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Regulators Share Lessons Learned – Transitioning to Remote Work and Remote Supervision

In June 2020 FINRA (Financial Industry Regulatory Authority), a regulatory body governing broker-dealers int he U.S., released a regulatory notice to help firms understand how their peers are responding to the COVID-19 outbreak.  In this Notice the FINRA staff shared certain observations based on discussions with member firms about steps taken to transition personnel to… READ MORE

Have You Completed Your AML Audit? Time is Running Out

Why AML/ATF Annual Reviews Are Important AML/ATF-regulated entities in Bermuda have an obligation of having an independent Anti-Money Laundering (“AML”) audit performed at least annually. This means at least once a year and more frequently when senior management becomes aware of any gap or weakness in the AML/ATF policies, procedures or controls, or when senior… READ MORE

Broker-Dealer Consolidated Reporting Enforcement Actions

Are Your Internal Controls, Written Procedures and Supervisory Reviews Enough? If your firm is affiliated with broker-dealers in the U.S., you may have reviewed the enforcement actions filed by FINRA related to the use of consolidated reports, and are wondering if you are doing enough to protect your firm.  Here is what you need to… READ MORE

Fintech Firm Circle Leverages Oyster Consulting to Obtain Bermuda’s First Class F Digital Asset License

Circle and Oyster Consulting show the time is now for Bermuda’s dive into the Digital Assets industry. Circle, an global crypto financial services company, engaged Oyster Consulting (Bermuda), to help guide them through a successful application process for the Class F license, and to provide compliance services for the future. In June 2019 Circle became… READ MORE

SEC Adopts Reg BI

The SEC Adopts Regulation Best Interest (Reg BI) and Additional Rules and Interpretations that Address Relationships Between Retail Investors and Investment Professionals

Digital Assets – Where Are We Now?

JP Morgan recently announced the launch of “JPM Coin.” We thought it would be good to recap our posts over the past year on the topic of cryptocurrencies and coin offerings and update you on the current state of this market.

The Importance of Independent Audits

The Barristers & Accountant’s AML/ATF Board issued a public notice requiring that all of its regulated entities forward their completed Independent Reviews by April 30, 2019. Why are Independent Reviews so important? A hallmark of good corporate governance for regulated financial institutions is ensuring that there are robust systems and controls in place to monitor the… READ MORE