BSA Back in the Regulatory Focus Today’s geopolitical climate has caused more focus on money laundering activity related to illegal drug trafficking and terrorist financing. Consequently, regulators place higher priority on enforcing the Bank Secrecy Act (BSA), which mandates financial industry standards to detect and prevent money laundering. Therefore, examiners across the financial services industry […]

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The U.S. Supreme Court, in a 9-0 ruling, curtailed the Securities Exchange Commission’s authority to recover ill-gotten profits from defendants.  The Court ruled that the SEC’s recovery remedy known as “disgorgement” is subject to a five-year statute of limitations.  Disgorgement is commonly defined as the act of returning profits gained from illegal or unethical acts […]

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IAs will be required to maintain additional materials related to the calculation and distribution of performance information beginning October 2017. Currently, advisers are only required to maintain records supporting performance claims that were distributed to 10 or more people. The amendments will now require this type of documentation to be kept for all information supporting […]

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