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Insights

September 5, 2019 | Thought Leadership

In just two short weeks, compliance professionals will arrive in Austin, TX for ACA’s Fall 2019 Compliance Conference. Still on the fence? Below are a few reasons why ACA’s Fall Conference is not just a conference you should attend, but one you need to attend.

September 5, 2019 | Compliance Alert - FinCEN

FinCEN published an advisory to remind financial institutions of their due diligence and other Bank Secrecy Act obligations regarding the illicit financial schemes and mechanisms related to the trafficking of fentanyl or other synthetic opioid drugs. By complying with these obligations, financial institutions can help combat the opioid drug epidemic the U.S. is currently facing.

September 4, 2019 | Cyber Alert

A security breach of Apple's iOS operating system that occurred over at least two years has affected countless iOS device users. Here's what you need to know to protect your personal information.

September 2, 2019 | Survey

Poll findings reveal that less than 2% of firms ready for the Senior Managers & Certification Regime, which comes into force in less than 100 days. It's clear that solo-regulated firms must accelerate the pace at which they are preparing for regulation ahead of 9 December implementation but is the work required ahead of the deadline being underestimated?

 

August 29, 2019 | Compliance Alert

On Tuesday, August 27, 2019, the U.S. Securities and Exchange Commission ("SEC") announced it had brought charges against an investment adviser in connection with a $105 million securities fraud in Pennsylvania.

August 23, 2019 | Press Release

ACA Technology Solutions and FlexTrade have partnered to help their mutual clients manage their trade surveillance and compliance needs using ACA's trade surveillance technology and FlexNow. To learn more about the integration and how it benefits firms, see the FlexTrade press release...

August 22, 2019 | Thought Leadership

Following the release of the 2020 GIPS Standards by CFA Institute on June 28, 2019, firms are encouraged to early adopt the new provisions. One such firm did early adopt, and ACA Performance Services is excited to announce we recently issued our first verification report under the 2020 GIPS Standards.

August 22, 2019 | Compliance Alert

Real estate title insurance giant First American Financial Corp. is being investigated by the SEC for a data leak that exposed over 885 million personal records from as far back as 2003.

August 22, 2019 | Thought Leadership

With a raft of regulatory changes coming into force over the last few years, financial firms have incurred many system, process, policy and procedure changes. Overseeing and managing all of the moving pieces presents a challenge for compliance teams.  How can Senior Management and Compliance Officers be confident that their governance, risk, and compliance framework is current, sufficiently comprehensive and ultimately effective to avoid regulatory scrutiny?

August 22, 2019 | Compliance Alert - FinCEN

The Financial Crimes Enforcement Network issued an advisory to remind financial institutions that updates the FATF made to their list of jurisdictions that have strategic AML/CFT deficiencies may affect their obligations with respect to these jurisdictions and that they should consider the impact these updates have on the institution’s risk-based approach.

August 20, 2019 | Compliance Alert - FCA

Following the conviction of a former compliance officer of a major investment bank, the FCA raises concerns on the control of access to inside information. We examine the regulator's findings and recommendations, and what this means for financial services firms. 

August 15, 2019 | Press Release

A survey conducted on preparation for the FCA’s Senior Managers and Certification Regime, (SM&CR) has revealed that most firms have significant work to do, as they prepare for its extension to all authorised firms on 9 December 2019. 

From a pool of over 70 respondents, including asset managers, hedge funds, private equity firms, broker-dealers and wealth managers, the findings were as follows:  

August 8, 2019 | Compliance Alert

The U.S. Treasury and the Federal Reserve Bank of New York will collect data regarding non-U.S. residents’ holdings of securities of U.S. issuers via Form TIC SHL. This mandatory collection is conducted every five years. The filing deadline is August 30, 2019, and data must be reported as of June 30, 2019.

August 7, 2019 | Thought Leadership

The 2020 edition of the GIPS Standards was released on June 28, 2019. One of the major initiatives of the overhaul was to make compliance with the GIPS standards easier for alternative managers.

August 6, 2019 | Press Release

Faster handling of Big Data and enhanced regulatory compliance features address the unique data management challenges of asset managers

August 5, 2019 | Thought Leadership

Effective AML compliance requires a data governance program to address the acquisition and management of the data – also known as “know your data” or KYD. This is a hot topic for financial institutions monitoring client transactions for money laundering, terrorist financing, or other forms of financial crime.

August 5, 2019 | Compliance Alert

The California Consumer Privacy Act (CCPA) is scheduled to go into effect on January 1, 2020. There are seven amendments that will be contemplated by the CA legislature between now and September 13, 2019. At that point, all discussions and modifications will end, and the Governor will have 30 days (until October 13, 2019) to either sign the amendments into law or veto bills that have passed legislature.

August 5, 2019 | Thought Leadership

Is your code of ethics monitoring and personal trade surveillance compliance program built to beat the heat? This blog post recaps our recent webcast on this topic and provides best practices for navigating complex and evolving areas of compliance management, including cryptocurrency, pay-to-play, robo-advisors, and more.

August 1, 2019 | Thought Leadership

Sexual harassment and other forms of “non-financial misconduct” are now on equal footing with types of financial misconduct with the FCA. Firms and employees are at risk of regulatory sanctions for failure to fulfill the FCA’s evolving diversity and inclusion expectations.

August 1, 2019 | Compliance Alert - FINRA

A company that effects transactions in digital asset securities for its own account or the accounts of others must register as a broker-dealer under Section 15 of the Securities Exchange Act of 1934. In addition, these companies must meet the requirements of Rule 15c3-3 (the “Customer Protection Rule”) if they intend to custody digital asset securities.

July 31, 2019 | Thought Leadership

Companies are relying increasingly on cloud service providers for conducting business, including storing data, hosting email, and more. But with the increasing regulatory focus on the risk of cloud data storage, is the forecast for cloud solutions stormy?

July 31, 2019 | Press Release

July 31, 2019 – ACA Compliance Group announced today that it has sold its majority stake in Cordium Malta Limited (“CML”) to Adam de Domenico. ACA acquired the entity in August 2018 as part of the acquisition of Cordium.

CML provides compliance consulting services to Malta-based firms. It will operate independently but will continue to maintain a relationship with ACA to provide tax and financial regulatory reporting support for its clients. There will be no impact to CML clients.

ACA will continue to maintain a presence in Malta through the operation of its Mirabella entities...

July 30, 2019 | Compliance Alert

The SHIELD Act significantly expands New York State's breach notification law. 

July 30, 2019 | Cyber Alert

On July 29, Capital One Financial Corporation announced that it had suffered a breach on July 19. On that date, an outside individual illegally accessed the personally identifiable information of over 100 million of its customers.

July 26, 2019 | Compliance Alert - SEC

The SEC's OCIE issued a Risk Alert detailing compliance issues noted during examinations of advisers who hire or employ individuals with a history of disciplinary events.