Banking

The New Challenge: Current Expected Credit Loss – Part II

In April 2017, Mazars published our first article on the new Current Expected Credit Loss (“CECL”) standard, under Accounting Standard Update (“ASU”) No. 2016-13. The new credit loss model will not be effective until after 2019, but institutions should have already been taking steps over the past year to understand and prepare for the impact. […]

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 […]

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 […]

The Internet of Things and Your Security

This article provides an overview of the widespread Internet outage that occurred on October 20, 2016, examining the purpose and vulnerability of various Internet devices. WHAT HAPPENED On Friday, October 20, 2016, many businesses and personal IOT devices were compromised and used to perform a distributed denial-of-service (DDoS) attack on the service Dyn, which supports […]

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 […]