Compliance Clarified – a podcast by Thomson Reuters Regulatory Intelligence

International leaders (the few who were there) reached agreement on carbon trading, development bank financing and a loss and damage fund at the COP 29 summit in Baku, Azerbaijan. In this last episode of the series, Henry Engler, senior editor in New York, joins Alex Robson, managing editor in London, to discuss the annual United Nations climate summit and some of the wins for developing countries. It is estimated that emerging market economies need at least $1 trillion per year to combat climate change. They also discuss the re-election of Donald Trump to the White House and the implications for ESG legislation (spoiler alert: not good). Trump, a climate change denier, is expected to once again withdraw the United States from the Paris Agreement when he takes office in January. The Compliance Clarified podcast series covers a wide range of topics that affect compliance officers at financial institutions and aims to help them navigate the often challenging regulatory environment. It considers the significant challenges of the day and offers practical ideas for emerging best practices. See the links below for more information on the podcast and additional resources. Links: COP29 - Global climate financing goal for emerging economies in doubt; smaller wins achieved (paywall): http://go-ri.tr.com/X2fztB COP29 agrees international carbon market standards: https://unfccc.int/news/cop29-agrees-international-carbon-market-standards Fund for responding to loss and damage: https://unfccc.int/loss-and-damage-fund-joint-interim-secretariat Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence. Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

In the ninth episode of Season 12 of Compliance Clarified, Todd Ehret, senior regulatory intelligence expert, is joined by Brett Wolf for an insightful discussion on the TD Bank unprecedented fine related to the banks numerous AML failures. Brett Wolf, is an award winning journalist and our resident expert on AML, financial crime, and sanctions for Thomson Reuters Regulatory Intelligence. In this episode, Brett and Todd discuss what occurred at TD Bank leading, multiple U.S. banking regulators and law enforcement agencies to cumulatively fine the bank and its subsidiaries more than $3 billion after finding that the bank engaged in systemic and willful AML failures. Additionally, regulators and the Department of Justice have imposed very restrictive and harsh remediation demands on the bank which could impact it for years to come. For more information on the podcast and additional resources, see the links below. Links: Todd Ehret LinkedIn: https://www.linkedin.com/in/todd-ehret-91827264/ Brett Wolf LinkedIn: https://www.linkedin.com/in/amlwolf/ Link to recent articles by Brett Wolf: DOJ statement that includes links to the court documents: https://www.justice.gov/opa/pr/td-bank-pleads-guilty-bank-secrecy-act-and-money-laundering-conspiracy-violations-18b Article about TD Bank plea: https://www.linkedin.com/posts/amlwolf_us-action-against-td-bank-activity-7250564774063714304-xkEV?utm_source=share&utm_medium=member_ios Article on TD AML employee who allegedly stole customer information and shared it on Telegram to fuel check fraud scheme: https://www.linkedin.com/posts/amlwolf_td-aml-staffer-allegedly-stole-customer-data-activity-7260710359504683008-Acvs?utm_source=share&utm_medium=member_ios FinCEN Consent Order with TD Bank https://www.fincen.gov/sites/default/files/enforcement_action/2024-10-10/FinCEN-TD-Bank-Consent-Order-508FINAL.pdf Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence. Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

It has been more than 15 months since the UK Financial Conduct Authority (FCA) introduced the Consumer Duty for current products and over three months since its introduction for closed products. During that time, the FCA has gone from helping firms prepare for the duty's impact to scrutinising how they have implemented it. The FCA's approach to supporting firms prior to implementation won praise from many quarters. With "dipstick" progress surveys to reviews that explored good and bad practices, the FCA issued extensive documentation to help firms prepare, understand and implement its expectations. But as Sheldon Mills, executive director for consumers and competition at the FCA, said in a speech on the deadline date for duty implementation for closed products in July 2024, "this is not the beginning of the end…but the end of the beginning." In that speech, Mills highlighted FCA planning, including thematic work across sectors and targeting specific sectors, products or services and a focus on pricing and value outcomes. In this episode, Alex Robson, managing editor at Regulatory Intelligence, talks to Mike Cowan, senior regulatory intelligence expert, about the progress being made to embed the Consumer Duty in financial services firms, what recent enforcement activity means as the FCA looks to assess how firms are implementing the duty and what firms can do in future. Links COLUMN: TSB fine for mistreating financially distressed customers cites value of relationships over procedure: http://go-ri.tr.com/xte3nf IMPACT ANALYSIS: Volkswagen's FCA fine in drives a lesson in customer outcomes: http://go-ri.tr.com/jLXAR7 IMPACT ANALYSIS: FCA fines PwC over not reporting London Capital & Finance suspicions: http://go-ri.tr.com/yKHVnC Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence. Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

The FCA's recent victory (http://go-ri.tr.com/Ee9lhf) in the Court of Appeal against BlueCrest Capital Management presented an interesting reversal of a tribunal decision last year (http://go-ri.tr.com/0olu4N) which sided with BlueCrest. Whether the case now goes to a full hearing at the tribunal or an appeal to the Supreme Court on these preliminary issues remains to be seen. Whatever the outcome, it could have serious implications for both regulated firms and the regulator. In this week's podcast, senior regulatory intelligence expert Helen Parry discusses the case and its ramifications in conversation with Trond Vagen, senior editor, UK & Europe. The Compliance Clarified podcast series covers a wide range of topics that affect compliance officers at financial institutions and aims to help them navigate the often challenging regulatory environment. It considers the significant challenges of the day and offers practical ideas for emerging best practices. Links: http://go-ri.tr.com/Ee9lhf http://go-ri.tr.com/0olu4N http://go-ri.tr.com/fWunnj http://go-ri.tr.com/hGFF7r http://go-ri.tr.com/6vyBxe Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence. Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

It can't have escaped anyone's notice that there is a presidential election in the United States on Tuesday, November 5. The polls are too tight to call and the fight for the White House between former President Donald Trump and Vice-President Kamala Harris is going right down to the wire. In this episode of Compliance Clarified, Alexander Robson, managing editor, Regulatory Intelligence, in London chats with Henry Engler, senior editor, and Todd Ehret, senior regulatory intelligence expert in New York, about the possible outcomes, the polls and betting markets, and, specifically, what a decisive result for either candidate would mean for financial regulation. They discuss the possible impact on banking and crypto regulation and how House/Senate races beyond the presidential election might shape the outcome. Will Fed Chair Jay Powell survive under Trump? What is the future of Fed vice chair for supervision Michael Barr under Trump given Wall Street's hostility towards his Basel endgame plans? What would a Harris administration focus on? Henry and Todd discuss these questions and more. The Compliance Clarified podcast series covers a wide range of topics that affect compliance officers at financial institutions and aims to help them navigate the often challenging regulatory environment. It considers the significant challenges of the day and offers practical ideas for emerging best practices. Links Kalshi Markets: https://kalshi.com/markets Polymarket: https://polymarket.com/event/presidential-election-winner-2024 Predictit: https://www.predictit.org/markets/detail/7456/Who-will-win-the-2024-US-presidential-election U.S. appeals court clears Kalshi to restart elections betting (paywall): http://go-ri.tr.com/aOPu3s INSIGHT: U.S. CFTC proposes rule to clarify ban on listed derivative bets on elections and other events (paywall): http://go-ri.tr.com/yIZWLm How could Trump overhaul US financial regulators if he wins on Nov. 5?: https://www.reuters.com/markets/us/how-trump-could-overhaul-us-financial-regulators-if-he-wins-nov-5-2024-10-10/ Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence. Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.