FinCrimes Webinar Series Recap: The Role of Corruption Risk in a Financial Crimes Compliance Program

BuckleySandler hosted a webinar, The Role of Corruption Risk in a Financial Crimes Compliance Program: What are Banks Doing to Detect Corruption in the Wake of the FIFA Scandal?, on September 24, 2015 as part of their ongoing FinCrimes Webinar Series. Panelists included Thomas Coupe, EMEA Global Financial Crimes at Bank of America Merrill Lynch; and Compliance; Gaon Hart, Global Anti-Bribery & Corruption Policy and Education Lead at HSBC; and Denisse Rudich, Financial Crimes Compliance Specialist at Firedrake Consulting. The following is a summary of the guided conversation moderated by Jamie Parkinson, partner at BuckleySandler, and key take-aways you can implement in your company.

Best Practice Tips and Take-Aways:

  1. Corruption risk for a financial services firm is presented both directly and indirectly. Corruption risk is presented directly when an employee or third parties acting on behalf of an institution act in a way that implicated anti-corruption laws, such as the Foreign Corrupt Practices Act, U.K. Bribery Act or another anti-corruption law. Corruption risk is presented indirectly when a customer seeks to use a financial institution for a corrupt deal or to hold or transmit funds associated with a corrupt scheme.
  2. It is important to have one person your organization can look to when an anti-corruption concern arises. This person should serve as the point of contact for your regulators and have the ability to quickly escalate concerns to senior management and the board of directors.
  3. New customers with past corruption issues present special challenges. Be sure that your onboarding and due diligence processes are able to identify and evaluate these concerns.
  4. Bear in mind that corruption risk management also requires looking at your organization internally. This means examining your own employees for conflicts issues, evaluating your organization’s sponsorships and donations, and performing due diligence on your third-party suppliers.
  5. Effective anti-corruption risk management requires cultivating a culture within your organization that supports your efforts. This is an area that regulators are increasingly interested in.

Read more…


BuckleySandler Webinar Recap: Strategies for Meeting the CFPB’s Expectations for Consumer Complaint Management

On September 29, BuckleySandler hosted a webinar, “Meeting the CFPB’s Expectations for Consumer Complaint Management,” presented by partner Jonice Gray Tucker, counsel Lori Sommerfield, and counsel Kari Hall. This recap covers highlights from their discussion, which included a discussion of the CFPB’s expectations and practical advice for managing consumer complaints in the evolving regulatory environment.


The webinar began with a brief background on the CFPB’s approach to consumer complaints. In particular, the presenters touched upon how the CFPB has used complaints as a driving force in determining priorities in guiding supervisory work, identifying leads for enforcement, and in informing rulemaking efforts. The presenters also discussed how the Bureau may deal with deficiencies in consumer complaint management in examinations and ways in which the outgrowth of such deficiencies may lead to enforcement actions. In addition, the presenters highlighted key elements of effective complaint management programs. Read more…


BuckleySandler Hosts Webinar on TRID for Investors

On September 15, BuckleySandler hosted a webinar, “TRID for Investors” presented by BuckleySandler partner Benjamin Olson and associate Brandy Hood. The webinar addressed what purchasers of mortgage loans need to know about the TILA-RESPA Integrated Disclosure rule (TRID rule) that goes live on October 3, 2015. Specifically, Mr.Olson and Ms. Hood addressed evolving assignee liability, identifying risks, correcting errors, and identifying apparent errors. They also discussed ambiguous liabilities and common misconceptions, and focused on information that will help investors develop instructions and procedures that reduce litigation risk without unnecessarily limiting the pool of loans meeting those standards. For additional information and resources on the TRID rule, please visit our TRID Resource Center.

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BuckleySandler FinCrimes Webinar Series Recap: Best Practices in Customer Due Diligence and Know-Your-Customer

BuckleySandler hosted a webinar, Best Practices in Customer Due Diligence and Know-Your-Customer, on May 21, 2015 as part of their ongoing FinCrimes Webinar Series. Panelists included Eric Arciniega, Senior Manager, BSA/AML Due Diligence Operations at First Republic Bank; Janice Mandac, Global Head of KYC at Goldman Sachs; and Nagib Touma, Director Global AML/KYC at Citi. The following is a summary of the guided conversation moderated by Jamie Parkinson, partner at BuckleySandler LLP, and key take-aways you can implement in your company.

Best Practice Tips and Take-Aways:

  1. Establishing company-wide/global standards for your company’s customer due diligence and KYC program will help to ensure consistency throughout the organization. But, for global institutions, you must also be able to accommodate jurisdictions with requirements that are more stringent than the global standards.
  2. Be aware of data privacy standards in the countries where you operate. These standards pose a particular challenge to operating a centralized customer due diligence and KYC program.
  3. Regulators’ recent focus on model risk management extends to your customer risk rating model. Ensure that your model is being tested and tuned rigorously.

Read more…


FinCrimes Webinar Series Recap: Conducting an Effective Financial Crimes-Related Internal Investigation

BuckleySandler hosted a webinar, Conducting an Effective Financial Crimes-Related Internal Investigation, on April 23, 2015 as part of their ongoing FinCrimes Webinar Series.  Panelists included John Mackessy, Anti-Money Laundering & Trade Sanctions Officer at MasterCard and Saverio Mirarchi, Senior Director at Treliant Risk Advisors and former Chief Compliance and Ethics Officer at Northern Trust.  The following is a summary of the guided conversation moderated by Jamie Parkinson, partner at BuckleySandler, and key take-aways you can implement in your company. To request a recording of this webinar, please email Nicole Steckman at

Key Tips and Take-Aways:

  1. Make sure that the organization has appropriate policies and procedures in place to quickly and efficiently react when an investigation begins.
  1. Have systems in place to quickly identify the veracity of any allegations and be prepared to begin the internal investigation as soon as possible.
  1. Be prepared for, and understand the impact of having, a compliance monitor as part of any settlement agreement.

Read more…


Spotlight: Q&A with BuckleySandler’s Douglas F. Gansler, Former Attorney General of Maryland

Doug-Gansler-webOn January 20, 2015, Douglas F. Gansler, former Attorney General of Maryland, joined BuckleySandler LLP as a Partner in the firm’s Washington, DC, office upon completion of his second term as Maryland Attorney General. An accomplished trial lawyer and appellate advocate with a unanimous victory before the U.S. Supreme Court, Doug’s in-depth knowledge and understanding of complex civil, criminal and enforcement matters will be, as firm Chairman Andrew L. Sandler recently noted, “an invaluable asset for firm clients in navigating the government enforcement challenges they confront on a daily basis.”

As he makes the transition to private practice, Doug is optimistic about the opportunities in front of him and is looking forward to getting to know his new colleagues and meeting with firm clients. He shares some added professional and personal insights for InfoBytes Spotlight. Read more…


BuckleySandler Celebrates 2014 Pro Bono Work

On January 30, 2015, the firm held its annual Pro Bono Recognition Reception to recognize the dedication of our attorneys and paralegals to pro bono work throughout 2014. Joseph M. Kolar, chair of the firm’s pro bono committee and head of the Kolar Foundation of BuckleySandler, which focuses its giving to support and encourage members and employees of the firm who themselves are reaching out with their time and resources to help others in need, discussed the importance of pro bono work.

“The last line of the Pledge of Allegiance is ‘with liberty and justice for all.’ ‘Justice for all’ is hard to come by if you don’t have an attorney,” Kolar said.

Kolar was joined by Lise Adams, Assistant Director of the DC Bar Pro Bono Program, who emphasized the growing need for pro bono commitments from law firms and their attorneys. She also noted that pro bono benefits extend beyond simply helping the client and doing a good deed. It also provides opportunities for professional networking and to strengthen or expand your own practice.

“Pro bono is an annual commitment,” said Adams. “It is not one and done. It is a chance to change lives, develop professionally, and fulfill your ethical obligations under the bar.” Read more…

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FinCrimes Webinar Series Recap: Individual Liability – FinCrimes Professionals in the Spotlight

BuckleySandler hosted a webinar, Individual Liability: Financial Crimes Professionals in the Spotlight, on January 22, 2015 as part of its ongoing FinCrimes Webinar Series. Panelists included Polly Greenberg, Chief, Major Economic Crimes Bureau at the New York County District Attorney’s Office, Richard Small, Senior Vice President for Enterprise-Wide AML, Anti-Corruption and International Regulatory Compliance at American Express, and Michael Zeldin, Special Counsel at BuckleySandler. The following is a summary of the guided conversation moderated by Jamie Parkinson, Partner at BuckleySandler, and key take-aways you can implement in your company.

Best Practice Tips and Take-Aways:

  • Be completely transparent with senior management and your board of directors when escalating issues and concerns. Document your requests for program enhancements and management responses.
  • Assure yourself that your team is up to the task at hand, adequately resourced and knows that they can escalate anything that concerns them to compliance and/or senior management/the Board.
  • When considering the quality of your compliance program, be sure that your program is tested internally by your compliance function, tested again by your organization’s internal audit team, and in addition is examined every few years by external counsel/consultant.
  • If confronted with management unwillingness to commit adequate headcount and resources necessary to the compliance program, serious consideration has to be given to resigning and/or reporting these deficiencies.

Read more…


FinCrimes Webinar Recap: Dealing with PEPs – AML & Corruption Risks

BuckleySandler hosted a webinar, Dealing with PEPs: AML & Corruption Risks, on December 18, 2014 as part of its ongoing FinCrimes Webinar Series. Panelists included Mary Butler, Deputy Chief, International Unit, at the Asset Forfeiture & Money Laundering Section, Criminal Division at the U.S. Department of Justice; Paul Dougherty, Managing Director of the anti-money laundering program for the United States and Canada at Bank of America; and Noreen Fierro, Vice President and Chief Compliance Officer of the Group Insurance Division of Prudential Financial. The following is a summary of the guided conversation moderated by Jamie Parkinson, partner at BuckleySandler, and key take-aways you can implement in your company.

Key Tips and Take-Aways:

  1. Make sure that the organization has appropriate procedures in place to identify Politically Exposed Persons (PEPs) and that those procedures appropriately explain how a PEP is defined by the institution.
  1. Understand the different global standards for PEP compliance and, where appropriate, have country-specific policies and procedures to manage onboarding and monitoring.
  1. Encourage cooperation among the different financial crime compliance disciplines within your institution to assist in identifying and monitoring PEPs.

Read more…


Webinar Recap: Discussing “The New CFPB Mortgage Origination Rules Deskbook”

On October 28, 2014, BuckleySandler presented the webinar “Discussing The New CFPB Mortgage Origination Rules Deskbook.” Author Joe Reilly and contributors Joseph Kolar and Ben Olson discussed the need for the book and highlighted information from specific chapters. The webinar was moderated by Jeffrey Naimon. This webinar recap covers the highlights from their discussion. For more information about the CFPB Deskbook, including information on obtaining hard copies, email

The purpose of the CFPB Deskbook is simple – consolidate in a clear, organized format, material from all of the many sources of regulatory guidance on the Consumer Financial Protection Bureau’s (CFPB) mortgage origination rules. Reilly described the CFPB rulemaking, done in such a short period of time, as “herculean.” However, this short time frame created a major need for clarifications, leading to the development of numerous non-rule sources.

“The number of sources [actual rules, preamble language, CFPB webinars, CFPB Small Entity Compliance Guides and more] cried out for a one-stop shop and that’s what I tried to create,” said Reilly.

Olson, former Deputy Assistant Director for the Office of Regulations at the CFPB, helped write many of the rules discussed in the CFPB Deskbook and finds a great deal of valuable in the book.

“You always wish after you publish a rule that you had said more,” said Olson. “The Bureau has tried to answer some of those questions, but answers can be hard to find. If the Bureau says something about it, it’s in the Deskbook.” Read more…


BuckleySandler & PLI Release 2015 Edition of “Consumer Financial Services Answer Book”

BuckleySandler LLP is pleased to announce the availability of the 2015 edition of the “Consumer Financial Services Answer Book,” published by the Practising Law Institute. Twenty-one BuckleySandler attorneys contributed to 12 chapters in this leading desk reference, which uses an easy question and answer format to address matters involving consumer financial services law. BuckleySandler Partner Richard Gottlieb also served as lead editor, a role he has held since publication of the first annual edition in 2011.

The 2015 edition of this publication continues to provide practitioners with a core understanding of the laws governing consumer financial services, addressing the latest developments in Consumer Financial Services Bureau (CFPB) enforcement activities, regulations and guidelines, fair lending, auto lending, the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA), among others.

New chapters in the 2015 edition address:

  • Credit Cards
  • Electronic Records and eSignatures
  • Short-Term Lending
  • Unfair and Deceptive Acts and Practices (UDAAP)
  • Servicemembers Civil Relief Act (SCRA)
  • Telemarketing and the Telephone Consumer Protection Act (TCPA)

From compliance counseling to enforcement, BuckleySandler has been handling precedent-setting CFPB matters since the Bureau was established in 2011 — experiences which enabled its attorneys to contribute the added insight and advice on current and emerging CFPB developments, trends, and expectations for the Answer Book.

The Consumer Financial Services Answer Book is for sale in hard copy format by the Practising Law Institute at

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Webinar Recap: The CFPB’s Expanding Oversight of Auto Finance, Part I

On October 1, 2014, BuckleySandler hosted a webinar, The CFPB’s Expanding Oversight of Auto Finance, Part One. Through an examination of the Consumer Financial Protection Bureau’s (CFPB) authority, recent enforcement activities, and discussion of the exam process, Kirk Jensen, John Redding, Michelle Rogers, Marshall Bell and Lori Sommerfield explored the different areas of the auto finance industry coming into the CFPB’s focus.

BuckleySandler will present The CFPB’s Expanding Oversight of Auto Finance, Part Two on October 30, 2014.

Explaining the Larger Participant Rule

Since its creation, the CFPB has held statutory authority to supervise nonbank institutions who are “a larger participant of a market for other consumer financial products or services.” On September 17, 2014, the CFPB proposed a rule defining a market for “automobile financing” and “larger participants” within that market. Under this proposed rule:

  • A nonbank institution is a larger participant in the auto finance market if it “has at least 10,000 aggregate annual originations,” which includes:
    • Credit granted for the purpose of purchasing an automobile
    • Refinancings
    • Automobile leases
    • Purchases of extensions of credit and leases
  • An “automobile” includes any self-propelled vehicle used primarily for a consumer purpose for on-road transportation, except for certain identified vehicle types, including recreational vehicles, motor scooters and limited others
  • Affiliates are included in calculations but dealers are excluded

Read more…


BuckleySandler & American Bankers Association Release CFPB Mortgage Origination Deskbook

BuckleySandler is pleased to announce the availability of “The New CFPB Mortgage Origination Rules Deskbook,” by partner Joseph Reilly. The CFPB Deskbook, published in partnership with the American Bankers Association, is an all-inclusive compilation of all the mortgage origination rules made by effective by the Consumer Financial Protection Bureau (CFPB) in January 2014, including:

  • Ability-to-Repay and Qualified Mortgage requirements
  • Points and Fees
  • Loan Originator Compensation
  • Appraisals
  • High-Cost Mortgages
  • Qualified Mortgage Provisions for Federal Housing Administration and Veterans Affairs loans
  • Summary of the TILA-RESPA disclosure integration taking effect in 2015

“Our goal was to consolidate the numerous sources of CFPB regulatory guidance into a clear, organized format,” said Reilly. “We wanted to provide comprehensive descriptions from not just the rule text and official commentary but also from CFPB webinars, compliance guides, preamble material from federal register releases and informal compliance discussions with CFPB staff.  We hope this will be a ‘one-stop shop’ for origination compliance.”

Benjamin K. Olson, BuckleySandler partner and former Deputy Assistant Director in the CFPB’s Office of Regulations who was involved in the development of many of the rules covered by the CFPB Deskbook, describes it as “an invaluable resource with the potential to change the way regulations are understood.”

The CFPB Deskbook is available in PDF and hard copy formats. Requests for copies should be sent to


Special Alert: Proposed Amendments to the TILA-RESPA Integrated Disclosure (“TRID”) Rule, Transcript of CFPB Webinar on the Loan Estimate Form, and Introducing BuckleySandler’s TRID Resource Center

BuckleySandler is pleased to announce our new TILA-RESPA Integrated Disclosure (“TRID”) Resource Center.  The TRID Resource Center is a one-stop shop for TRID issues, providing access to BuckleySandler’s analysis of the TRID rule and the CFPB’s amendments, transcripts of CFPB webinars providing guidance on the rule, and other CFPB publications that will facilitate implementation of the rule.  In particular, the TRID Resource Center will address the following recent developments:

  • Proposed amendments. On October 10, 2014, the CFPB proposed amendments to the TRID rule that, if adopted, would: (1) allow creditors to provide a revised Loan Estimate on the business day after the date the interest rate is locked, instead of the current requirement to provide the revised Loan Estimate on the date the rate is locked; and (2) correct an oversight by creating room on the Loan Estimate form for the disclosure that must be provided on the initial Loan Estimate as a condition of issuing a revised estimate for construction loans where the creditor reasonably expects settlement to occur more than 60 days after the initial estimate is provided.  The proposal would also make a number of additional amendments, clarifications, and corrections, including:
    • Add the Loan Estimate and Closing Disclosure to the list of loan documents that must disclose the name and NMLSR ID number of the loan originator organization and individual loan originator under 12 C.F.R. § 1026.36(g);
    • Provide additional guidance related to the disclosure of escrow accounts, such as when an escrow account is established but escrow payments are not required with a particular periodic payment or range of payments; and
    • Clarify that, consistent with the requirement for the Loan Estimate, the addresses for all properties securing the loan must be provided on the Closing Disclosure, although an addendum may be used for this purpose.

    Comments on the proposal are due by November 10, 2014. For your convenience, we have updated our summary of the TRID rule to identify the most significant proposed changes.

Read more…


BuckleySandler Establishes International Presence With Opening of London Office

Law Firm Expansion to Further Assist Clients with Global Litigation, Financial Crimes Compliance, Privacy/Data Protection & FCPA Needs

WASHINGTON, DC / LONDON, ENGLAND (September 8, 2014) – BuckleySandler LLP, a leading financial services and criminal & civil enforcement defense law firm, announced today the opening of its first international office, located in London. James T. Parkinson has relocated from the firm’s Washington, DC office to be its London partner-in-residence, enabling the firm to better assist its clients with their global regulatory, litigation, enforcement, financial crimes, FCPA, digital commerce, privacy/data security and anti-money laundering needs.

“As the enforcement, regulatory and litigation challenges facing our clients globalize, it has become apparent that we need to be in London to enable us to meet our clients’ global needs,” explained BuckleySandler Chairman and Executive Partner Andrew L. Sandler. “Jamie’s move to London and our evolving strategic partnerships with global law firms with complementary practices are important steps in enabling the firm to assist clients in their global challenges and expand our global financial crimes practice.”

“I am excited to be relocating to London to better enable the firm to meet the global needs of our clients and expand our global financial crimes practice.  Our new London presence is a significant part of BuckleySandler’s overall development of a strong capability to advise clients on comprehensive solutions to regulatory and enforcement problems on a global basis,” noted Parkinson. “This is an important initiative for the firm and a welcome professional opportunity for me.”

Sandler added, “With Jamie in London and the firm expanding our strategic partnerships, we are now able to respond immediately to client needs on a global basis.”

BuckleySandler’s London address: 16 St Martin’s Le Grand, London EC1A 4EN.

With more than 150 lawyers in Washington, New York, Los Angeles, Chicago and London, BuckleySandler provides best-in-class legal counsel to meet the challenges of its financial services industry and other corporate and individual clients across the full range of government enforcement actions, complex and class action litigation and transactional, regulatory and public policy issues. Operating in the United Kingdom as BuckleySandler International LLP, a limited liability partnership incorporated in England and Wales, for the practice of US law.  The Firm represents numerous national and international leading financial services institutions. Online:; Twitter:; InfoBytes Blog:

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POSTED IN: Firm News, International