Background   In many jurisdictions globally, a financial asset is considered unclaimed when there has been no customer-initiated activity or contact for a certain period, usually for a few years. After this period, a designated body takes over custody of the unclaimed asset. The body administers a central registry through

The US Justice Department (Department) this week announced a policy against piling on – repeated punishments by multiple enforcement authorities for the same misconduct that may exceed what is necessary to rectify the harm and deter future violations.   The new policy encourages Department components to coordinate with one another

Introduction   On August 11, 2017, the Office of the Superintendent of Financial Institutions (OSFI) announced it was suspending compliance expectations set out in its June 30, 2017 cover note to Advisory 2017-01 (Advisory).   According to the federal regulator, the suspension was necessitated by the second consultation paper the