How do you assess the value of learning opportunities? Perhaps you may look at it as a cost per hour type of expenditure.
Well in today’s episode I’m here to discuss how that is a flawed mindset and in what ways one should be looking at the various opportunities that are out there.
Listen in at: http://www.jasonmefford.com/jammingwithjason/
Private Funds 101 – From SEC Registration to Compliance Rules
In this episode, CSS’s Director of Private Funds and a former SEC regulator, John Gentile sits down with Senior Vice President of Ultimus LeverPoint Private Fund Solutions, Andrew Jones to discuss the world of private fund managers. The round-robin discussion covers SEC registration to identifying as an Exempt Reporting Adviser, the impact of the new Marketing Rule on private funds and compliance best practices for fund admins.
About Our Guest Speakers:
John Gentile is responsible for overseeing various types of broker-dealer and investment adviser consulting engagements, including conducting SEC/FINRA internal control reviews, anti-money laundering testing, written supervisory policy and procedures testing, and other consultation services. John is a frequent speaker at industry conferences on various compliance topics, including “Effective Supervision,” “Large Firm Testing,” FINRA Supervisory Control Rules” and “Anti Money Laundering Requirements for Broker Dealers under the PATRIOT Act.” In 1987 John joined the SEC as a Securities Compliance Examiner, becoming a Branch Chief in 1991. He became Assistant Regional Director in 1993, supervising a team of 20 broker-dealer managers and examiners. He also planned and conducted financial, operational, and sales practice examinations of the largest broker dealers and was among those responsible for a review of hedge funds’ impact on broker dealer internal controls. Before joining the SEC, John was a Financial Damage Analyst with PaineWebber Inc. Most recently from 2000-2007 John was an Executive Consultant, Broker-Dealer Services, at National Regulatory Services. John has an MBA from Fordham University and a BS in Finance from Central Connecticut State University. From 1995 to 2002, John was also a member of the Securities Industry Continuing Education East Coast Content Committee.
Andrew Jones is the Senior Vice President for Ultimus LeverPoint Private Fund Solutions. He joined Ultimus in April 2018, and is responsible for overseeing the promotion and sales for private fund services. Andrew works closely with the executive team to provide a client-focused approach and collaborates with other industry professionals to provide a diverse network of solutions for Ultimus clients. He works in the Chicago, Illinois office. Before joining Ultimus, Andrew worked as Senior Vice President at Woodfield Fund Administration, LLC, where he was responsible for the development of new business, marketing, client relations, and implementations. He also served as head of Investor Services, overseeing the day-to-day operational functions for hedge funds, private equity, venture capital, real estate, and other clients. Andrew earned a bachelor’s degree in Business, Management, and Marketing from the University of Iowa, and has been working in the financial services industry since 2007.
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Honeywell and FLIR Settlements
In this episode, the Kitchen looks into the recent Honeywell and FLIR settlements with the US regulators.
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Episode 064 — Jennny Kim
In this episode of The Ethics Experts, Nick welcomes Jenny Kim, Collaborator, Connector, Leader, Herder, Builder, Curator, Therapist, Troubleshooter and Sometimes the “No”, to the show.
Tom Fox and Stephen Martin are talking with Tom Firestone, Partner at Baker & McKenzie, in this week’s episode of Big Brains in Compliance. Before joining Baker & McKenzie, Tom worked at the Department of Justice for 14 years, including as Resident Legal Advisor at the US embassy in Moscow. He, Tom Fox, and Stephen Martin discuss trading ethically in Eastern Europe, key issues in the cannabis industry, and what compliance professionals need to know coming out of the AML act of 2020.
Doing Business in the CIS Region
Stephen asks Tom, “[What] are some of the real issues you see now especially in Eastern Europe?” He responds that the issues are complicated and often relate to secret ownership of business partners by government officials. A lot of his work involved “unpacking these layers of corporate structures to figure out who’s behind them… and can you do business with this person.” He explains to Stephen and Tom why these issues arose and that it requires you to do detailed analysis before moving ahead. Triangular payment arrangements – often a tax evasion scheme – is one red flag compliance officers should look out for, he points out. It boils down to case-by-case investigation, and then making a decision based on your overall judgment.
Cannabis is a Grey Area
“We review every cannabis-related engagement from anywhere in the world… to determine whether or not it’s something we can do legally and whether or not we’re comfortable with it,” Tom says. He comments that federal law contradicts state law in many jurisdictions because those states have legalized cannabis. “You have a very grey legal area of a very grey legal framework,” he remarks. The industry is heavily influenced by politics and many people in the industry come from a criminal background. You have to evaluate all the risks before moving forward, he advises. He predicts that the federal government will adopt a hands-off policy and defer to state law in these issues. It’s a fascinating area for lawyers because it draws on key skills. Ultimately, “it’s about verifying business partners, about verifying the legitimacy of licenses, and it’s about due diligence,” Tom comments.
Prosecuting the Demand Side
Tom Fox asks why Tom advocates for a demand-side penalty to be added to the FCPA. Tom Firestone responds that in reality bribes are initiated as often by the recipient as the giver. Both are equally culpable, so both should be prosecuted. Other jurisdictions, such as the UK, prosecute both sides; however, the US has forgone prosecuting the recipient side mostly for political and diplomatic reasons. Instead, they are going after these bad actors in a roundabout way.
The Future of FCPA and AML 2020
FCPA enforcement is here to stay, Tom Firestone predicts. There are fewer enforcement actions in 2021, but that’s just the natural ebb and flow. Tom Fox asks him what other white-collar priorities he expects from the Biden administration. He responds that he expects to see more sanctions, as well as SEC regulatory, environmental, and antitrust enforcements. Prosecuting domestic terrorists and police brutality are also this administration’s stated priorities.
Tom Fox and Tom Firestone discuss what the AML act of 2020 means for compliance professionals. It comes down to knowing more about who you’re doing business with, Tom Firestone remarks: “It behooves compliance professionals to pay more attention to who their customers are and where they got the money from.” Stephen asks about future trends in compliance. Tom Firestone lists three areas he believes will define compliance in the near future. In the end, good compliance is about good day-to-day ethics, Tom reminds listeners. “If you have good day-to-day compliance with good day-to-day business ethics, you will protect yourself against a full host of risks that are out there.”
Resources
Tom Firestone on LinkedIn
Baker McKenzie
tom.firestone@bakermckenzie.com
In this Episode of the FCPA Compliance Report, I am joined by András Bácsfalvi, an AML compliance specialist in Hungary and more importantly host of the podcast Védelmi Vonalak . In this episode we take a look at the current state of AML compliance in Hungary. Highlights include:
Hungary is still a largely cash based society. How does this impact AML compliance?
How Bácsfalvi became interested in compliance.
What is a MLRO and what role does in fulfill in a compliance program?
What are the challenges in anti-money laundering in Hungary?
What are some of the biggest challenges in his current role?
What is your assessment of the current state of AML compliance in Hungary?
The Bácsfalvi podcast Védelmi Vonalak. Why András Bácsfalvi started it, who is the audience?
Resources
András Bácsfalvi LinkedIn profile
Védelmi Vonalak podcast
Recorded before the recent Colonial Pipeline Ransomware attack, Affiliated Monitors, Inc.’s Managing Director, Dionne Lomax, sat down with Dentons’ Kelly Graf to discuss Privacy and Cybersecurity Issues for 2021 and Beyond. Kelly shares with our listeners how mature their security programs need to be in light of ransomware, phishing, and a post-COVID-19 Work From Home data protection environment. Now that cybersecurity is in the news more than ever, this conversation couldn’t be more relevant.
They cover topics including:
• The multi-trillion dollar growth in this criminal industry over the last decade
• The importance of remote working standards and network segmentation
• Class action lawsuits regarding large scale data breaches
• Ongoing trends in FTC enforcement of COPPA
• The modern sophistication of phishing and social engineering attacks
• The perverse incentives created by, and the unintended consequences of, the growing cybersecurity insurance industry
• The creative ways that lawyers have used outdated privacy laws to bring data security lawsuits
In this weeks installment, Jesse Caplan, Dionne Lomax, and Jim Anliot team up to discuss wide ranging risks and opportunities for healthcare practitioners and entrepreneurs. Dionne Lomax reflects on the unprecedented collaboration that was necessary to provide quality care in the height of the COVID-19 crisis. But antitrust and fraud concerns come with the territory, and the panel provides anecdotes and advice for dealing with this collaboration. Additionally, Jim Anliot’s main advice for anyone looking to innovate in the healthcare space with a new idea or service needs the guidance of experts to navigate the extremely complicated regulatory landscape.
Email podcast@affiliatedmonitors.com with comments or questions, and be sure to subscribe and/or leave a review if you enjoy this show!