Week In Compliance: Retirees, be ware

Don’t trust her with your money. Kristina Svechinskaya, 26, is a Russian hacker who stole $3 Million

FINRA has proposed new rules that will allow a firm to put a temporary hold on financial transactions when abuse is suspected, and will allow the firm to contact a trusted other during this hold period. Where’s the flaw? No rule yet mandates that every financial firm and every individual advisor obtain information for a trusted contact person for every client. – Mikol S. Davis for Aging Capital 

Retirement accounts to be regulated by SEC and FINRA in 2016 – on ERISA, Andrew Welsch for On Wall Street

38% of the survey’s respondents said that compliance with TRID was their chief concern with the implementation of the new mortgage disclosure process – Ben Lane for Housing Wire

SEC observed that certain outsourced CCOs could not articulate the business or compliance risks of the registrant or, to the extent the risks were identified, whether the registrant had adopted written policies and procedures to mitigate or address those risks. In some instances, the risks described to the staff by the registrant’s principals were different than the risks described by the outsourced CCO. – on SEC’s warning about outsourced Compliance, Ethan Mark for JPSupra

Regardless of what or how many functions one chooses to outsource, it is the hiring firm that is ultimately responsible for its compliance program (not the fired firm) – Julie DiMauro from Regulatory Intelligence for Reuters 

Jobs in Compliance


Marcus Maltempo is a compliance professional with more than a decade of experience helping banks, law firms and clients manage investigations and regulatory responses. He is a member of ACAMS and ACFE. 

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