Glad to have participated last week in honoring Theo Davidson, one of those awarded as Future Leaders at the Excel Future Leader event during Black History Month. Sia Partners is proud to be a sponsor.
Sia Partner’s new LIBOR project findings point to the challenges our clients face: a meaningful operational and document remediation lift to meet the clear cessation deadline of year end 2021. Resources & investments are going to be required to hit the ambitious goals, especially after recent distraction from COVID-19.
Insight April 2020 BSA / AML Examination Manual UpdatedDaniel Connor
The document summarizes updates made in April 2020 to the Federal Financial Institutions Examination Council's Bank Secrecy Act/Anti-Money Laundering Examination Manual. The updates provide examiners more guidance in assessing banks' BSA/AML risk assessments, tailoring examinations based on risk profiles, and evaluating the adequacy of BSA/AML compliance programs. The document encourages banks to periodically review their BSA/AML programs to ensure they are sufficient and aligned with changes to risk categories. It provides contact information for representatives at Sia Partners who can assist with such reviews.
Insight April 2020 Updated BSA / AML Examination ManualDaniel Connor
The document summarizes updates made in April 2020 to the Federal Financial Institutions Examination Council's Bank Secrecy Act/Anti-Money Laundering Examination Manual. The updates provide examiners more guidance in assessing banks' BSA/AML risk assessments, tailoring examinations based on risk profiles, and evaluating the adequacy of BSA/AML compliance programs. The document encourages banks to periodically review their BSA/AML programs to ensure they are sufficient and aligned with changes to risk categories. It provides contact information for representatives who can assist with such reviews.
This document provides an overview of the 2020 priorities for various financial regulatory bodies that oversee depository institutions and broker dealers. Some common themes across regulators include enhanced focus on cybersecurity, anti-money laundering compliance, LIBOR transition, CECL implementation, and oversight of new technologies. Specific priorities mentioned include risk management, governance, liquidity risk, and credit underwriting practices for depositories, and market integrity, information security, and protection of retail investors for broker dealers.
Financial Services Insight NYSDFS Whistleblowing Guidance - Sia PartnersDaniel Connor
Little did we know that the timing of publishing this article on new guidance from the New York Sate Department of Financial Services related to whistleblowing would be such a hot topic in the press....
Sia Partners IP on Regulation "Best Interest"Daniel Connor
Regulation Best Interest is a new SEC rule that enhances the standard of conduct for broker-dealers. It requires broker-dealers to act in the best interest of retail clients by disclosing conflicts of interest, providing a new client relationship summary form, and complying with care, disclosure, and compliance obligations. The rule aims to increase transparency and protect retail investors. It goes into effect on June 30, 2020 and will require significant changes across the financial advice industry.
Sia Partner’s new LIBOR project findings point to the challenges our clients face: a meaningful operational and document remediation lift to meet the clear cessation deadline of year end 2021. Resources & investments are going to be required to hit the ambitious goals, especially after recent distraction from COVID-19.
Insight April 2020 BSA / AML Examination Manual UpdatedDaniel Connor
The document summarizes updates made in April 2020 to the Federal Financial Institutions Examination Council's Bank Secrecy Act/Anti-Money Laundering Examination Manual. The updates provide examiners more guidance in assessing banks' BSA/AML risk assessments, tailoring examinations based on risk profiles, and evaluating the adequacy of BSA/AML compliance programs. The document encourages banks to periodically review their BSA/AML programs to ensure they are sufficient and aligned with changes to risk categories. It provides contact information for representatives at Sia Partners who can assist with such reviews.
Insight April 2020 Updated BSA / AML Examination ManualDaniel Connor
The document summarizes updates made in April 2020 to the Federal Financial Institutions Examination Council's Bank Secrecy Act/Anti-Money Laundering Examination Manual. The updates provide examiners more guidance in assessing banks' BSA/AML risk assessments, tailoring examinations based on risk profiles, and evaluating the adequacy of BSA/AML compliance programs. The document encourages banks to periodically review their BSA/AML programs to ensure they are sufficient and aligned with changes to risk categories. It provides contact information for representatives who can assist with such reviews.
This document provides an overview of the 2020 priorities for various financial regulatory bodies that oversee depository institutions and broker dealers. Some common themes across regulators include enhanced focus on cybersecurity, anti-money laundering compliance, LIBOR transition, CECL implementation, and oversight of new technologies. Specific priorities mentioned include risk management, governance, liquidity risk, and credit underwriting practices for depositories, and market integrity, information security, and protection of retail investors for broker dealers.
Financial Services Insight NYSDFS Whistleblowing Guidance - Sia PartnersDaniel Connor
Little did we know that the timing of publishing this article on new guidance from the New York Sate Department of Financial Services related to whistleblowing would be such a hot topic in the press....
Sia Partners IP on Regulation "Best Interest"Daniel Connor
Regulation Best Interest is a new SEC rule that enhances the standard of conduct for broker-dealers. It requires broker-dealers to act in the best interest of retail clients by disclosing conflicts of interest, providing a new client relationship summary form, and complying with care, disclosure, and compliance obligations. The rule aims to increase transparency and protect retail investors. It goes into effect on June 30, 2020 and will require significant changes across the financial advice industry.
Office of Foreign Assets Control & Sanctions 2019 Changes Daniel Connor
The document summarizes changes to the U.S. sanctions program in 2019, including additional sanctions imposed on Venezuela, Iran, Russia, North Korea, and Cuba. Key changes include lifting restrictions on lawsuits over confiscated Cuban property, increasing sanctions on Iran by ending oil waivers for some countries, and adding more Venezuelan and Russian individuals and entities to the Specially Designated Nationals list. The Office of Foreign Assets Control also published new guidance on compliance commitments and increased penalties through enforcement actions.
Libor transition Taking Action in an Uncertain Environment Daniel Connor
The document discusses the transition away from LIBOR as a benchmark interest rate to alternative rates like SOFR by the end of 2021. It outlines the large scale of the transition given LIBOR's use in contracts and derivatives worth hundreds of trillions of dollars. While SOFR has been designated as the replacement for USD LIBOR, there are still uncertainties around SOFR that organizations need to prepare for. The document recommends that organizations identify their current LIBOR exposure, determine replacement rates, modify contracts to reflect new rates, and make necessary changes to systems and processes. It emphasizes the importance of taking action now despite uncertainties to have sufficient time to manage the transition.
The proposed regulations from the IRS and Treasury Department provide significant relief from FATCA compliance burdens. Key changes include eliminating withholding on gross proceeds from sales of U.S. securities, clarifying what constitutes an "investment entity", deferring withholding requirements on foreign pass-through payments, and revising the treatment of "hold mail" instructions under FATCA. Taxpayers can rely on parts of the proposed regulations, while other parts require waiting for final regulations.
This paper discusses the Financial Industry Regulatory Authority's (FINRA) 2019 examination priorities for its member firms (predominantly broker-dealers) and provides guidance on how to best prepare. The priorities are driven to a large extent by FINRA's 2018 examination findings.
NY State Dept of Financial Services Part 504 Daniel Connor
This document discusses observations and recommendations regarding compliance with Part 504 regulations for transaction monitoring and filtering programs at banks. It notes deficiencies seen at banks in their risk assessments, screening systems, independent testing, change management, and data validation. Recommendations are provided such as implementing a clearly defined risk assessment methodology, utilizing artificial intelligence to reduce false positives, conducting periodic independent testing, documenting a change management policy, and validating the integrity and quality of data used in monitoring and filtering systems.
Canada - Money Laundering Risk & Controls in Canadian Casinos Daniel Connor
The document summarizes a report on money laundering in British Columbia casinos. Between 2010-2016, $650 million in suspicious transactions flowed through BC casinos. The report found casinos unintentionally served as "laundromats" for organized crime groups laundering money from drug operations. It issued 48 recommendations for improving casino regulation and anti-money laundering controls in BC.
California Consumer Protection Act - Insight from Sia Partners Daniel Connor
The document discusses the California Consumer Privacy Act (CCPA), comparing it to the European Union's General Data Protection Regulation (GDPR). Some key points:
- The CCPA aims to give California residents greater control over their personal data and impose requirements on companies that collect this information, similar to GDPR.
- It provides new privacy rights like access to personal data and opting out of data sales. Companies over $25M in revenue that collect data on over 50,000 Californians are affected.
- While CCPA and GDPR share similarities, compliance with one does not guarantee compliance with the other due to differences in things like governance frameworks and consent rules.
California Consumer Protection Act - Insight from Sia Partners Daniel Connor
This Insight article describes the requirements of the new law applicable to California residents as well as comparing it to the new European standards in GDPR.
The document discusses money laundering risks related to hedge funds and proposed regulations for anti-money laundering compliance programs. It notes that while hedge funds can be exploited for money laundering, there is little data on the actual amount laundered through them. It summarizes proposed regulations that would require investment advisors to hedge funds to establish anti-money laundering programs and report suspicious activity. The regulations are aimed at increasing oversight of private wealth funding sources that have grown in importance for hedge funds.
The proposed changes to the Volcker Rule aim to simplify compliance for banking entities. Key changes include:
1. Categorizing entities as Significant, Moderate, or Limited based on trading assets and tailoring requirements.
2. Replacing the short-term intent test for proprietary trading with a $25 million P&L threshold.
3. Allowing foreign banks to use local capital standards if they meet Basel minimums.
4. Expanding exclusions and modifying exemptions for market making and hedging activities.
5. Tailoring compliance programs based on entity size and eliminating some reporting metrics.
The changes are intended to increase efficiency while still restricting proprietary trading and covered fund activities
The proposed changes to the Volcker Rule aim to simplify compliance for banking entities. Key changes include:
1. Categorizing entities as Significant, Moderate, or Limited based on trading assets and tailoring requirements.
2. Replacing the short-term intent test for proprietary trading with an accounting test based on profits/losses.
3. Allowing foreign banks to use local capital standards if they meet Basel standards.
4. Expanding exclusions and modifying exemptions for market making and hedging activities.
5. Tailoring compliance programs based on entity size, with Limited entities enjoying a presumption of compliance.
The changes are intended to increase efficiency while still restricting proprietary trading and
An article Sia Partners NY produced on the regulatory impact of Volcker 2.0 to Banks. Thanks to my colleagues Chris Pearson and Stephen Perez for authoring this piece.
Carolina Fintech Blockchain Challenge Sia Partners Press Daniel Connor
1) A blockchain challenge hosted by Carolina Fintech Hub selected 10 student teams from universities across North Carolina and South Carolina to develop blockchain use cases and compete for cash prizes.
2) The challenge provided training in Oracle's blockchain platform and mentorship from banks and other companies. Gabriel Gonzalez' team from NC State pitched a platform to access student education records from anywhere.
3) The challenge aimed to connect the Charlotte and Research Triangle regions and tap into the student talent pipeline for blockchain and fintech. It highlighted the growing innovation in North Carolina's fintech scene.
Carolina Fintech Blockchain Challenge Sia Partners Press Daniel Connor
1) A blockchain challenge hosted by Carolina Fintech Hub selected 10 student teams from universities across North Carolina and South Carolina to develop blockchain use cases and compete for cash prizes.
2) The challenge provided training in Oracle's blockchain platform and mentorship from banks and other companies, helping students further develop their blockchain ideas.
3) The event was held at AvidXchange and was part of efforts by Charlotte companies to engage with and access talent from local universities developing cutting-edge technologies like blockchain.
Sia Partners, a leader in independent consulting firms in France, announces the acquisition of E3 Services Conseils, a Montreal-based management consulting firm with 40 consultants. This acquisition will make Sia Partners a major player in the consultancy industry in Montreal with nearly 50 consultants total, and strengthens its presence in North America. The founders of E3 will join Sia Partners' management team in Canada, aiming to increase combined sales to $15 million CAD in three years. The acquisition is part of Sia Partners' strategy to grow its international operations, particularly in its target market of North America.
Profiles of Iconic Fashion Personalities.pdfTTop Threads
The fashion industry is dynamic and ever-changing, continuously sculpted by trailblazing visionaries who challenge norms and redefine beauty. This document delves into the profiles of some of the most iconic fashion personalities whose impact has left a lasting impression on the industry. From timeless designers to modern-day influencers, each individual has uniquely woven their thread into the rich fabric of fashion history, contributing to its ongoing evolution.
Ellen Burstyn: From Detroit Dreamer to Hollywood Legend | CIO Women MagazineCIOWomenMagazine
In this article, we will dive into the extraordinary life of Ellen Burstyn, where the curtains rise on a story that's far more attractive than any script.
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...BBPMedia1
Nathalie zal delen hoe DEI en ESG een fundamentele rol kunnen spelen in je merkstrategie en je de juiste aansluiting kan creëren met je doelgroep. Door middel van voorbeelden en simpele handvatten toont ze hoe dit in jouw organisatie toegepast kan worden.
Discover timeless style with the 2022 Vintage Roman Numerals Men's Ring. Crafted from premium stainless steel, this 6mm wide ring embodies elegance and durability. Perfect as a gift, it seamlessly blends classic Roman numeral detailing with modern sophistication, making it an ideal accessory for any occasion.
https://rb.gy/usj1a2
Office of Foreign Assets Control & Sanctions 2019 Changes Daniel Connor
The document summarizes changes to the U.S. sanctions program in 2019, including additional sanctions imposed on Venezuela, Iran, Russia, North Korea, and Cuba. Key changes include lifting restrictions on lawsuits over confiscated Cuban property, increasing sanctions on Iran by ending oil waivers for some countries, and adding more Venezuelan and Russian individuals and entities to the Specially Designated Nationals list. The Office of Foreign Assets Control also published new guidance on compliance commitments and increased penalties through enforcement actions.
Libor transition Taking Action in an Uncertain Environment Daniel Connor
The document discusses the transition away from LIBOR as a benchmark interest rate to alternative rates like SOFR by the end of 2021. It outlines the large scale of the transition given LIBOR's use in contracts and derivatives worth hundreds of trillions of dollars. While SOFR has been designated as the replacement for USD LIBOR, there are still uncertainties around SOFR that organizations need to prepare for. The document recommends that organizations identify their current LIBOR exposure, determine replacement rates, modify contracts to reflect new rates, and make necessary changes to systems and processes. It emphasizes the importance of taking action now despite uncertainties to have sufficient time to manage the transition.
The proposed regulations from the IRS and Treasury Department provide significant relief from FATCA compliance burdens. Key changes include eliminating withholding on gross proceeds from sales of U.S. securities, clarifying what constitutes an "investment entity", deferring withholding requirements on foreign pass-through payments, and revising the treatment of "hold mail" instructions under FATCA. Taxpayers can rely on parts of the proposed regulations, while other parts require waiting for final regulations.
This paper discusses the Financial Industry Regulatory Authority's (FINRA) 2019 examination priorities for its member firms (predominantly broker-dealers) and provides guidance on how to best prepare. The priorities are driven to a large extent by FINRA's 2018 examination findings.
NY State Dept of Financial Services Part 504 Daniel Connor
This document discusses observations and recommendations regarding compliance with Part 504 regulations for transaction monitoring and filtering programs at banks. It notes deficiencies seen at banks in their risk assessments, screening systems, independent testing, change management, and data validation. Recommendations are provided such as implementing a clearly defined risk assessment methodology, utilizing artificial intelligence to reduce false positives, conducting periodic independent testing, documenting a change management policy, and validating the integrity and quality of data used in monitoring and filtering systems.
Canada - Money Laundering Risk & Controls in Canadian Casinos Daniel Connor
The document summarizes a report on money laundering in British Columbia casinos. Between 2010-2016, $650 million in suspicious transactions flowed through BC casinos. The report found casinos unintentionally served as "laundromats" for organized crime groups laundering money from drug operations. It issued 48 recommendations for improving casino regulation and anti-money laundering controls in BC.
California Consumer Protection Act - Insight from Sia Partners Daniel Connor
The document discusses the California Consumer Privacy Act (CCPA), comparing it to the European Union's General Data Protection Regulation (GDPR). Some key points:
- The CCPA aims to give California residents greater control over their personal data and impose requirements on companies that collect this information, similar to GDPR.
- It provides new privacy rights like access to personal data and opting out of data sales. Companies over $25M in revenue that collect data on over 50,000 Californians are affected.
- While CCPA and GDPR share similarities, compliance with one does not guarantee compliance with the other due to differences in things like governance frameworks and consent rules.
California Consumer Protection Act - Insight from Sia Partners Daniel Connor
This Insight article describes the requirements of the new law applicable to California residents as well as comparing it to the new European standards in GDPR.
The document discusses money laundering risks related to hedge funds and proposed regulations for anti-money laundering compliance programs. It notes that while hedge funds can be exploited for money laundering, there is little data on the actual amount laundered through them. It summarizes proposed regulations that would require investment advisors to hedge funds to establish anti-money laundering programs and report suspicious activity. The regulations are aimed at increasing oversight of private wealth funding sources that have grown in importance for hedge funds.
The proposed changes to the Volcker Rule aim to simplify compliance for banking entities. Key changes include:
1. Categorizing entities as Significant, Moderate, or Limited based on trading assets and tailoring requirements.
2. Replacing the short-term intent test for proprietary trading with a $25 million P&L threshold.
3. Allowing foreign banks to use local capital standards if they meet Basel minimums.
4. Expanding exclusions and modifying exemptions for market making and hedging activities.
5. Tailoring compliance programs based on entity size and eliminating some reporting metrics.
The changes are intended to increase efficiency while still restricting proprietary trading and covered fund activities
The proposed changes to the Volcker Rule aim to simplify compliance for banking entities. Key changes include:
1. Categorizing entities as Significant, Moderate, or Limited based on trading assets and tailoring requirements.
2. Replacing the short-term intent test for proprietary trading with an accounting test based on profits/losses.
3. Allowing foreign banks to use local capital standards if they meet Basel standards.
4. Expanding exclusions and modifying exemptions for market making and hedging activities.
5. Tailoring compliance programs based on entity size, with Limited entities enjoying a presumption of compliance.
The changes are intended to increase efficiency while still restricting proprietary trading and
An article Sia Partners NY produced on the regulatory impact of Volcker 2.0 to Banks. Thanks to my colleagues Chris Pearson and Stephen Perez for authoring this piece.
Carolina Fintech Blockchain Challenge Sia Partners Press Daniel Connor
1) A blockchain challenge hosted by Carolina Fintech Hub selected 10 student teams from universities across North Carolina and South Carolina to develop blockchain use cases and compete for cash prizes.
2) The challenge provided training in Oracle's blockchain platform and mentorship from banks and other companies. Gabriel Gonzalez' team from NC State pitched a platform to access student education records from anywhere.
3) The challenge aimed to connect the Charlotte and Research Triangle regions and tap into the student talent pipeline for blockchain and fintech. It highlighted the growing innovation in North Carolina's fintech scene.
Carolina Fintech Blockchain Challenge Sia Partners Press Daniel Connor
1) A blockchain challenge hosted by Carolina Fintech Hub selected 10 student teams from universities across North Carolina and South Carolina to develop blockchain use cases and compete for cash prizes.
2) The challenge provided training in Oracle's blockchain platform and mentorship from banks and other companies, helping students further develop their blockchain ideas.
3) The event was held at AvidXchange and was part of efforts by Charlotte companies to engage with and access talent from local universities developing cutting-edge technologies like blockchain.
Sia Partners, a leader in independent consulting firms in France, announces the acquisition of E3 Services Conseils, a Montreal-based management consulting firm with 40 consultants. This acquisition will make Sia Partners a major player in the consultancy industry in Montreal with nearly 50 consultants total, and strengthens its presence in North America. The founders of E3 will join Sia Partners' management team in Canada, aiming to increase combined sales to $15 million CAD in three years. The acquisition is part of Sia Partners' strategy to grow its international operations, particularly in its target market of North America.
Profiles of Iconic Fashion Personalities.pdfTTop Threads
The fashion industry is dynamic and ever-changing, continuously sculpted by trailblazing visionaries who challenge norms and redefine beauty. This document delves into the profiles of some of the most iconic fashion personalities whose impact has left a lasting impression on the industry. From timeless designers to modern-day influencers, each individual has uniquely woven their thread into the rich fabric of fashion history, contributing to its ongoing evolution.
Ellen Burstyn: From Detroit Dreamer to Hollywood Legend | CIO Women MagazineCIOWomenMagazine
In this article, we will dive into the extraordinary life of Ellen Burstyn, where the curtains rise on a story that's far more attractive than any script.
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...BBPMedia1
Nathalie zal delen hoe DEI en ESG een fundamentele rol kunnen spelen in je merkstrategie en je de juiste aansluiting kan creëren met je doelgroep. Door middel van voorbeelden en simpele handvatten toont ze hoe dit in jouw organisatie toegepast kan worden.
Discover timeless style with the 2022 Vintage Roman Numerals Men's Ring. Crafted from premium stainless steel, this 6mm wide ring embodies elegance and durability. Perfect as a gift, it seamlessly blends classic Roman numeral detailing with modern sophistication, making it an ideal accessory for any occasion.
https://rb.gy/usj1a2
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Tastemy Pandit
Know what your zodiac sign says about your taste in food! Explore how the 12 zodiac signs influence your culinary preferences with insights from MyPandit. Dive into astrology and flavors!
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Cover Story - China's Investment Leader - Dr. Alyce SUmsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
The Steadfast and Reliable Bull: Taurus Zodiac Signmy Pandit
Explore the steadfast and reliable nature of the Taurus Zodiac Sign. Discover the personality traits, key dates, and horoscope insights that define the determined and practical Taurus, and learn how their grounded nature makes them the anchor of the zodiac.
The Genesis of BriansClub.cm Famous Dark WEb PlatformSabaaSudozai
BriansClub.cm, a famous platform on the dark web, has become one of the most infamous carding marketplaces, specializing in the sale of stolen credit card data.
Discover the Beauty and Functionality of The Expert Remodeling Serviceobriengroupinc04
Unlock your kitchen's true potential with expert remodeling services from O'Brien Group Inc. Transform your space into a functional, modern, and luxurious haven with their experienced professionals. From layout reconfiguration to high-end upgrades, they deliver stunning results tailored to your style and needs. Visit obriengroupinc.com to elevate your kitchen's beauty and functionality today.
AI Transformation Playbook: Thinking AI-First for Your BusinessArijit Dutta
I dive into how businesses can stay competitive by integrating AI into their core processes. From identifying the right approach to building collaborative teams and recognizing common pitfalls, this guide has got you covered. AI transformation is a journey, and this playbook is here to help you navigate it successfully.
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Part 2 Deep Dive: Navigating the 2024 Slowdownjeffkluth1
Introduction
The global retail industry has weathered numerous storms, with the financial crisis of 2008 serving as a poignant reminder of the sector's resilience and adaptability. However, as we navigate the complex landscape of 2024, retailers face a unique set of challenges that demand innovative strategies and a fundamental shift in mindset. This white paper contrasts the impact of the 2008 recession on the retail sector with the current headwinds retailers are grappling with, while offering a comprehensive roadmap for success in this new paradigm.