Banking

Individual and Entity 2017 Tax Update Webcast

INDIVIDUAL AND ENTITY 2017 TAX UPDATE All Industries December 5, 2017 | 11 AM EST This webcast explored the individual income tax, domestic and international entity tax, and transfer tax landscape as well as year-end tax strategies. Take full advantage of this opportunity to hear from experts at Mazars USA LLP as they provide an […]

T+2 Settlement Cycle For Securities Transactions

T+2 Settlement Cycle On September 5, 2017, the Securities and Exchange Commission (the “SEC”) adopted an amended rule to shorten the settlement cycle for most securities transactions, reducing the cycle to two business days (T+2), instead of three. T+3 had been in place since 1995, after the SEC reduced the settlement cycle from T+5. This […]

Evolving Role of IA With Cyber Risk

Cyber as an Organizational Risk In 93% of data breaches, the targeted systems were compromised within minutes. 83% of the time, those breaches were not discovered for weeks, leaving the attackers with plenty of time to do their damage and exfiltrate data1. The average consolidated total cost of a U.S. data breach in 2016 was […]

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 […]