Payment Law Advisor Legal Commentary and Resources for the Payment Industry

Tag Archives: compliance

Insight on Third Party Risk Management

Posted in Resource Database
In a recent interview, as part of Venminder’s Thought Leadership Series, DWT payments team member and FinTech team co-leader, Andy Lorentz, sat down with Venminder Chief Risk Officer Branan Cooper to discuss a number of important aspects of managing third-party risk, including balancing commercial opportunities with compliance initiatives, cybe… Read the rest

The OCC’s Increasing Focus on BSA-AML Compliance

Posted in Financial Services Litigation and Enforcement
In a speech last week to the Institute of International Bankers, Comptroller of the Currency Thomas J. Curry focused extensively on Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance. Combined with the recent suggestion by Benjamin Lawsky, the Superintendent of New York’s Financial Services Department (DFS), that New York may begin requ… Read the rest

New Law Aims to Limit Anti-Money Laundering Compliance Burdens for Money Transmitters

Posted in Regulatory and Compliance
On August 8, 2014, President Obama signed into law a bipartisan measure, The Money Remittances Improvement Act of 2014, that allows the Secretary of the Treasury to rely on state supervisory agency examinations covering compliance with federal anti-money laundering requirements for money services businesses. The law is intended to ease anti-money la… Read the rest

Waive the Red Flag – SEC and CFTC Issue Identity Theft Red Flag Rules

Posted in Regulatory and Compliance
On April 10, the Securities and Exchange Commission (“SEC”) and Commodity Futures Trading Commission (“CFTC”) approved a final rule requiring broker-dealers, registered investment companies, investment advisors, and other “financial institutions” and “creditors” regulated by the SEC or CFTC to set up programs to flag and deter i… Read the rest

Verizon Once Again Reports Widespread Shortfalls in Payment Card Industry Data Security Standard Compliance

Posted in Privacy and Data Security
The 2011 Payment Card Industry Compliance Report by Verizon once again indicates widespread non-compliance with the Payment Card Industry (“PCI”) Data Security Standards. Only 21% of organizations were compliant at the time of their initial assessment, essentially the same as last year. Organizations are also failing to prioritize their… Read the rest