FINRA Fines Doubling for Mid and Large Firms
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With historically high fines being levied for failures to retain and supervise electronic communications across some of the largest financial firms, you may be wondering how fine amounts are decided. On an annual basis FINRA's National Adjudicatory Council (NAC) develops and publishes FINRA Sanction Guidelines
to assist FINRA's adjudicators in imposing a range of sanct...
Spooky Season Is Upon Us: Regulators Crack Down on E-Comms Retention Failures
With spooky season upon us, here is the recent regulatory update. Happy Halloween!
Failure to retain audio recording The CFTC fined a New York-based Delaware corporation
with failing to maintain audio recordings. As a registered introducing broker, the firm was required to make and keep audio recordings for at least one year.
This failure occurred when the firm moved offices and improperly ins...
The Implications and Next Steps for WhatsApp Compliance Violations
Yesterday, the SEC released a broader list of firms that violated electronic communications recordkeeping requirements. These violations were due to the use of personal devices and specific applications such as WhatsApp. As we have previously written
, there are several takeaways that firms should consider to better manage compliance gaps in this era of unprecedented regulatory focus on digital ...
The New Frontier: Explainability in Artificial Intelligence
The New Frontier: Explainability in Artificial IntelligenceIn Episode 8 of the Smarsh View series, Shaun Hurst, Principal Regulatory Advisor at Smarsh, will be joined by Uday Kamath, Ph.D., Smarsh Chief Analytics Officer – to discuss the topic of Explainability in AI.ff-font-awesome4 icon-skyatlasTranscription of Video Audioa couple paragraphs of intro textRead more
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The Cybersecurity Risks of Digital Transformation
The cybersecurity risks of digital transformation Digital transformation is essential for all businesses, especially if you want to streamline your process for achieving your business goals and KPIs. Incorporating digital technologies into your enterprise helps you scale operations, meet market requirements, and provide better customer experiences.
The problem is that digital transformation oft...
The Evolution of Applied Machine Learning in Financial Services
Table of Contents
The three generations of compliance analytics
The tried-and-true lexicon approach
Monitoring assisted by machine learning
What's new: "Regulatory-grade AI"
How to elevate compliance and risk management
Applied ML in compliance I have taken on a variety of roles in my career (analyst, data scientist, product manager) in a variety of domain...
Forecast 2022: The Rise of Surveillance at Global Banks
The Rise of Surveillance at Global Banks Regulatory fines and statements are changing the surveillance debate — it’s no longer acceptable to have gaps in communications surveillance coverage. Banks must respond to regulatory clampdown by tightening their surveillance of various communications channels and extending the scope beyond traditional boundaries.
At the recent 1LoD E-commun...
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Why Banks Should Embrace WhatsApp
Why Banks Should Embrace WhatsAppJust a few years ago, it would be unheard of for the world’s major financial services companies to be operating almost entirely with a remote workforce. What a difference a short time can make.
There is a valuable lesson that banks need to learn from recent years: embrace technology, do not fear it. Fear of compliance issues was one of the main reasons that so ...
Forecast 2022: Culture & Conduct Deep Dive
Forecast 2022: Culture & Conduct Deep DiveThe evolution of good behaviour Conduct and culture are not simply matters for the human resources (HR) departments at financial services institutions. Regulators, too, have a keen interest in how firms ensure correct and ethical behaviour or rally their staff around a set of shared and clearly defined core values.
Regulators are using behavioural scien...
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