BLOGS

Data retention and recovery requirement issues remain cause for friction within firms, conference hears

Regulatory data retention and recovery requirements should be the subject of regular discussions between compliance, legal and information technology departments at banking and financial institutions, a senior official at a European bank said. Micky Lo, head of regional information security at Deutsche Bank in Hong Kong, said that the matter was a perennial one between compliance, legal and IT professionals.

"The current challenge is that there is a disconnect between regulatory data retention requirements and … business expectations of business requirements for data recovery and who is addressing them," Lo, who has 25 years' experience in the financial services sector, said. Read more ……

Asian Dawn for eDiscovery – Part 1

An area of great interest for me is international eDiscovery. I spent quite a bit of time in Europe in the mid-2000′s doing forensic collections and onsite projects as well as serving the first couple of years on the Sedona International Working Group (WG6). It was my experience that when dealing with data privacy issues in the EU, once we negotiated the model contract (after we included local counsel, of course), it was fairly easy to bring the data back to the United States and manage the workflow outlined by the EU governing bodies. I’m over-simplifying the process and legal issues, but at least there was a path defined in the EU. Read more ……

AML compliance is a cost centre that needs to facilitate business, conference hears

Anti-money laundering (AML) compliance is a cost centre that must contribute to the bottom line at banking and financial institutions, said an industry official at a conference in Hong Kong on Wednesday.

"Let's be honest, compliance is a cost centre, but we have to facilitate business," said Stephen Chan, regional AML compliance officer for the Macquarie Group in Hong Kong. "How we do that within the scope of regulations, that is the difficulty of the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (AMLO)," he said. Read more ……

Compliance officers should anticipate disclosure and discovery requests, conference hears

Compliance and legal staff at banking and financial institutions should expect regulatory disclosure and litigation discovery requests, said lawyers at a Hong Kong conference. Browning Marean, senior counsel with law firm DLA Piper in San Diego, said institutions needed to have up-to-date record-keeping to ready themselves for potential lawsuits, regulatory investigations and enforcement actions. Read more ……

eDiscovery Evolving In Asia

This week, I attended and spoke at InnoXcell’s Asia eDiscovery Exchange. Jeffrey Teh at InnoXcell gathered a great group of speakers and an audience of active eDiscovery and investigatory professionals. Conferences are great when the audience asks hard questions and the attendees here certainly weren’t afraid to speak up. It is great to see the interest level in eDiscovery and Information Governance (IG) rising in Asia. Read more ……

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