AML compliance for foreign correspondent accounts: a primer on beneficial ownership requirements and other challenges

2014 ◽  
Vol 15 (1) ◽  
pp. 4-16 ◽  
Author(s):  
Christina N. Davilas
Keyword(s):  
Design Methodology ◽  
Cost Effective ◽  
Due Diligence ◽  
Content Type ◽  
Legal Professionals ◽  
Beneficial Ownership ◽  
Practical Reality ◽  
Practical Guidance ◽  
Foreign Correspondent ◽  
Practical Implications

Purpose – To educate on AML legal requirements and issues relative to foreign correspondent accounts, and give practical advice on relatively low-burdensome measures firms can take to help them achieve compliance in this challenging area. Design/methodology/approach – Summarizes AML requirements relevant to foreign correspondent accounts, discusses two related FINRA settlements involving the alleged failure to obtain and verify beneficial ownership information, reviews ongoing regulatory and legislative initiatives (including a FinCEN initiative to require firms to identify beneficial owners and verify their identities), and suggests certain due diligence procedures firms can use to screen foreign correspondent accounts. Findings – One of the fundamental risks that firms face when dealing with foreign correspondent accounts is not knowing their customers' customers. While the current regulatory framework does not, in most cases, explicitly require firms to obtain beneficial ownership information, the practical reality seems to be that obtaining and verifying such information, where possible, could pay substantial dividends in terms of risk assessment and avoidance. Practical implications – In some cases, a variety of cost-effective screening measures can be sufficient for a firm to identify concrete risks so that it may take steps to reduce its own regulatory exposure. Firms should not discount the simple for the elaborate, and should take advantage of the several, cost-effective AML tools and resources that are readily available. Originality/value – Practical guidance for AML officers and other compliance and legal professionals by an experienced financial institutions lawyer.

SEC permits abbreviated tender and exchange offers for non-convertible high-yield and investment-grade debt securities

2015 ◽  
Vol 16 (3) ◽  
pp. 28-29
Author(s):  
Ian B. Blumenstein ◽  
J. Eric Maki ◽  
John T. Owen
Keyword(s):  
Design Methodology ◽  
High Yield ◽  
Content Type ◽  
Efficient Mechanism ◽  
Practical Guidance ◽  
Traditional Structures ◽  
Investment Grade ◽  
Practical Implications

Purpose – To advise companies of a recent SEC no-action letter relating to tender and exchange offers for certain debt securities. Design/methodology/approach – Reviews various conditions allowing an issuer to use a shortened timeframe in which certain debt tender/exchange offers need be kept open for as few as five business days. Findings – The abbreviated debt tender/exchange offer structure contemplated by the no-action letter provides a more efficient mechanism for conducting debt tender/exchange offers in certain circumstances. Practical implications – Issuers conducting a debt tender/exchange offer should consider whether the new abbreviated structure is more effective in achieving their objectives than the more traditional structures. Originality/value – Practical guidance from experienced securities regulatory lawyers that gives an overview of important developments in debt tender/exchange offer practice.

The use of hydroxyethyl cellulose as a transparent filling material in finishing polish

2018 ◽  
Vol 47 (4) ◽  
pp. 323-329 ◽  
Author(s):  
Jülide Erkmen
Keyword(s):  
Design Methodology ◽  
Cost Effective ◽  
Hydroxyethyl Cellulose ◽  
Filling Material ◽  
Limited Information ◽  
Content Type ◽  
Alkyd Resins ◽  
Volatile Organic ◽  
Water Saturated ◽  
Practical Implications

Purpose This study aims to propose a solution to decrease the environmental pollution caused by alkyd resins that harm the environment during their production and use. Design/methodology/approach A commercially produced polish formulation was used in the study. To reduce the use of this formulation in finishing polish, a water-saturated transparent solution of hydroxyethyl cellulose was used as a transparent filling material. Findings The use of hydroxyethyl cellulose at its optimum concentration in finishing polish only reduced the gloss by 0.027 per cent. The amount of alkyd was reduced by 24 per cent in weight. Research limitations/implications The literature contained highly limited information on this subject. No transparent filling material was found. Thus, no comparison can be made with other studies. Practical implications The results obtained from this study can help manufacturers in the polish industry to produce varnish in a more cost-effective and eco-friendly way. Originality/value Considerable amount of volatile organic compounds released into the atmosphere as a result of the use of solvent-based dye/varnishes in the woodworking industry alone proves the importance of water-based systems. The results of this study indicate both economic and environmental gain.

Avoid M&A assimilation heartburn: an actionable model for cultural due diligence and integration

2019 ◽  
Vol 47 (4) ◽  
pp. 20-25 ◽  
Author(s):  
Tim Galpin
Keyword(s):  
Design Methodology ◽  
Medium Size ◽  
Due Diligence ◽  
Cultural Comparison ◽  
Integration Model ◽  
Content Type ◽  
Practical Implications

Purpose This paper offers an approach to deal with the value destruction caused when culturally incompatible organizations merge. Design/methodology/approach A field-tested Cultural Comparison and Integration Model is demonstrated. 10; Findings The model illustrates how managers can compare and integrate cultures of combining firms using “cultural levers”. Practical implications A case example of the model in practice is included. Originality/value The model has been tested in a large and medium size organizations in a variety of industries and nationalities.

How absence can make the heart grow fonder

2019 ◽  
Vol 27 (6) ◽  
pp. 19-21
Keyword(s):  
Sense Of Belonging ◽  
Design Methodology ◽  
Reading Time ◽  
Cost Effective ◽  
Life Balance ◽  
Content Type ◽  
Team Members ◽  
Geographically Dispersed ◽  
Pertinent Information ◽  
Practical Implications

Purpose This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies. Design/methodology/approach This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context. Findings Using geographically-dispersed teams presents both opportunities and threats to firms. The option can be cost-effective and employees welcome the chance to operate more flexibly and achieve a better work-life balance. Separation of team members is an obvious problem but can be overcome through effective communication and building a sense of belonging that can generate perceptions of proximity. Originality/value The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

ESMA issues Brexit opinions to EU regulators: a warning shot not only to the UK but also to the EU27

2017 ◽  
Vol 18 (4) ◽  
pp. 50-52
Author(s):  
William Yonge ◽  
Simon Currie
Keyword(s):  
Financial Services ◽  
Design Methodology ◽  
Content Type ◽  
Regulatory Response ◽  
Market Participants ◽  
Financial Firms ◽  
Practical Guidance ◽  
The Uk ◽  
Practical Implications ◽  
The Eu

Purpose To summarize and analyse four opinions issued in May and July 2017 by the European Securities and Markets Authority (“ESMA”) concerning regulatory and supervisory arbitrage risks that arise as a result of increased requests from financial market participants to relocate activities and functions in the EU27 following the UK’s decision to withdraw from the EU, and the expected regulatory response to those risks. Design/methodology/approach Discusses the possible relocation of financial firms, activities and functions following the UK’s decision to withdraw from EU; the resulting cross-sectoral regulatory and supervisory arbitrage risks that ESMA foresees; nine principles that ESMA enumerates to guide its regulatory response to those risks; some common themes that emerge from ESMA’s July Opinions; and the implications for UK firms and trading venues seeking to establish a presence in the EU 27. Findings ESMA foresees regulatory and arbitrage risks in Brexit and a potential “race to the bottom” as certain national regulators jostle for and grab UK market share. Practical implications UK firms and trading venues seeking to establish a presence in the EU27 from which to operate will need to give detailed consideration and focus to the resources and operational substance which will need to be located in the jurisdiction in which that presence is established. Originality/value Practical guidance from experienced financial services, securities and fund management lawyers.

Practical approaches to compliance for entrepreneurial uses of licensed databases in libraries

2015 ◽  
Vol 43 (3) ◽  
pp. 419-438 ◽  
Author(s):  
Posie Aagaard ◽  
Natasha Z Arguello
Keyword(s):  
Intellectual Property ◽  
Design Methodology ◽  
Public Libraries ◽  
Practical Experience ◽  
Content Type ◽  
For Profit ◽  
License Agreements ◽  
Practical Guidance ◽  
Definition Of ◽  
Practical Implications

Purpose – The purpose of this paper is to provide practical guidance to business librarians in academic and public libraries for applying essential concepts of licensing electronic resources in entrepreneurial contexts. Design/methodology/approach – The paper is an outcome of a preconference presentation on licensing business resources, based on the practical experience of the authors in licensing and vendor negotiations. It also presents results of the preconference presurvey, gauging awareness among business librarians about licensing concepts and concerns about the usage of licensed databases by entrepreneurs. Findings – For-profit goals of entrepreneurs using library e-resources lead to concerns among business librarians about compliance with non-commercial clauses of library license agreements and potentially to unnecessary restrictions on patrons’ database use. License agreements of business e-resources are likely to have more restrictive terms of use because of perceived value of their intellectual property by vendors, a wider range of content types and clauses carried over from commercial license agreements. Business librarians generally have only basic awareness of licensing concepts. Because of organizational silos, special terms of use sometimes are not clearly conveyed from the licensing staff to librarians who work directly with entrepreneurs. Practical implications – The paper proposes a definition of entrepreneurial uses of licensed e-resources and practical approaches to manage compliance risk. Originality/value – The paper provides a practical framework for business librarians to assess compliance with license agreements in the context of entrepreneurial uses.

scholarly journals Branding “Halal”: application of a certain religious emotion to attract a specific customer segment

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Md Sajjad Hosain
Keyword(s):  
Design Methodology ◽  
Cost Effective ◽  
Literature Survey ◽  
Market Segment ◽  
Content Type ◽  
Customer Segment ◽  
Food Market ◽  
Conceptual Paper ◽  
Islamic Values ◽  
Practical Implications

Purpose The main purpose of this conceptual paper is to identify and explain the technique of branding “Halal” as a marketing strategy to reach and capture a certain market segment (niche), particularly Muslims. Design/methodology/approach The approach of this paper is descriptive based on literature survey as well as the author’s own opinion, experience and judgment. Findings In many cases, particularly in food market, the term “Halal” is being used to attract the Muslim customers’ religious feelings rather than providing them cost-effective value products. Research limitations/implications The paper is expected to contribute to the theoretical base, as it focuses on the use of religious sentiments in marketing that is worth further research conduction. Practical implications The arguments of this paper can be used by the producers of “Halal” products in including certain features that might satisfy the demands of religious Muslims regarding food products. Social implications This paper can be contributive for the greater needs regarding societal and Islamic values. Originality/value This paper is one of the initial attempts to highlight the religious feelings to attract a specific market segment.

What is new after Liu: unsettled questions surrounding SEC disgorgement

2020 ◽  
Vol 21 (2/3) ◽  
pp. 127-135
Author(s):  
M. Alexander Koch ◽  
Carmen J. Lawrence ◽  
Aaron Lipson ◽  
Russ Ryan ◽  
Richard H. Walker ◽  
...  
Keyword(s):  
Financial Services ◽  
Design Methodology ◽  
Federal District ◽  
District Court ◽  
Content Type ◽  
Equitable Relief ◽  
Practical Guidance ◽  
Court Proceedings ◽  
The Impact ◽  
Practical Implications

Purpose To analyze the impact of the U.S. Supreme Court’s decision in Liu v. SEC, where the Court confronted the issue of whether the SEC can obtain disgorgement in federal district court proceedings. Design/methodology/approach This paper provides an overview of the authors’ prior work analyzing courts’ treatment of SEC disgorgement and a summary of the background and opinion in Liu v. SEC. This article then focuses on the practical implications of Liu on SEC disgorgement by considering questions left open by the decision. Findings The Court in Liu held that the SEC is authorized to seek disgorgement as “equitable relief” as long as it “does not exceed a wrongdoer’s net profits and is awarded for victims.” But the Court left many unanswered questions, such as whether disgorged funds must always be returned to investors for disgorgement to be a permissible equitable remedy, whether the SEC can obtain joint-and-several disgorgement liability from unrelated co-defendants, what “legitimate expenses” should be deducted in disgorgement calculations, and to what extent the SEC can seek disgorgement in cases when victims are difficult to identify. Originality/value Original, practical guidance from experienced lawyers in financial services regulatory and enforcement practices, many of whom have previously worked in the SEC’s Division of Enforcement.

EU whistleblowing rules to change in favor of whistleblowers

2020 ◽  
Vol 21 (1) ◽  
pp. 55-61
Author(s):  
Alja Poler De Zwart
Keyword(s):  
Design Methodology ◽  
Eu Law ◽  
Member States ◽  
Content Type ◽  
Eu Member States ◽  
Minimum Standards ◽  
Practical Guidance ◽  
Practical Implications ◽  
The Eu ◽  
Reporting Channels

Purpose To describe the new EU Whistleblowing Directive and its implications. Design/methodology/approach Describes organizations to which the Directive applies, the scope of reportable whistleblowing concerns, whistleblowers’ reporting channels and mechanisms, whistleblower protections, how organizations should respond to whistleblower reports and how organizations should prepare for the new rules. Findings The new Directive will require Member States to create rules for organizations with more than 50 workers, will mandate such organizations to implement whistleblowing hotlines for reporting a broad range of EU law violations, and will contain minimum standards on how to respond to and handle any concerns raised by whistleblowers. Practical implications Organizations in the EU can and should start taking initial steps to prepare for the new rules as soon as possible. There will likely be some differences among whistleblower rules in individual EU Member States. Originality/value Practical guidance from experienced corporate, technology, media, telecommunications and compliance lawyer.

MSRB publishes its first compliance advisory for broker-dealers

2016 ◽  
Vol 17 (3) ◽  
pp. 49-51
Author(s):  
Scott R. Anderson ◽  
Kate S. Poorbaugh
Keyword(s):  
Financial Services ◽  
Design Methodology ◽  
Content Type ◽  
Compliance Programs ◽  
Policies And Procedures ◽  
Practical Guidance ◽  
Effective Compliance ◽  
Practical Implications

Purpose To summarize the Municipal Securities Rulemaking Board’s 2016 Compliance Advisory for brokers, dealers and municipal securities dealers. Design/methodology/approach Summarizes several Municipal Securities Rulemaking Board (MSRB) rules that the Compliance Advisory highlights as presenting key compliance risks for brokers, dealers and municipal securities dealers. Discusses the factors included in the Compliance Advisory that dealers should consider when evaluating compliance procedures and controls. Findings By highlighting some key compliance risks and providing considerations tailored to those risks, the Compliance Advisory can be used as a tool to aid dealers in developing and assessing effective compliance programs. Practical implications Dealers should consider reviewing their firms’ existing compliance policies and procedures in light of the considerations discussed in the Compliance Advisory. Originality/value Practical guidance from experienced securities and financial services regulatory lawyers.

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