Legal Procedures Reporting Requirements 
The Payments Association
FEBRUARY 14, 2025
Firms should be prepared for more onerous record-keeping and reporting requirements and factor in the costs of additional compliance obligations, including holding client funds under statutory trust. Employees should be well-versed in the safeguarding procedures and understand their role in protecting customer funds.
Trade Credit & Liquidity Management
MAY 29, 2025
This includes knowing required documentation (commercial invoices, certificates of origin, packing lists), tax implications (VAT, withholding taxes, double taxation treaties), currency regulations, and customs codes. Aligning legal, tax, and IT teams fosters a unified approach that balances compliance with business needs. In Summary.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
VISTA InfoSec
OCTOBER 26, 2023
Auditing Under Section 404 of the SOX, there is a requirement for an obligatory annual independent audit. This audit confirms the validity of management’s evaluation of their controls and reports on the effectiveness of the overall financial controls and procedures.
Innovative Payments Association
AUGUST 29, 2024
With the growing legalization of cannabis across the U.S., While many states have legalized cannabis for medical or recreational use, it is still illegal at the federal level. Develop Written Policies and Procedures Clear and comprehensive written policies and procedures are essential for a strong compliance program.
PYMNTS
JANUARY 30, 2019
That procedure can be described as a two-by-two check, and is geared toward verifying individuals on two sides of a transaction. But regulators are now requiring firms to use risk-based policies and procedures to determine a customer’s risk scores and to use risk scores to establish a baseline for transaction and relationship monitoring.
The Payments Association
OCTOBER 23, 2024
In addition to updating policies and procedures, many firms may need to make significant operational changes, including to their funds flows. Firms with agents or distributors may require additional liquidity for safeguarding. Firms may be required to diversify their safeguarding providers.
PYMNTS
DECEMBER 3, 2019
Banks no longer have to submit a suspicious activity report (SAR) just because a business is growing or cultivating hemp. Financial institutions should follow standard SAR procedures and submit a report only if there is questionable behavior. Department of Agriculture’s (USDA) interim final rule on hemp production.
Expert insights. Personalized for you.
88 
Let's personalize your content