News & Events –

Regulatory and enforcement activity has been brisk since nine federal agencies issued a “Comprehensive Framework for Responsible Development of Digital Assets” in response to President Biden’s Executive Order to collaborate on a “whole of government approach.” 

FINRA has remained focused on ensuring that eligible customers received Rights of Reinstatement (“ROR”) benefits where appropriate. Just recently, we were retained by another large firm looking to leverage the depth of our experience gained through many engagements assisting our clients with Rights of Reinstatement issues since the targeted examination announcement in 2020. Contact Bates today if you are facing a FINRA inquiry or other action or need to update your policies and procedures.

Since President Biden issued an Executive Order in March 2002 directing agencies to collaborate on a “whole of government approach” for ensuring the responsible development of digital assets, the market has been anticipating the release of the broader framework. The Framework, issued on September 16, 2022, remains a high-level mix of broad directives by nine separate federal agencies which support these goals. Bates has the highlights.

Bates Expert Partick Cox (pictured) will be speaking on the Cybersecurity panel at this year's Securities Industry Symposium, November 16, 2022. Sponsored by Greensfelder, Hemker & Gale, P.C. and the Bar Association of Metropolitan St. Louis.

Bates is a proud sponsor of CrossTech World 2022 (formerly IMTC), the signature event of the Cross Border Transfers & Payments Industry, November 15-17, 2022, at the Seminole Hard Rock Hotel & Casino in Miami, FL. Meet members of the Bates MSB, FinTech & Virtual Assets team (pictured) and attend the Crypto Investment & Trading Workshop featuring Bates Managing Director Brandi Reynolds.

FinCEN's final Beneficial Ownership Information (BOI) Reporting Rule becomes effective on January 1st, 2024. The rule establishes requirements for business entities—such as corporations or limited liability companies—who are created or registered in the U.S. to disclose information regarding their beneficial ownership to FinCEN. How do MSBs and Money Transmitters fit into the new rule? Read the full alert for what you need to know.

Bates is a proud Networking sponsor of the 18th annual National Association of Women Lawyers (NAWL) General Counsel Institute, November 9-11, 2022. 

Under a proposed new rule, the SEC would require investment advisers to conduct due diligence and monitor “covered services” outsourced to third-party providers. The Commission said it recognizes that investment advisers are increasingly relying on outsourced sources to perform many functions in support of advisory services and, as a result, “more needs to be done to protect investors.” Bates breaks down what you need to know.

Bates is proud to be a sponsor of the 4th annual Raymond James Valor golf outing on November 5, 2022. Valor, the Veterans' Inclusion Network at Raymond James, sponsors this annual golf tournament and raffle to benefit local veterans and their families.

NASAA, the North American Securities Administrators Association, published their 2022 Enforcement Report detailing data collected from 48 jurisdictions in 2021. This annual publication serves several purposes. Primarily, it is an attempt to aggregate the efforts undertaken by state regulators to protect the public from fraud. As Joseph Borg (NASAA 2021-2022 Enforcement Section Chair, pictured) states in his introduction, the report flags concerns about complex theft and misapplication, real estate and energy scams, cryptocurrency, non-fungible tokens, metaverse schemes, and more. Learn what to expect as state regulators assert their jurisdiction over new products, new markets and new marketplaces. Bates has the highlights.

Independent reviews on AML risk are becoming more important, not only to ensure compliance with current regulation and the documentation of all efforts undertaken, but also to uncover systemic weaknesses and to provide corrective recommendations for management. In this article, Bates offers tips to help MSB firms navigate the process, including key elements of a review, timing, and selecting the right reviewer.

Join us for a new complimentary webinar from MSBA: "Money Services Business Best Practices + Your Crypto Company." October 18, 2022, at 1 p.m. ET. Bates Senior MSB Consultant John Ashley will be speaking on the panel.

Bates Compliance is a proud exhibitor at this year's NSCP National Conference. Visit Bates leaders at booth #25 - Bates Managing Director Hank Sanchez, Esq. to speak on the Day 3 Disaster Recovery panel.

Bates Group Money Services Business (MSB) and money transmitter expert Rob Ayers will be representing Bates Group in London at the 2022 International Association of Money Transfer Networks (IAMTN) Annual Summit. October 11-12, 2022

Bates Group is proud to be a part of INFiN MoneyTrends 2022, October 10-13 in Austin, TX. Learn about key AML and compliance topics from Bates leaders Connie Fenchel and Brandi Reynolds, and sign up for the intensive BSA/AML Compliance Training Session from Bates and Western Union.

On September 30, 2022, FinCEN published first of three final rules (and related Fact Sheet) on the reporting requirements for beneficial ownership information. It goes into effect on January 1, 2024. Until then, FinCEN will be developing reporting forms and other guidance to help companies with their reporting compliance. We look at the highlights of the new reporting rule and what firms should do to prepare.