto asset market– the safekeeping of crypto […]

Filed Under: Blockchains, Crypto, Data, FundOps, Regulators, Standards Tagged With: Blockchain, Crypto, Data, Fund Ops, Regulators, Standards

Business of Human Rights in New EU Reg

November 26, 2024 By Chris Kentouris Leave a Comment

Oversight of third-party vendors will soon take on a new human rights twist for many local and foreign financial firms doing business in the European Union thanks to the new Corporate Sustainability Due Diligence Directive. The European legislation, otherwise called CS3D, forces firms to impose a moral code of conduct on their direct and indirect […]

Filed Under: Compliance, Data, Regulations, Risk, Rules Tagged With: Compliance, Custodians, Data, Ops Risk, Regulators

SEC Exams 2025: T+1 Post-Mortem?

November 14, 2024 By Chris Kentouris Leave a Comment

T+1 settlement isn’t over for the US Securities and Exchange Commission. Chief compliance officers at US fund management firms and broker-dealers must be prepared to show how they are meeting the challenge of a one-day settlement cycle, otherwise known as T+1 settlement,  if requested by an examiner from the SEC next year. The onus appears […]

Filed Under: Compliance, Data, Risk, Rules Tagged With: Brokerage Ops, Compliance, Data, Fund Ops, Regulators, SEC, Standards

SEC’s Short Sale Reporting Rule Comes Up Short

October 23, 2024 By Chris Kentouris Leave a Comment

Fund management firms, soon required to report their short sale positions with the US Securities and Exchange Commission, could end up scrambling at the last minute to make the necessary operational changes while praying the regulatory agency agrees with their interpretations of some of its unclear requirements. Buy-side firms appear to be hoping the SEC […]

Filed Under: Compliance, Data, Regulations, Reporting, SEC Tagged With: Compliance, Data, Fund Ops, Regulations, Reporting, SEC

BNY Hit With Final US$11M Fine For SS&C Contract Breach

September 27, 2024 By Chris Kentouris Leave a Comment

SS&C Technologies Canada Corp. has won only US$11 million instead of the US$890 million it wanted, but it still scored a final moral victory against Bank of New York Mellon for violating the terms of its market data contract with the financial technology giant. The Ontario Court of Appeal let stand a lower trial court’s […]

Filed Under: Compliance, Financials, Risk, Risk Tagged With: Compliance, Custodians, Data, Fund Ops, Rules

Time for US-Based Fund Managers to Join DORA Bandwagon

September 19, 2024 By Chris Kentouris Leave a Comment

Europe’s pending Digital Operational Resilience Act (DORA) should prompt fund managers in the US to review their third-party service relationships even if the legislation’s cross-border impact is ill-defined, warn legal and other experts. Effective on January 17, 2025, DORA is Europe’s way of including more than just banks and insurance firms in multiple current regulations […]

Filed Under: Compliance, Data, Regulations, Risk Tagged With: Compliance, Data, Regulators, Reporting, Security

BNY Pershing’s US$1.4 Million FINRA Fine: Data Governance Flaw?

August 30, 2024 By Chris Kentouris Leave a Comment

How could BNY Pershing have unintentionally stored and distributed the wrong interest rates on domestic and international variable rate securities to clients for years? Easily if the firm didn’t have the right checks and balances to ensure data quality, based on the Financial Industry Regulatory Authority’s account of why it fined the giant clearing firm […]

Filed Under: Clearing, Compliance, Regulations, Trading Tagged With: Brokerage Ops, Clearing, Compliance. Rules, FINRA, Regulators, SEC

Private Fund Managers: Hello AML Compliance Officers

April 1, 2024 By Chris Kentouris Leave a Comment

Chief compliance officers (CCOs) at private fund management firms could be saddled with the extra title of anti-money laundering compliance officer and a lot more work if a proposed AML rule from the FinCEN unit of the US Treasury takes effect. FinCEN, short for Financial Crimes Enforcement Network, has resurrected its longstanding desire for many […]

Filed Under: Compliance, Regulations, Regulators, Risk, Risk, Rules, Rules Tagged With: AML, Compliance, Data, Fund Ops, Regulators, SEC

SS&C: $890M At Stake in Legal Tussle With BNY Mellon

March 6, 2024 By Chris Kentouris Leave a Comment

A longstanding dispute over a market data contract with SS&C Technologies, which could cost BNY Mellon up to a whopping US$890 million in damages, highlights the danger of intentionally violating or even misinterpreting a critical element of such an agreement– distribution rights. At issue is whether BNY Mellon had the right to distribute market data […]

Filed Under: Compliance, Data, Investments, Operations, Reporting Tagged With: Compliance, Custodians, Fund Ops, Investments, Reporting

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