The ever changing landscape of local, state, national, and international regulations makes it a challenging time for businesses and individuals to stay up-to-date and compliant with laws. The consequences of non-compliance can range from simple fines to the most serious of criminal charges–making regulatory hurdles that much more important to pay attention to. With extensive experience in navigating commercial licenses as well as working within the governmental agencies, Bart Kaspero has converged his experience to serve a vast network of clients.
State and federal restrictions on using public records information is a constantly evolving landscape. Given the complexity of data structures and other storehouses of business intelligence, compliance with growing legislation in privacy makes this particular practice area challenging. Kaspero himself has taken responsibility for conducting his own research and development in highly opaque areas of criminal history information and the allowable circumstances of obtaining or disseminating past arrest, charge, and conviction records.
Given the criminal and civil overlap in dealing with the Financial Crimes Enforcement Network (FinCEN), Kaspero has dealt with various cases involving clients in the money transmitting and financial technology (fin-tech) industries. In particular, blockchain and other distributed ledger technology (DTL) companies face highly complex overlap in AML/KYC compliance as well as record keeping challenges that can keep even the most diligent professionals up late at night.
One area in particular that must be given serious attention to is that of Anti-Money Laundering (AML) compliance regulations. With the growing use of digital asset technology, state, national, and especially international organizations are placing extraordinary focus on asset (or value) transacting platforms. In the last year alone, more investigations have been conducted into money-laundering or terrorist financing activities than in the previous few years combined. For legitimate businesses and innovative enterprises, it should be one of the top priorities to make sure the next generation technology that is being developed does not find itself under severe regulatory scrutiny.
For pseudo-governmental agencies and companies with official contracting privileges, the regulatory hurdles laid before ITAR (International Trafficking in Arms Regulations) licenses can be the most severe. Much like professional licensing agencies and other federal bodies, the initial stages of routine investigations can stall entire enterprises in their normal course of business. Being well-advised and having robust compliance policies is an absolute must for those engaged or considering entering the international arms industry.
Communications companies are now expanding in to broader categories of business and face equally expanded licensing requirements. The Federal Communications Commission is a perfect example of how many businesses who involve themselves in cross-over industries will need to comply with FCC and similarly related agencies. Due to many new businesses creating mobile and consumer data-driven models, having a foothold in the appropriate regulatory needs is crucial for staying in business and avoiding fines that can damage reputations and company existence.
At the forefront of many fin-tech innovators stands the Securities Exchange Commission making sure investors are protected from fraudulent activity. SEC regulations could be some of the most complicated legal hurdles due to the vast differences between investment vehicles. The most recent example of this is in blockchain and DLT which appears to evolve on a daily basis. Staying informed and in compliance with SEC as well as CFTC regulations could spell the difference between operating as the gold-standard of your industry or facing civil/criminal penalties.