BCCP Blog

BCCP/BCI UPCOMING WEBCAST ON JUNE 17 @ 12 NOON! REGISTER TODAY FOR THE BEST SEAT IN THE HOUSE!

2009-06-06T18:07:00.000-07:00

BEKKER COMPLIANCE INSTITUTE (BCI) PRESENTS:

“IS THE WRITING ON THE WALL FOR OFFSHORE FINANCIAL CENTRES AND TAX HAVENS?”

Tune in and find out!

BEKKER COMPLIANCE CONSULTING PARTNERS, LLC (BCCP)

AND BEKKER COMPLIANCE INSTITUTE (BCI)

CORDIALLY INVITE YOU TO JOIN US FOR THIS VERY SPECIAL WEBCAST TO BE HELD ON WEDNESDAY, JUNE 17, 2009 @ NOON EASTERN TIME!

Featuring A-Teamers:

Mark McKenzie and Ken Barden
& Carrie Bekker as Moderator!

Please check out our A-Team page for more info about Mark & Ken!!!

TO REGISTER FOR THIS VERY SPECIAL EVENT, AND TO BE ADDED TO OUR CONFIDENTIAL MAILING LIST FOR FUTURE EVENTS, PLEASE CLICK ON THE URL BELOW AND COMPLETE THE “CONTACT US” SECTION: http://www.bccp-llc.com/contact.php

Got Advertising? BCCP WANTS YOU!

To promote this event, BCCP has already launched a unique multimedia campaign which will soon feature advertising from our Sponsors. If your firm provides professional services complementary to ours and if you are interested in exploring opportunities for significant exposure through our state-of-the-art multimedia network, , please complete the “Contact Us” page @ http://www.bccp-llc.com/contact.php. Availability is limited, so don't delay!

REMEMBER ... YOU HEARD IT HERE FIRST!

We look forward to seeing you online!

All the best,
Carrie

Founder & CEO

BCCP in the News! Also Sajith Kumar of JRG, our Global Alliance Partner in MENA/India!

2009-05-14T02:48:00.000-07:00

Press Release

Appointment of Sajith Kumar P K as CEO and member of the Director Board of JRG Metals & Commodities DMCC

Dubai, May, 2009

The Board of Directors of JRG Metals & Commodities DMCC appointed Mr. Sajith Kumar P K as the CEO and Director of the company. The CEO will be fully responsible for all the day to day functions of the company. Since 2006 onwards, Mr. Sajith was holding the position as Vice President with JRG Metals & Commodities DMCC.

Sajith has 15 years experience in the financial services industry, including working with Stock Exchanges and Brokerage Houses. He holds Masters Degree in Computer Applications and Sajith started his career with Cochin Stock Exchange and joined with JRG Group in 2000 in JRG Securities Ltd., the parent company at Cochin, India. JRG obtained the Membership in Dubai Gold and Commodities Exchange (DGCX) and started operations in 2006 under the leadership of Mr. Sajith. He was holding the position as Vice President. Projects & Depository in JRG Securities Ltd. in India.

JRG Metals & Commodities DMCC is a leading Broker & Clearing Member of Dubai Gold Commodities Exchange (DGCX) and one of the subsidiary companies of JRG Securities Ltd., an India-based listed company at Bombay Stock Exchange, India.

Under Sajith’s leadership, JRG launched a highly advanced mobile trading to the global investing public via the Dubai Gold and Commodities Exchange (DGCX) trading platform. JRG initiated the world’s first delivery of steel futures contracts with DGCX.

Sajith is also a Council Member of Gerson Lehrman Group Councils (GLG Group), Austin, Global Alliance Partner of Bekker Compliance Consulting Partners, Los Angeles and acted as a strong member of Economic Affairs Panel of Confederation of Indian Industry (CII) Kerala Chapter.

HAZZA MOHAMMED
CHAIRMAN

Appointment%20of%20CEO%20-%20JRG%20Metals%20%26%20
Commodities%20DMCC%2C%20Dubai.pdf

BCCP Crew in the News: John Schrier, our Director of Regulatory Compliance!

2009-05-13T20:05:00.000-07:00

APRIL 27, 2009, 11:33 A.M. ET
COMPLIANCE WATCH: Follow Through On Marketing Promises
By Suzanne Barlyn
A DOW JONES NEWSWIRES COLUMN

NEW YORK (Dow Jones)--Many investment advisers explain their due diligence strategies in marketing materials as a way to attract clients. But it's important to make good on those promises to avoid unwanted attention from regulators.

A recent settlement between the Hennessee Group LLC, a New York-based hedge fund consultant, and Charles J. Gradante, its principal, and the Securities Exchange Commission, is an example of the difficulties that may surface when regulators question whether advisers have followed through on diligence procedures explained in their marketing materials.

The SEC, in an administrative proceeding, charged that Hennessee and Gradante violated securities laws by not performing a "Five Level Due Diligence Process," which they advertised, before recommending that clients invest in the Bayou hedge funds that were later discovered to be a fraud. Gradante and Hennessee consented to the SEC's order, announced April 22, without admitting or denying guilt.

Hennessee, the SEC says, told clients its due-diligence process included a detailed review and analysis of the fund's investment portfolio, an on-site visit to a fund's offices to interview key personnel, and a background check on the fund's manager. But Hennessee breached its fiduciary duty and materially misled clients, the SEC says, by not performing the portfolio analysis or verifying conflicting statements about the identity of Bayou's auditor.

Nearly 40 Hennessee clients collectively lost more than $56 million in the Bayou scam, according to the SEC.

The settlement requires Hennessee to adopt policies that ensure its client disclosures about hedge fund selection and monitoring are adequate. Hennessee and Gradante also agreed as part of the settlement to pay the SEC a $100,000 fine and $714,644 for the return of profits.
Peter D. Greene, a hedge fund attorney in New York, says advisers, as a result of the settlement, should review their written compliance procedures and marketing materials. "[They] should take a look at the policies on their shelves and ask, 'Are we doing all these things?'" he says. If not, then modify them, he says, "so they more accurately mirror reality."

Compliance professionals should also review marketing materials and written procedures with people who work on the business side of an investment adviser or brokerage, says John Schrier, an asset management and tax lawyer in New York.

A portfolio manager and trader, for example, are often best able to verify whether a written trading strategy is described accurately, he says. The extra steps will likely improve an adviser's ability to follow written procedures, and to minimize future legal problems with investors and regulators.

(Suzanne Barlyn writes Compliance Watch, a column that focuses on compliance and regulatory issues affecting financial advisers. She can be reached at 201-938-4546 or by email at
suzanne.barlyn@dowjones.com.)

Article - WSJ.com http://online.wsj.com/article_email/BT-CO-20090427-711649-kIyVDA...
1 of 2 4/27/2009 12:05 PM

BCCP Blog: DMCC Gold Convention at Atlantis Hotel, The Palm Jumeirah -- April 27, 2009!

2009-05-03T19:55:00.000-07:00

BCCP Blog: DMCC Gold Convention at Atlantis Hotel, The Palm Jumeirah -- April 27, 2009!: "DMCC Gold Convention at Atlantis Hotel, The Palm Jumeirah -- April 27, 2009!"

DMCC Gold Convention at Atlantis Hotel, The Palm Jumeirah -- April 27, 2009!

2009-05-03T18:18:00.000-07:00

Hello, Carrie Bekker here with a special report:

Last week Sajith Kumar of JRG graciously invited me to attend this very special DMCC event co-sponsored by JRG.

Please read on for details ...

Venue: Atlantis Hotel, The Palm Jumeirah

Date: April 27th 2009
Time: 2:00 - 7:00pm

"Are you a banker, a trader, an investment professional, a jeweller, a miner, a refiner or a stakeholder in the gold industry?

Have you wondered:

How gold has held its appeal while other asset classes are experiencing serious challenges.
Where the gold price is heading in the short and long term.
How in the midst of the financial crisis, Dubai can continue to hold its own as the region’s premier gold hub.

If yes, then the “DMCC Gold Convention” is the perfect event for you.

Share your insights and knowledge, express your opinions, air your concerns and debate ideas with some of the best known names in the industry - the “DMCC Gold Convention” will offer an ideal platform to discuss all current gold-related issues.

You may also get a chance to walk away with a copy of one of the leading industry publications, the GFMS Gold Survey 2009, and possibly a Visions of Dubai gold coin.

The half-day event will be followed by a networking cocktail reception."

DMCC_Event-Program-DMCC-Gold-Convention-2009.pdf

http://www.jrg.co.in/
http://www.dmcc.ae/

Spotlight: Please join me in welcoming Sajith Kumar, BCCP's Newest Global Alliance Partner!

2009-05-02T17:22:00.000-07:00

Hey, A-Team & Friends of BCCP! Carrie Bekker here with an important announcement to make:

I would like to introduce you to Sajith Kumar of JRG, BCCP's newest Global Alliance Partner!

Sajith [left] is based in Dubai. He is BCCP/BCI's representative in MENA and India. Sajith is also Vice-President and Compliance Officer of JRG Metals & Commodities DMCC, UAE, a leading Broker & Clearing Members of DGCX and one of the subsidiary companies of JRG Securities Ltd., an India based listed company at Bombay Stock Exchange, India.

Attached is Sajith's profile and professional credentials.

Please join me in welcoming Sajith as part of BCCP's A-Team and Global Alliance Partners!

Many thanks,
Carrie

sajithkumar_pk.doc

Spotlight: John Schrier, BCCP's Director of Regulatory Compliance!

2009-04-14T01:40:00.000-07:00

Hey, A-Team & Friends of BCCP! Carrie Bekker here ...

Please check out the IA Week article in which John Schrier, J.D., MBA, our Director of Regulatory Compliance, is quoted in the article entitled "A few suggestions to jazz up your annual review after a rocky year" which begins on the front page of the newletter. Way to go John!

For those of you who do not know John Schrier, he is our Director of Regulatory Compliance for the Tristate region -- New York, New Jersey, Connecticut. John is based in New York.

John has a wealth of 23 years experience specializing in asset management law, compliance and tax. For more information about John, please check out our Management Team page on the BCCP website.

Please join me in welcoming John to the BCCP Management Team!

Your%20April%2013%2C%202009%20issue%20of%20IA%20Week%20Online.pdf

MY NAME IS CARRIE BEKKER AND I ENDORSE JOE MENDOLA FOR NYC COMPTROLLER 2009! VOTE FOR JOE! JOE IS THE BEST!

2009-03-12T02:59:00.000-07:00

Hey, A-Team & Friends of BCCP! Carrie Bekker here with an important announcement to make ...

My friend and colleague JOE MENDOLA, is running for NYC Comptroller this year!

Way to go JOE! VOTE FOR JOE! JOE IS THE BEST!

For those of you who don't know JOE MENDOLA, he is an A-Team alum and one of our A-Team's "Friends of BCCP" (a/k/a FOBs). JOE is of course based in NYC, as are over at least 25 A-Teamers and FOBs.

I have known JOE for quite some time now. He has done high-level consulting work for BCCP's financial services clients, who have always given me rave reviews about Joe's diligence and seriousness in getting the job done and getting it done right -- and what a pleasure he is to work with. JOE is a warm and friendly guy, and also he has a great sense of humor. JOE is one of the most ethical people I know, and he commits himself completely to everything he does, whether it's his work or spending time with his family and friends.

PLEASE CHECK OUT Joe's campaign resume, stump speech and talking points which are attached to this blog posting. Also PLEASE BE SURE TO VISIT "Vote For Joe" website at www.joemendola.com. You can also follow JOE on Twitter at joemendola at http://twitter.com.

MY NAME IS CARRIE BEKKER AND I APPROVE THIS MESSAGE!
VOTE FOR JOE! JOE IS THE BEST!
SPREAD THE WORD!

Campaign%20Talking%20Points.doc Campaign%20Platform.doc Campaign
%20Resume.doc Campaign%20

In Today's News: Bloomberg quotes A-Teamer "Friend of BCCP" Bruce Zagaris on the Stanford case

2009-02-20T18:12:00.000-08:00

Hey, A-Team & Friends of BCCP! Carrie Bekker here ...

Please check out the Bloomberg article in which A-Teamer Bruce Zagaris is quoted.

Way to go Bruce!

For those of you who don't know Bruce Zagaris, he is a partner at Berliner, Corcoran & Rowe. Bruce is part of our A-Team's "Friends of BCCP," more commonly known as FOBs. Bruce is based in DC, as are over at least two dozen A-Teamers and FOBs. Please check out Bruce's firm and his profile by visiting the BCR website at: www.bcr-dc.com. I've also included a pic of Bruce and me meeting over dinner during a December trip to our Nation's Capital. Bruce has also written some fabulous articles that I'd be happy to share with you upon request.

Dear Readers: if you have an article, white paper which you authored or quoted and if you like for me to share it with our A-Team & FOBs, please send it to me! The same goes for events in which you a moderator, guest speaker, sponsor, or exhibitor. Everyone wants to be recognized for their excellent work, ESPECIALLY in these tough times --- and so now's your opportunity to get your 15 minutes of fame, brought to you by BCCP!

http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_woolner&sid=aAjCQ6jWS7zI

For Stanford, a Rich Guy’s Guide to Fleeing U.S.: Ann Woolner

Commentary by Ann Woolner

Feb. 20 (Bloomberg) -- For financier con man Robert Vesco, Central America and the Caribbean beckoned when he was charged in the U.S. with a $224 million mutual fund fraud.

Movie director Roman Polanski made do with Paris as his home 30 years ago to avoid jail for having sex with a 13 year- old girl in Los Angeles.

Charged with evading millions of dollars in U.S. taxes, commodities trader Marc Rich lived openly in Switzerland for 18 years as one of the FBI’s most wanted fugitives.

R. Allen Stanford, on the other hand, holed up in Virginia. What’s with that?

How does a man worth billions, someone with dual citizenship, two passports, his own jets and friends around the world, turn up in Fredericksburg, Virginia?

Until then, it looked like a great escape in the making. Two days earlier the Securities and Exchange Commission accused him of an $8 billion fraud of stunning audacity and multinational reach. Suddenly, Stanford was nowhere to be found.

If he was going to flee, that was the time to go. No warrant demanded his arrest. No criminal charges filed. The feds merely needed to hand him papers: the SEC complaint and a resulting court order freezing his assets and instructing him to give up his passports.

Until then, there was nothing to stop him from leaving the country.

What’s Next

It’s a good guess that criminal charges and an arrest warrant might eventually follow. The SEC complaint alleges deliberate and massive fraud, and ABC News reports that a Stanford plane seized in Mexico seems to tie him to a murderous drug cartel there.

So if right about now, Stanford’s picturing jetting off to some island paradise and living the good life, he’ll have to settle for his own home on St. Croix in the U.S. Virgin Islands. Americans don’t need a passport there, but it’s not an escape from the reach of U.S. law, either.

Besides, unless he hid lots of cash or a secret bank account, he’s not going anywhere, much less living the good life. All his accounts and his businesses’ are frozen, leaving Stanford without a working credit card.

And unless he can figure out a way to sneak in, his citizenship in Antigua won’t help, either, his knightship there notwithstanding. He can’t pull a Polanski.

French Shield

Polanski’s French citizenship rescued him from punishment in his other homeland, the U.S. Without it, France couldn’t have shielded him from extradition all this time.

Would Antigua protect Sir Allen, even though it has an extradition treaty with the U.S.?

Probably not.

“Antigua is a tiny country,” says Bruce Zagaris, a Washington lawyer who edits the International Enforcement Law Reporter. “It really needs the U.S. and England.”

Whatever goodwill Sir Allen’s businesses and multimillion- dollar cricket sponsorships generated for him there, he has suffered a sharp drop in popularity. Note the hundreds of angry investors lining up at Antigua banks wondering where their money went.

Nor could Stanford count on Switzerland, as Rich did until President Bill Clinton pardoned him in 2001. Rich benefited from Switzerland’s view that tax evasion is no crime. But if Stanford gets accused of aiding drug smugglers or defrauding investors, he can forget about a Swiss chateau.

Should he find a way to run, Stanford would be safest in a country with no extradition agreement with the U.S.

Cuban Connection

“The list of countries that you can go to are pretty small, and often not that attractive,” Zagaris says.

Iran, anyone? Zimbabwe?

Cuba is home to 70 fugitives from U.S. justice, the Associated Press reports. Hijackers, cop killers, bank robbers, militant Puerto Rican nationalists and Black Panthers have found sanctuary there. And then, of course, there was Vesco.

When he fled the U.S. in 1972, Vesco traveled by yacht and private plane around the Caribbean and Central America. He settled in Costa Rica, but a new president forced him out.

Then, to the Bahamas. Three years later, he fled again ahead of deportation orders.

“When you go to a country like Costa Rica, your welcome often is short-lived, and it’s often also very expensive,” says Zagaris, a partner in Berliner, Corcoran & Rowe. “Leaders are usually hitting you up for money.”

After dipping down in Antigua and Nicaragua, always inviting more trouble and finding it, Vesco wound up in Cuba in 1982. That’s where he died in 2007, according to the Associated Press.

Cuba is easy enough to get to from Antigua, but in 2006 it stopped granting sanctuary to Americans running from the law.

Maybe Fredericksburg isn’t such a bad place to land.

(Ann Woolner is a Bloomberg news columnist. The opinions expressed are her own.)

To contact the writer of the above article: Ann Woolner in Atlanta at awoolner@bloomberg.net.
Last Updated: February 20, 2009 00:01 EST

FREE Webinar Invitation

2007-11-12T15:12:00.000-08:00

AML INDEPENDENT AUDIT: DON'T LEAVE WORK WITHOUT IT!

Join us for a Webinar on November 13

Bekker Compliance Consulting Partners, LLC (BCCP), a full-service global consulting firm that specializes in providing proactive compliance solutions to the financial services industry .has announced today that it will hold its first webinar , to be hosted on BCCP’s website: www.bccp-llc.com. The webinar will feature Ross Delston, CAMS, attorney and former banking regulator, and Kenneth Barden, CAMS, attorney and international consultant, both Senior Compliance Consultants. “Independent audit has been targeted by financial regulators as an area for special attention, particularly for banks, broker-dealers and mutual funds. Insurance companies and MSBs are also subject to an independent audit requirement. Learn more about how to avoid common mistakes, whether independent really means independent, and why regulatory examiners take all of this so seriously. And we'll have some fun, with two experts who are also accomplished speakers with a sense of humor.”
Title:

AML INDEPENDENT AUDIT: DON'T LEAVE WORK WITHOUT IT!
Date:
Tuesday, November 13, 2007
Time:
12:00 PM - 1:00 PM EST

System RequirementsPC-based attendeesRequired: Windows® 2000, XP Home, XP Pro, 2003 Server, Vista
Macintosh®-based attendeesRequired: Mac OS® X 10.3.9 (Panther®) or newer

Space is limited.Reserve your Webinar seat now at:https://www.gotomeeting.com/register/428978871

2007-10-19T12:18:00.000-07:00

Live from the 2007 NSCP Conference, it's Katie Hanks!

Hello from the Basement of the JW Marriott in Beautiful Downtown Washington, DC!!

This year’s NSCP conference, the 19th I’ve attended in 22 years, was back in the City after several years in the nearby suburbs of Crystal City, VA.

As a DC-ophile I can proudly say, the Dine-Around was much better attended than in those last several years. Indeed, it was sold out 10 days before the conference started! Now just why do I talk about the Dine-Around??? Well, from my perspective the informal meetings with colleagues still provides the greatest kernels of actionable facts and thoughts – those that I will take home, ponder, and implement in my own inimitable fashion. Which is not to say that the meetings weren’t good – they were. And, even more importantly, given that my purpose at the conference this year was also to spread the word about Bekker Compliance Consulting Partners, LLC, it was at lunch on the second day that generated my one strong lead of the conference!

The best panelist story award goes to Pamela Fritz of MWA Financial Services. She related this interaction between one of her staff members in compliance and an RR they were considering hiring. After an FBI report came back on the prospective rep, her compliance officer quizzed the salesman on his record of having stolen ‘a steak’ at age 18.

The answer came back as a question, “Haven’t you ever been high and hungry?”

Presumably there was no response by the compliance officer.

No word was given about whether they hired the guy.

~Katie Hanks

BCCP News You Can Use!!

2007-10-10T06:26:00.000-07:00

We've had a busy autumn season here at BCCP!! The ACAMS Conference in Las Vegas was a huge success and now we are organizing trips for CEO Carrie Bekker to the GAIM Middle East Conference in Dubai, Nov. 26-28 as well as a journey to the major financial centers of Asia to discuss regulatory compliance issues and opportunities.

In the personnel department, we welcome our two new Executive Assistants, Michelle Page and Nikki Gonzalez. Michelle is our Research Specialist, while Nikki will be giving direct assistance our CEO Carrie.

UPCOMING EVENTS:

We are hard at work on our first Webinar, hosted by Carrie Bekker and presented by Kenneth Barden JD, ACAMS Jakarta, Indonesia and Ross Delston JD, ACAMS, Washington DC. The topic will be:

Robust Independent AML Audit:

Don’t Leave Work Without It!

How NOT to follow in the footsteps of
American Express…

Please plan to join us for this informative webinar on Nov. 13, 2007, 12:00 PM EST. To sign up for our mailing list for the webinar, please email me at mkradnich@bccp-llc.com

BCCP University is coming!

Coming soon to the BCCP website: BCCP University Online, which will include Firm Element/CE and other courses, that we will be offering for a nominal fee to our clients and other website visitors who wish to partake of this new service! Stay tuned for more details …

Did You Know?

BCCP Consultants are available for speaking engagements on a variety of compliance topics. If you are looking for a speaker, please contact our COO Kelli Hillmar at khillmar@bccp-llc.com.

And lastly, I want to share a special treat from Caesars Palace & the ACAMS Conference last month. The BCCP Exhibtor Booth was conveniently located at the doors of the main ballroom. And the bar for the cocktail reception was set up right next to our booth! In chatting with the bartender, Rob Reinherz, I requested something tasty and a little sweet to drink. He created the Bekker Compliance Cocktail for us!! We want to share the recipe with all of you, our readers:

The Bekker Compliance Cocktail

Captain Morgan Rum

Orange Juice

Pineapple Juice

Sweet and Sour

Cranberry Juice Cocktail

Enjoy and have a great week!

~ Mary Kay Radnich CIO

Photos from ACAMS 2007 @ Caesars Palace, Las Vegas !

2007-10-02T10:08:00.000-07:00

Top photo: Carrie Bekker CEO with Jeffrey Aronofsky, CAMS, Account Executive

Bottom photo: Kelli Hillmar, COO of Bekker Compliance Consulting Partners LLC, manning our booth at the ACAMS conference.

ACAMS Las Vegas 2007 !!

2007-09-30T18:33:00.000-07:00

At this year's ACAMS/Las Vegas Conference, BCCP's first time with an exhibitor booth was a huge success!! We visited with many friends, both old and new, catching up and spreading the news of the services offered by BCCP.

Without a doubt, our "tchotchkis" were a big hit, especially our "Got Compliance?" hand sanitizer - keeping you both compliant AND clean! Our grand prize drawing was a Solio solar battery charger for small electronics and its uniqueness created a lot of "energy" on its own.

One of the highlights of the conference for me was attending the presentation by James Richards of Wells Fargo Bank on mining the web for information. Very informative and apropos to the essential aspect of due diligence and KYC.

Another highlight was having dinner with the AML Unit of the Fairfax County Police Dept.'s Narcotics Division. These gentlemen, by using their CAMS knowledge, were able to break up a very large narcotics ring. ACAMS awarded them for their success in the field. The dinner was hosted by ACAMS' own Jeffrey Aronofsky, Account Executive.

But the best highlight for me was, unquestionably, meeting my CEO and friend, Carrie Bekker and her husband Robert!! With a virtual business model, meeting the various A-Team consultants and other management team members can be quite a challenge. Thus far I have met Kelli Hillmar, COO and ace assistants Brenda Smith and Michelle Page. At the ACAMS conference I also was very privileged to meet A-Team members William Akel and Brian Stoeckert. While riding his bike in Las Vegas, Willliam Akel had the misfortune of being hit by a car and consequently was sporting a bright blue cast on his right arm! We wish William a speedy and complete recovery!!

Caesars Palace was an excellent venue for such a conference, with first class amenities and service. Many thanks to all who helped make the ACAMS conference such a huge success for both BCCP and the AML industry.

~Mary Kay Radnich, Senior Media Analyst

SOLIO

2007-09-24T07:44:00.000-07:00

UPCOMING EVENTS!!

2007-09-19T13:02:00.000-07:00

ACAMS Conference Las Vegas! Sept. 23-26, 2007: Bekker Compliance Consulting Partners LLC will be both a sponsor and exhibitor for ACAMS Las Vegas conference. Be sure to stop by our booth to learn more about our services as well as sign up for our grand prize drawing!

WEBINAR: October 17, 2007: Check back after the ACAMS conference for more information about our first ever BCCP Webinar hosted by CEO Carrie Bekker! Mark your calendars now!

FinCEN and OCC Assess Civil Money Penalties Against Union Bank of California

2007-09-19T13:00:00.000-07:00

NR 2007-95

FinCEN and OCC Assess Civil Money Penalties Against Union Bank of California

September 17, 2007
WASHINGTON — The Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency (OCC) today announced the assessment of concurrent civil money penalties, each $10 million, against Union Bank of California, N.A. (Union Bank) of San Francisco, California, for violations of the Bank Secrecy Act. Union Bank, without admitting or denying the allegations, consented to payment of the civil money penalties, which will be satisfied by a single payment of $10 million to the U.S. Department of the Treasury. Union Bank also consented to issuance of a Cease and Desist Order by the OCC.

The enforcement actions are part of coordinated actions with the U.S. Department of Justice, which issued a Deferred Prosecution Agreement and accompanying $21,600,000 forfeiture in connection with charges that Union Bank failed to maintain an effective anti-money laundering program.

The OCC concurrently issued a Cease and Desist Order requiring Union Bank to take certain corrective actions. The OCC based its assessment of a $10 million civil money penalty, and issuance of a Cease and Desist Order, on failure of Union Bank to establish and maintain an adequate anti-money laundering program and to file timely suspicious activity reports.

The OCC's actions are based on its determination that Union Bank failed to adequately monitor certain Mexican casa de cambio accounts, and failed to identify and file hundreds of suspicious activity reports in a timely manner.

Union Bank also failed to comply with the requirements of a Memorandum of Understanding it entered into in 2005, including an article that required the bank improve its processes for identifying and reporting suspicious transactions. Union Bank’s failures resulted in the movement of millions of dollars of suspected proceeds of drug sales through certain casa de cambio accounts without detection or reporting of the suspicious transactions. At the most recent examination the OCC found that the bank's financial intelligence unit still was ineffective in detecting and reporting suspicious activity, as required by the MOU.

In assessing a $10 million civil money penalty, FinCEN determined that Union Bank failed to implement an adequate anti-money laundering program reasonably designed to identify and report transactions that exhibited indicia of money laundering or other suspicious activity, considering the types of products and services offered by the Bank, the volume of its business, and the nature of its customers. Union Bank failed to monitor Mexican casa de cambio transactions and report suspicious activity, despite knowledge of the heightened risk of money laundering posed by those Bank customers.
“Today’s action against Union Bank demonstrates the successful efforts of federal agencies to apply a coordinated and consistent approach to Bank Secrecy Act enforcement,” said FinCEN Director James H. Freis, Jr.

Copies of the agencies’ enforcement actions are attached.
Related Links:
OCC’s Consent Order to a Civil Money Penalty And to Cease and Desist(http://www.occ.treas.gov/FTP/EAs/ea2007-110.pdf)

FinCEN’s Assessment of Civil Money Penalty(http://www.fincen.gov/ASSESSMENT_In_the_Matter_of_Union_Bank_of_California.pdf)
###
Media Contacts:
OCC
Dean DeBuck
202-874-5770
FinCEN
Anne Marie Kelly
703-905-5023

BCCP 2007 Conference Beat

2007-08-01T19:33:00.000-07:00

Designing Effective Compliance Programs for Broker/Dealers and Investment Advisers

By Mary Kay Radnich, Senior Media Analyst & Blog Editor

On May 31st and June 1st of this year, two of our Senior Compliance Consultants, Katie Hanks and Ray Lustig, attended the American Law Institute – American Bar Association’s (ALI-ABA) conference entitled SEC/NASD Compliance: Designing and Implementing an Effective Compliance Program for Broker-Dealers and Investment Advisers.

Held in New York City at Fordham Law School’s scenic Lincoln Center Campus (located directly across 62nd Street from the famed Lincoln Center for the Performing Arts), this academic venue provided a casual yet thoughtful atmosphere for discussing compliance issues affecting broker/dealers and investment advisers. Among the topics discussed were the proposed NASD rule 2128 -- gift and entertainment compliance, soft dollars, compliance program design and implementation, advertising compliance issues, SEC/SRO policies, and tips on responding to regulators.

The list of speakers was impressive, including many SEC and NASD examiners from the SEC’s and the NASD’s headquarters and district office. Other presenters included representatives from UBS, Lehman Brothers, Metropolitan Life Insurance, and LPL. A great coup for this ALI-ABA conference was Paul Gottlieb, Assistant General Counsel from Merrill Lynch, who discussed the Merrill Rule Repeal, pertaining to the recent fee-based plan ruling.

According to BCCP A-Team consultant Katie Hanks, “The conference organizers did a good job addressing both SEC and NASD regulations affecting broker/dealers and investment advisers, and covered the hot topics, including anti-money laundering, use of professional designations, adviser performance advertising, variable annuity suitability, compliance issues in the retirement market, soft dollars, gifts and entertainment, and the Merrill Rule repeal.”

BCCP A-Team consultant Ray Lustig remarked how often the speakers stressed regulatory supervision of marketing to seniors.

This ALI-ABA event was sponsored with the cooperation of the Philip D. Reed Chair and the Corporate Law Center, Fordham Law School.

Useful Links:

Return to http://www.bccp-llc.com/

American Law Institute – American Bar Association: http://www.ali-aba.org/

Fordham School of Law: http://law.fordham.edu/index.htm

ALI-ABA materials from this conference are available for purchase through this weblink:
http://whttp://www.ali-aba.org/index.cfmfuseaction=courses.course&course_code=CM091&contenttype=1

Hello, and Welcome to the BCCP Compliance Blog!

2007-08-01T19:29:00.000-07:00

My name is Mary Kay Radnich, Senior Media Analyst & Blog Editor for Bekker Compliance Consulting Partners LLC. I look forward to providing you with timely and interesting reports from the world of regulatory compliance.

There are so many hot topics in the world of compliance right now – hedge funds and the subprime crisis, IPOs and private equity, cross-border stock exchange mergers, the explosive economic growth of China and attendant global compliance issues for the financial services industry, to name but a few hot topics. We will be closely following regulatory compliance trends and developments in the financial services industry from around the globe.

Coming soon to the BCCP Compliance Blog …

Pipeline – BCCP news and website updates

BCCP Conference Beat – information about upcoming conferences, as well as A-Team member reviews about them

BCCP News You Can Use – articles, summaries and/or links to current issues and developments affecting the financial services industry.

CEO Travel Blog – news from our on-the-go CEO, Carrie Bekker

BCCP Compliance Chat – a forthcoming online compliance forum, for you, our readers, to discuss with your peers hot compliance topics

BCCP Abroad – news from our foreign correspondents located around the globe

As always, communication is the lifeblood of any industry. So we hope that you, our readers, will feel free to let us know what topics are of crucial interest to you, and your business. Please contact us at blog@bccp-llc.com to share your feedback and ideas.

We look forward to hearing from you!

SECLaw.com: Spagetti Bowl Of Regulators

2007-05-29T09:04:00.000-07:00

SECLaw.com: Spagetti Bowl Of Regulators

NSCP National Membership Meeting -- October 18-20, 2006

2006-10-17T22:01:00.000-07:00

I am now in DC for the NSCP national conference, which starts tomorrow.

This conference essentially covers two tracks: investment advisers and broker/dealers. The conference is then further broken out between issues faced by small firms vs. large firms.

I will provide more information after tomorrow's session. Meanwhile, please check out www.nscp.org for more information about the national conference. Also please refer to the attached agenda for additional details about the subject matter to be discussed during this conference.

Agenda.pdf

Help wanted for CEO Writer's Block: What would YOU like to read about?

2006-10-14T14:45:00.000-07:00

Dear Reader,

For several weeks now, I have been trying to write up blog entries about the two most recent conferences I attended, but this undertaking is a bit more challenging than I had anticipated -- but not for the reasons you might think.

It's not I find writing difficult; those of you who know me well, know that I am a very prolific writer. It's just that I find it difficult to write in a vacuum, as my focus is on you, the reader, and my goal is to cater to your informational needs. Simply giving you an overview of each conference, the end result of which would essentially be a truncated regurgitation of the online brochure, together with some attachments, may not be very useful to you. Maybe it would.

Therein lies the conundrum: I do not know what you, the reader, wants to hear about. For example, in September I attended the ACAMS 5th Annual AML conference in Vegas. A few weeks ago I attended the NICSA Alternative Investments Conference in LA.

What would you like to know about these conferences? What is on your mind these days?

Please be so kind as to send me a post and tell me what you would like to read about in this CEO Travel Blog. After all, this blog's for you, and my mission (which I have graciously accepted) is to provide you with useful, insightful, and up-to-the-minute information about the latest and greatest goings-on in the regulatory compliance realm.

I so look forward to hearing from you!

All the best,

Carrie B
CEO-BCCP

P.S. Next week I will be in DC for the NSCP National Conference. Please visit www.nscp.org for additional info. Also, if you will be attending this conference, please let me know so that we can meet in person!

Welcome!

2006-09-25T13:47:00.000-07:00

Welcome to the CEO Travel Blog, which went live today! I look forward to staying in touch with each of you during my fall travels. I will also be sharing with you details about each conference, including reference materials, helpful tips for best practices, templates/checklists and other goodies.

I welcome your feedback and your ideas as to the types of regulatory compliance information of interest to you. Also please feel free to send me your questions, and I will do my best to get answers for you as I attend these conferences and then publish them in my blog.

Coming soon .. the lowdown on the ACAMS 5th Annual Conference held in Las Vegas on September 12-16 .. http://www.acams.org/

Stay tuned ...