FinCEN Warns Financial Institutions to Guard Against Corrupt Venezuelan Money: Key Consideration for Financial Institutions

Financial institutions should have effective Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”) and Office of Foreign Assets Control (“OFAC”) policies and procedures to manage the risks associated with senior political figures, otherwise known as “politically exposed persons (PEPs).” Under the Federal Financial Institutions Examination Council’s BSA/AML Examination Manual (“FFIEC Manual”), PEPs include: Any corporation, business, or other […]

What is a Systemically Important Financial Institution?

This article is part of a series of Mazars USA articles regarding banking regulations. Refer to the June 2017 Mazars USA financial services trends article on the Financial CHOICE Act and its implications for community banks. The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) was written in response to the repercussions of the […]

What is the “GAAP” in Regard to Digital Currency?

As digital currencies like Bitcoin, and its competitors like Ethererum and Ripply become more common in the business world, the Financial Accounting Standards Board (FASB) is conducting early stage research into whether to develop Generally Accepted Accounting Principles (GAAP) for these currencies. In 2013, the U.S. Financial Crimes Enforcement Network (FinCEN) defined virtual currency by […]

New York State Adopts Detrimental Receipts Factor Methodology

In guidance memorandum NYT-G-17(2)C, issued by New York State on August 2, 2017, impacting tax years prior to 2015, the Department of Taxation & Finance denies customer-based apportionment of receipts for a corporate entity that holds an interest in a single member LLC that is a registered broker-dealer in securities. Corporations pay tax to New […]

The Marriage Of High Tech And High Finance

The lines between financial services and high technology are becoming increasingly blurred. Four major technological changes will disrupt financial services in the years ahead. At French bank BNP Paribas, chief executive Jean-Laurent Bonnafé is on a mission to build what he calls “the bank of the future”. He is clearly prepared to give his plan […]

The Evolution Of Banking

Over a decade ago looking at the state banking webpage for my home state of New Jersey, there were approximately 250 banks doing business in the state then. A similar check today would yield a list of less than 150 or so; a more than 40% decline. With banking regulation at an all-time high, the […]