Navigate the compliance storm

The Regulatory Dust Has Not Settled

Top 5 Regulatory Risks in 2014

• Foreign Account Tax Compliance Act (FATCA)
• Basel III
• Volcker Rule
• Global AML Compliance
• CFPB Requirements

"FATCA"

• Foreign Account Tax Compliance Act
• Foreign banks must report US holdings to IRS
• Non compliance results in 30% tax withholding
• Set to take full effect July 1 

Basel III

• Full Effect January 2015
• Changes Banks Capital Requirements
• Changes Banks Leverage Ratio
• Changes Banks Liquidity Requirements

Volcker Rule

• Section 619 of Frank Dodd Act
• Bank Prop Trading Banned
• Good Idea, Impossible Execution
• ABA estimates 6.6 M man hours to implement
• Another 1.8 M hours per year to enforce

Global AML Compliance

• Procedures in place / No enforecement
• Lacking proactive risk management approach
• Change in Organizational Culture needed
• FATF is testing its "effectiveness in practice"

CFPB

• Consumer Financial Protection Bureau
• Remittance Transfer Rule 
• Title XIV Rule
• TILA RESPA Disclosure

Other Compliance Risks

• COSO Framework
• Foreign Corrupt Practices Act
• Cyber Security
• Risk Oversight

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