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In AML & Financial Services Regulatory

Canada: Deadline approaching for registration under the Retail Payment Activities Act

by , and 6 Mins Read

Registration for payment service providers under the new Retail Payment Activities Act is fast approaching. Individuals or entities performing retail payment activities in Canada have a 15-day window between 1 November 2024 and 15 November 2024 to submit their applications with the Bank of Canada to avoid a 60-day delay in performing their retail payment activities, a notice of violation under the Act, or significant monetary penalties. If you or your entity may be required to be registered as a payment service provider under the Retail Payment Activities Act, and you have not yet prepared your application materials, please contact us as soon as possible and we will help.

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In Antitrust / Competition

United States: Federal Trade Commission finalizes amendments to the HSR filing process

by , , and 2 Mins Read

The Commissioners of the Federal Trade Commission (FTC) have voted unanimously to issue a final rule developed by both the Antitrust Division of the US Department of Justice and the FTC, updating the Premerger Notification Rules that implement the Hart Scott Rodino Antitrust Improvement Act (“HSR Act”), including substantial changes to the HSR Form.

In Corporate Compliance

United States: Department of Justice updates compliance program evaluation guidance with focus on artificial intelligence and evolving policy

by , , , and 10 Mins Read

On 23 September 2024, the US Department of Justice Criminal Division issued an updated version of its Evaluation of Corporate Compliance Programs document. DOJ uses the Evaluation Guidance to assess the adequacy of compliance programs in place at companies subject to its criminal enforcement activities. DOJ has updated the Evaluation Guidance periodically since its release in 2017 to align with evolving DOJ policies, priorities, and compliance best practices. This latest iteration reflects current DOJ investigation and enforcement priorities and the increasing relevance of artificial intelligence and other emerging technologies to companies, their compliance programs, and DOJ’s enforcement efforts. DOJ also updated the Evaluation Guidance to encourage companies to: 1) incorporate a lessons-learned approach; 2) focus on compliance due diligence and integration in acquisitions; and 3) properly incentivize internal reporting of wrongdoing.

In Cybersecurity, Data and Tech

United States: US lawmakers push for child safety online amid constitutional battles

by 8 Mins Read

In recent years, both US state and federal legislatures have intensified efforts to enact laws aimed at safeguarding minors in the digital world. However, several court rulings have found that these legislative actions overstepped constitutional limits. This article highlights key legislative initiatives at the US federal level and in California and Texas to protect children and teenagers online, and lawsuits challenging the legality of the California and Texas measures, as of early September 2024.

In Antitrust / Competition

United States: FTC’s noncompete ban blocked – What’s next?

by , and 7 Mins Read

A federal judge in Texas recently issued a nationwide injunction against the Federal Trade Commission’s rule banning most employee noncompetes. The injunction relieves employers from having to comply with the rule, meaning that employers can maintain noncompete agreements they have in place with employees. The FTC issued a statement indicating that it is considering its appeal options to remove the injunction, and noted that it remains able and willing to challenge the legality of noncompetes on a case-by-case basis, which was never in dispute.

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In Tax

United States: Proposed DPL rules create immediate risks for many CTB elections

by , and 3 Mins Read

The new disregarded payment loss rules could create material, adverse tax consequences for taxpayers that make check-the-box elections for foreign disregarded entities within a US consolidated group (or otherwise form new foreign disregarded entities). As a result, taxpayers should assess their exposure under the disregarded payment loss rules before making any such elections or forming such entities within the US consolidated group.

In Anti-Corruption

United States: DOJ launches Corporate Whistleblower Awards Pilot Program

by , , , and 11 Mins Read

On 1 August 2024, the US Department of Justice Criminal Division launched a Corporate Whistleblower Awards Pilot Program (“Program”). The announcement was previewed in remarks by DOJ officials in March, and follows the rollout of the DOJ’s Individual Voluntary Self-Disclosure Program in April 2024 and similar programs implemented in the Southern District of New York (SDNY) and the Northern District of California (NDCA), in February and March 2024. Under the Program certain individuals who provide original and truthful information about corporate misconduct may be eligible to receive an award if the information results in successful criminal prosecution and criminal or civil asset forfeiture.

In AML & Financial Services Regulatory

Canada aims to bolster sanctions enforcement through existing AML and customs regimes

by and 1 Min Read

The Government of Canada has established additional avenues to administer and enforce Canadian sanctions laws. Specifically, the government is relying on the existing legislative framework under the Proceeds of Crime, Money Laundering, and Terrorist Financing Act (PCMLTFA) and its administrative agency, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) alongside the Canada Border Services Agency (CBSA) to establish a sanctions civil enforcement regime in the form of mandatory reporting on suspected sanctions evasion for prescribed entities, importers, exporters and those financing import/export transactions.

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