Kathleen Scott (US)

Global and US financial services regulators are increasing their warnings on the impending end to the use of the London Interbank Offering Rate (LIBOR) as a reference rate in financial contracts and the risk to the global financial system if there is inadequate preparation by financial institutions. Most LIBOR settings are ending this year, with…

Once relegated to the fringe of the crypto/FinTech communities, non-fungible tokens (NFTs) have recently exploded to the forefront of modern pop culture and are taking on an ever increasing number of forms—from collectible digital kittens, to sport highlights, to music albums, to pieces of art auctioned off by Christie’s for US $69.3 million.

But what,…

Following up on our past posts on the transition away from the use of the London Interbank Offering Rate (“LIBOR”) as a reference rate, recently, the Board of Governors of the Federal Reserve System (FRB) issued a letter setting forth guidance for FRB examiners to assist in their assessment of the progress of FRB-supervised firms…

2021 Financial crime Outlook series

Senior management and boards are increasingly acknowledging the threat of financial crime as a critical risk to their business that must be addressed. This has been exacerbated in the last 12 months through the impact of the pandemic as well as rising domestic and international tensions. Our financial crime compliance…

On April 6, 2021, New York Governor Mario Cuomo signed into law legislation tackling the uncertainties surrounding the LIBOR transition, particularly for legacy contracts.

The new law amends the New York State General Obligations Law by adding a new Article 18-C, and is limited to contracts governed by New York law that are either silent…

The National Defense Authorization Act became law on January 1, 2021, after the U.S. Congress overrode a presidential veto. Division F of the Act is the “Anti-Money Laundering Act of 2020” (AMLA).

In her latest The New York Law Journal column, “ AML Act of 2020: Topics of interest for international banks,” Kathleen Scott…

2021 Financial Crime Outlook Series

Senior management and boards are increasingly acknowledging the threat of financial crime as a critical risk to their business that must be addressed. This has been exacerbated in the last 12 months through the impact of the pandemic as well as rising domestic and international tensions. Our financial crime compliance…

On March 15, 2020, Allison Lee, Acting Chair of the Securities and Exchange Commission (SEC), delivered comments at the Center for American Progress via webcast, announcing the opening of a comment period regarding climate change disclosures. The submissions are to be used in developing future guidance and proposals on ESG (Environmental, Social and Governance)…

On March 3, 2021, the New York Department of Financial Services (NYDFS) announced a Consent Order with a NYDFS-licensed Maine-based mortgage banker and loan servicer settling alleged violations of the NYDFS cybersecurity regulations. (In the matter of Residential Mortgage Services, Inc., March 3, 2021).

As a result of the regular safety and soundness…