That was the question posed to Compliance Week magazine by a reader overseeing operations for a company in Latin America. The reader wanted to know if the rules (requiring companies to have controls preventing identity theft) apply to foreign businesses or only to U.S. companies? And if they don't, should U.S. companies with overseas operations be doing anything outside the U.S.?
Compliance Week called on Day Pitney partner Richard Harris, and counsel James Bowers and Thomas Zalewski for the answer.
The Red Flag Rules require certain businesses to develop and implement written procedures to protect against identity theft and mainly focus on banks and other companies accepting deferred payment for goods and services. At the moment nobody knows whether the rules apply to foreign creditors or whether the Federal Trade Commission will apply any special conditions. Guidance issued last year made clear that the rules do not apply to foreign branches of U.S. financial institutions but the FTC might still break with this approach and has indicated it will address the issue of foreign subsidiaries in forthcoming guidance. The deadline is June 1.
See Compliance Week for the full answer (subscription required).
On October 24, Aaron Kriss will be speaking on a panel, entitled "Onboarding a New International Client," at the 13th Annual Delaware Trust Conference, presented by the Delaware Bankers Association and the Delaware Financial Education Alliance.
On April 26, Von Sanborn will be giving a presentation at "Cross Border Wealth, Estate and Tax Planning – What You Don't Know May Surprise You," a seminar being presented by the Estate and Business Planning Council of Hartford.
Von Sanborn will be chairing a panel, “As the Art World Turns: Current Trends and Considerations for Families with Art Collections,” at the Family Office Association Palm Beach Investment Forum.
Von Sanborn served as a panelist at the 23rd Annual International Wealth Transfer Practice Conference, presented by the International Bar Association and held in London, England.
Von Sanborn, Darren Wallace and Stephen Ziobrowski authored an article, "Key Tax Considerations For High Net Worth Family Offices," published in Law360.
Day Pitney Press Release
Von Sanborn and David Silvian were quoted in an article, "You, Taxes and 2018: What to Expect from the Tax Bill," published in Private Asset Management magazine (PAM).
Peter Bilfield and Steven Gold were mentioned in an article, "Day Pitney Expands Investment Management and Private Equity Practices," published inThe Hedge Fund Law Report.
Peter Bilfield and Steven Gold were quoted in an article, "Day Pitney Lands 2 Corporate Finance Partners," published in Law360.
Von Sanborn was featured in an article, "Five Questions: Von Sanborn on Art Law, Insurance and the IRS," published in the Connecticut Law Tribune.