Tag:

anti-money laundering

Challenges and Opportunities in Regulating the Banking Industry

Regulation in the financial sector is critical to preventing crimes that include fraud, money laundering tax evasion, human trafficking, aiding drug trafficking, and even financing terrorism. Despite the importance of regulation and banking institutions’ compliance with such regulations, many laws regarding money laundering are outdated and prevent efficient prevention of such crimes. Additionally, enforcement against large financial institutions is a difficult matter because of the harm that penalizing them could have on the economy.

Challenges and Opportunities in Regulating Cryptocurrency

Many nations are increasingly attempting to regulate Bitcoin and other forms of cryptocurrency. Increased regulation could help legitimize the currency, but uncertainties about what regulation lies ahead threatens the value of the currencies. A main driver of the increased value of cryptocurrencies is the potential for increased usage in markets globally and greater integration of them into our economy. Regulation may be essential to successfully enabling such integration, because with instability in trade and valuation of the currency it is hard for consumers to know whether they should be spending the currency, or if it will dramatically change in value over the course of a short time period.

New York Law Could Shake Up Compliance Departments

Gilbert Carrillo Executive Editor Loyola University Chicago School of Law, JD 2017   The state of New York is in the process of implementing a new rule requiring some financial U.S. and foreign institutions, with New York offices, to prove that their transaction monitoring and sanctions filtering programs for catching criminal activity do in fact …
Read more