Tag: SARs

Innovation in Compliance: Matt DeLauro on Enhanced Efforts Against Financial Crimes

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Post date March 26, 2024
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Innovation takes many forms, and compliance professionals must be ready for and embrace it.

Today, Tom Fox visited with Matt DeLauro, SEON’s Chief Revenue Officer. Matt discussed the SEON software solution for fraud risk and anti-money laundering.

Matt DeLauro is a financial industry veteran with over two decades of experience specializing in developing and implementing software solutions for various financial entities. With a focus on financial services and fintech, he currently serves as the chief revenue officer at SEON, a company dedicated to fraud prevention and anti-money laundering (AML) technology.

DeLauro’s perspective on AML regulations stems from his deep understanding of the fraud community’s interconnected nature and the increasing importance of AML measures due to factors like international conflicts and national security threats.

He emphasizes the need for real-time detection services and robust compliance controls in the face of evolving threats, highlighting the impact of sanctions and sanctioned individuals on the need for enhanced compliance.

Ultimately, DeLauro views AML as a critical tool in combating financial crimes and preserving the integrity of the global financial system.

Key Highlights:

Enhanced Efforts Against Financial Crimes
Real-time Fraud Detection in Financial Services
Automating SAR Generation with Machine Learning
Real-time Fraud Detection through Device Fingerprinting
Sub secondary Detection of Fraudulent Transactions in Real-Time

Resources:

Matt DeLauro on LinkedIn

Tom Fox

Tags AML, fraud prevention, Matt DeLauro, SARs, SEON

Life with GDPR

SARs Update

Tom Fox and Jonathan Armstrong, renowned expert in cyber security, host the award-winning Life with GDPR. In this episode, Jonathan Armstrong shares that SARs remain a significant area of concern for businesses. He joins Tom to discuss a recent individual’s complaint with the Austrian DPA, in which the response was incomplete and the individual took their case to an Austrian Federal Administrative Court. Jonathan shares that this tactic is being used by those under regulatory and governmental investigation. Tom and Jonathan’s insight is invaluable for staying informed of the most up-to-date news on SARs.

Key Highlights

· Challenges of Filing Data Protection Complaints in Austria [00:057]

· Legal Implications of Acquiring a Business Under Regulatory or Governmental Investigation [00:11:03]

· Ending a Podcast[00:15:50]

Notable Quotes

1. “We know that SARS are onerous, and it may be that the GIST route might be a way of saving some of the effort involved, not in searching for data necessarily, but in the whole redaction task, which is substantial because obviously you have to redact records so as not to expose the data of other individuals in many cases.”

2. “And the officer stream result also seems to be in accordance with guidance from other DPAs as well. So probably the right decisions in both cases but obviously still some complexity involved in dealing with hours.”

3. “We’ve definitely seen [SARs] in the context of regulatory or other governmental investigation. There are the cases in the public domain, for example, which is a case, which involves Russian oligarchs battling it out in the UK courts after group a investigated group b.”

4. “And as I say, we’ve used the gist route previously. We know that people have complained to the ICR to other regulators but so far, that hasn’t been anything that regulators criticized in the cases that we’ve been involved with.””

Resources

For more information on the issues raised in this podcast, check out the Cordery Compliance, News Section. For more information on Cordery Compliance, go their website here. Also check out the GDPR Navigator, one of the top resources for GDPR Compliance by clicking here.

Connect with Tom Fox

● LinkedIn

Connect with Jonathan Armstrong

● Twitter

● LinkedIn

Tags GDPR, Jonathan Armstrong, SARs

Daily Compliance News

February 9, 2023 – The Fake Letter Edition

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Post date February 9, 2023
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Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen to the Daily Compliance News. All from the Compliance Podcast Network. Each day we consider four stories from the business world, compliance, ethics, risk management, leadership, or general interest for the compliance professional.

Stories we are following in today’s edition of Daily Compliance News:

Wells Fargo settles yet another shareholder lawsuit. (Reuters)
Canada sanctions those involved in Haiti’s corruption. (ICIJ)
Don’t send the sentencing Judge a fake letter. (Bloomberg)
ABA doesn’t want to report suspicious transactions. (WSJ)

Tags ABA, corruption, FTX, Haiti, SARs

Compliance Kitchen

SAR Filing Trend from 2021

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Post date April 6, 2022
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2021 SAR Filing Trend Data Now Available on FinCEN’s Website.

Tags 2021 SAR Filing Trend, FinCen, SARs, Silvia Surman

Compliance Kitchen

FinCEN Solicits Comments

The Kitchen discusses the opening of FinCEN Public Comment window on sharing of SARs.

Tags FinCen, SARs

This Week in FCPA

Episode 283 – the Tribute to Madden and Harry edition

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Post date December 31, 2021
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With Jay on a holiday assignment, Tom is joined by Mike Volkov to look at some of the week’s top compliance and ethics stories this week in the Tribute to Madden and Harry edition.
Stories
1.     We lost two greats this week, one in sports and gaming and one from politics. John Madden and Harry Reid. Tom and Mike reflect.
2.     No poaching in the Defense Industry. Jay DeVecchio and Lisa Phelan in a MoFo Client Alert.
3.     What is a ‘Bump Up’ provision in an E&O policy. Barry Buchman and Michael Scanlon in D&O Diary.
4.     Reflections on 2021 in Compliance. Lisa Schor Babin in CCI.
5.     Should lawyers file SARs? Jason Morris in Compliance Week (sub req’d).
6.     Fraud in the taxi business? (This is my shocked face.) Matt Kelly in Radical Compliance.
7.     Making ESG 2^nd nature in asset allocation. Sara Rosner and Jess Gaspar in Harvard Law School Forum on Corporate Governance.
8.     An app for ESG investment. Lawrence Heim in PracticalESG.
9.     Thoughts for the Board from 2021. Marty Lipton in Harvard Law School Forum on Corporate Governance.
10.  Tom and Mike look back at 2021 in compliance. Tom in FCPA Compliance and Ethics Blog.
Podcasts
11.  Want some fun? Join Tom and One Stone Creative co-founder Megan Dougherty for an exploration of the full MCU. In their most recent posting, check out Episode 3, Iron Man.
12.  In December on The Compliance Life, I visit with Matt Silverman, Director of Trade Compliance at VIAVI. Matt is the first Trade Compliance Director I have hosted on TCL. In Part 1, Matt details his academic career and early professional life. In Part 2, Matt moves into trade compliance. In Part 3, Matt moves into the Director’s chair. In Episode 4, Matt looks down the road for trade compliance.
13.  The Compliance Podcast Network welcomes Professor Karen Woody and her new podcast, Classroom Insider. In this most unique pod, Karen interviews some of her student to tell the history of insider trading. Check out Episode 1 where they discuss the history of insider trading. In  Episode 2, the disclosure or abstain rule. On Episode 3, they will take up narrowing the scope of the disclose or abstain rule.
14.  On EMBARGOED!, Brian and Tim run through a Lightning Round-style discussion of the top economic sanctions and export controls stories of 2021.
15.  Looking to enhance your compliance program? Check out 31 Days to a More Effective Compliance Program returns, which runs for the month of January, from January 1 to January 31. Available on the Compliance Podcast Network, Megaphone, iTunes, and all other top podcast platforms.
Tom Fox is the Voice of Compliance and can be reached at tfox@tfoxlaw.com. Mike Volkov is the founder of the Volkov Law Group and can be reached at mvolkov@volkovlaw.com.