Financial Services

The Evolution of Claims Processing

Technology is evolving daily, and consumers want product and service information in real-time, not weeks, days, or even hours.  Many operational leaders are laden with disparate data, limited tools, and budgets to invest.  In addition, the number of potential solutions in the market is vast and confusing, leaving consumers in a quandary on where to […]

Recent PCAOB Developments in the Broker Dealer World

Another Annual Inspection Report It’s late summer, which means the PCAOB Annual Report on the Interim Inspection Program Related to Audits of Brokers and Dealers (“Sixth”) results are in.  The Sixth brought more information for consideration, but no clarity on the PCAOB’s direction in proposing the final inspection program.  A permanent inspection program was expected […]

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 […]

Impact of the New Revenue Recognition Standard on the Asset Management Industry

Background In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers. Topic 606, Revenue from Contracts with Customers, presents the new revenue recognition guidance. FASB also issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, in August 2015. As […]

Occupational Fraud: There’s a good chance you’re a victim

What are you going to do about it? It is commonly said there are two certainties in life – death and taxes. However, given the current business environment, all business and accounting professionals should consider one more: fraud. Whether or not you suspect it, it’s safe to assume that at some point, either you or […]

SEC Adopts Amendments to Investment Adviser Act Rules

Background On August 25, 2016, the Securities and Exchange Commission (the “SEC” or the “Commission”) adopted amendments to various rules under the Investment Advisers Act of 1940 (the “Act”). The amendments will be effective 60 days after the date of publication in the Federal Register, but investment advisers are expected to comply with the amendments […]