Release Notes for CLEAR Compliance™ (Q2 - 2022)
Investment Giant Pays the Price for Misrepresented ESG Funds
In previous posts, we discussed the importance of correctly capturing Requirements (capitalized to indicate compliance requirements). In conversations with large investment/asset managers (>$100bAUM) they have invested significant budgets in the on-boarding process. That process generally includes everything from KYC and AML to IMA/source documentation reviews.
In 2014, the United States’ regulatory hammer came down on BNP Paribas SA, sending a shock to compliance systems across the globe. Pleading guilty to violating the International Emergency Economic Powers Act and the Trading with the Enemy Act, the French bank would rack up a $9 billion price tag.[1] The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) would go on to make an example of those who violate sanction laws and risk national security interests, reaching the largest sanctions-related settlement of $963 million.[2]
Ah, Spring! The buds are showing on the trees and sunshine is breaking through the clouds. Here in New England, it’s the time of crocuses coming up through the soil, robins singing in the trees—and potholes forming on our streets and highways. They start out small and get progressively worse as we move into the next season, Road Construction and Detours.
Front office support can be a grind, especially when it doesn’t allow time for anything else. During volatile market conditions, PMs may need to rebalance or unload positions quickly and having orders “stuck” in compliance means your team is constantly taking calls.
