The Spring 2016 issue of Advantage: Risk & Regulation examines perspectives on recent global regulations that impact financial institutions and other organizations and provides approaches to maximize the effectiveness of their compliance programs.
On February 4, 2016, the Basel Committee on Banking Supervision (“BCBS”) issued a revised version of its General guide to account opening (“Revised Guide”). The Revised Guide replaces BCBS’s General Guide to Account Opening and Customer Identification, issued in February 2003, and emphasizes a risk-based approach to an institution’s account opening process. In the leading article, BCBS Revised General Guide to Account Opening, Guidehouse professionals discuss the new regulatory requirements and explain how banks can protect against money laundering and threats of terrorism financing by applying a risk-based approach to their account opening processes.
In 2012, the United States enacted the Jumpstart Our Business Act (the “JOBS Act”) with the goal of stimulating U.S. job creation and economic growth. To achieve this, the JOBS Act includes provisions to improve cost-effectiveness and speed of accessing capital for companies of all sizes through crowdfunding and the Internet-based platforms that facilitate the raising of capital for business ideas. In late 2015, the Securities and Exchange Commission adopted the JOBS Act’s final rules on Title III on crowdfunding. In the article Jobs Act Title III: Crowdfunding Rule Minimizing AML Risk When Raising Capital through the Internet, our experts highlight important provisions companies looking to utilize crowdfunding, potential investors, and crowdfunding platform providers should consider.
We hope you enjoy this issue of Advantage: Risk & Regulation, the quarterly newsletter developed by the professionals in Guidehouse’s Global Investigations & Compliance (GIC) practice to bring you insightful information and perspectives on timely and relevant industry issues that can impact your business.
Please contact us if you would like to begin a dialogue on the topics covered in the newsletter or other risk and compliance issues.