American Banker

Influx of bank deposits exposes risks in 'know your customer' rules

Banks receiving a glut of uninsured business deposits in the wake of Silicon Valley Bank and Signature Bank's failures are also inheriting a potential compliance headache as the "know your customer" ...
JD Supra

SEC Amends the Customer Protection Rule to Require Daily Reserve Formula Computations for Large Clearing/Carrying Broker-Dealers

On December 20, 2024, the Securities and Exchange Commission (SEC) issued a final rule amending SEC rules 15c3-3 (the customer protection rule) and 15c3-1 (the net capital rule). The SEC also amended ...
JD Supra

FinCEN (and SEC) Propose New Customer Identification Program Rule With Minimal Expected Impact on Private Fund Sponsors

On May 13, 2024, the Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Treasury Department, and the Securities and Exchange Commission (SEC) proposed a joint rule (the Proposed ...
Washington Examiner

New ‘know your customer’ rules proposed for banks

WASHINGTON (AP) — The U.S. government is proposing new rules for banks and other financial firms aimed at preventing the use of anonymous companies to launder illicit profits. Apple says Cammack bill ...
CMS Wire

Everything You Need to Know About FTC's Click to Cancel Rule

The Federal Trade Commission (FTC) issued last month a new “Click to Cancel” rule to simplify the process for consumers to cancel subscriptions and recurring payment plans. The rule, takes effect 180 ...
CMS Wire

The ACE Rule: Empowering Every Employee as Acting Chief of Experience

Not every brand that collects data delivers great customer experiences. In fact, the more data a company has, the more it risks overwhelming the very people responsible for acting on it. Customer ...