COMPLY’s Post

2024 was another active year for U.S. Securities and Exchange Commission enforcement. Off-channel communications and individual accountability remained a focus, but the actions covered a wide range of violations against individuals and firms of all sizes. Taking a look at these 2024 actions along with the agency’s 2025 enforcement priorities will help firms better assess and anticipate regulatory expectations—and set the stage for better compliance in the year to come. Read more in our blog: https://hubs.ly/Q02-91_S0 And if you'd like to have a conversation about how we can help you start 2025 strong, set up some time right here! https://hubs.ly/Q02-8Mxd0 #Compliance #ComplianceTechnology #CCO #ComplianceExam #CryptoCompliance #AML #EvidencingCompliance #ProofOfCompliance #FiduciaryDuty #Suitability #ThirdPartyCompliance #IndividualAccountability #ProactiveCompliance

The U.S. Securities and Exchange Commission (SEC) has taken enforcement action against 26 broker-dealers, investment advisers, and dually-registered firms for widespread violations in maintaining and preserving electronic communications. The charges highlight longstanding failures by these firms to comply with federal record-keeping requirements. https://lnkd.in/gaicbCQd #SEC #ecomms #enforcementaction #conductbreach #securitieslaws #compliance #offchannelcomms #investmentadvisorsact SteelEye VoxSmart

The U.S. Securities and Exchange Commission (SEC) has taken enforcement action against 26 broker-dealers, investment advisers, and dually-registered firms for widespread violations in maintaining and preserving electronic communications. The charges highlight longstanding failures by these firms to comply with federal record-keeping requirements. https://lnkd.in/gaicbCQd #SEC #ecomms #enforcementaction #conductbreach #securitieslaws #compliance #offchannelcomms #investmentadvisorsact SteelEye VoxSmart

🔍 Understanding FINRA Compliance: A Must for Financial Firms In finance, compliance isn't just a buzzword—it's a necessity. Understanding and adhering to compliance standards is crucial for firms regulated by the Financial Industry Regulatory Authority (FINRA). At Intelligent Technical Solutions, we break down the complexities of FINRA compliance, covering everything from the importance of data security to the steps needed to stay compliant. Our latest blog post dives into the key aspects of FINRA compliance and how it impacts your business operations. #FINRA #Compliance #FinancialServices #DataSecurity #ITS

The U.S. Securities and Exchange Commission (SEC) has taken enforcement action against 26 broker-dealers, investment advisers, and dually-registered firms for widespread violations in maintaining and preserving electronic communications. The charges highlight longstanding failures by these firms to comply with federal record-keeping requirements. https://lnkd.in/gaicbCQd #SEC #ecomms #enforcementaction #conductbreach #securitieslaws #compliance #offchannelcomms #investmentadvisorsact SteelEye VoxSmart

AI-washing, off-channel communications and elder fraud were all part of the big trends seen in industry regulation in 2024. But there were also big questions raised about whether industry watchdogs have been overstepping some of their Constitutionally prescribed limits. And then there were all those lawsuits filed over firms’ cash sweeps policies. Check out our list of the top five regulatory trends for the wealth management industry in 2024. #financialplanning #fintech #finance #wealthmanagement

Building, upgrading, or replacing a #FinCrime system isn't easy. Crowe specialists explain how to make informed decisions and discuss factors that organizations should consider when seeking to improve their financial crime systems. https://bit.ly/3SdEJ6R

The US Department of Justice's recent ruling against TD is indeed a wakeup call and we can expect directors from all financial institutions, and regulated companies more broadly, to dig more deeply into their company's compliance and reporting efforts. In our work with boards across sectors, we often see the tension between management and the board, where management is frustrated at certain director's propensity to "get into the details" in audit committees instead of focus on broader business issues, while directors feel the pressure of their duty of care to ensure the company is operating on sound financial footing and is in compliance with all regulatory requirements. In today's age of enhanced technology and opportunities for fraud, and heightened focus on compliance, we expect to see more boards and management teams building the trust necessary to respect each other's role and increasing their collective transparency and diligence.

Excited to share that I've provided commentary for a recent article in FTF News. It is an honor to contribute to discussions on key industry trends and innovations. Following FinCEN’s proposed changes to AML/CFT programs for RIAs and ERAs published in February, FinCEN and the SEC have now proposed enhanced requirements for customer identification programs to help prevent “illicit finance activity”. If adopted, these changes will have significant impacts on the operational and compliance workflows for all affected firms. Put simply, while email and Excel are great for their intended functions, they will be insufficient to fully comply with these new regulations. My commentary is below, and you can find the full article here: https://okt.to/iduFoS “As illicit actors seek to exploit vulnerabilities in the financial system, investment advisers must prioritize comprehensive due diligence and advanced compliance solutions. One area to monitor closely is client onboarding, which is still largely manual and ripe for improvement. The proposed measures will significantly impact investor onboarding, requiring more rigorous verification procedures. This, in turn, will elevate the overall investor experience by fostering a secure and trustworthy investment environment, ultimately protecting the integrity of financial markets.”

Securities and Exchange Commission (SEC) has adopted amendments to Regulation S-P that require certain financial institutions to disclose data breach incidents to impacted individuals within 30 days of discovery. The new amendments adopted earlier this week impact financial firms, such as broker-dealers (funding portals included), investment firms, registered investment advisers, and transfer agents. A Summary of the introduced changes: ✅ Notify affected individuals within 30 days if their sensitive information is, or is likely to be, accessed or used without authorization, detailing the incident, breached data, and protective measures taken. ✅ Expand safeguards and disposal rules to cover all nonpublic personal information, including that received from other financial institutions. ✅ Extend safeguards and disposal rules to transfer agents registered with the SEC or other regulatory agencies. The SEC regulates 15,000 registered investment advisers’ and broker-dealers that oversee approximately $128 trillion assets under management.