4th December 2019
U.S. financial regulators need to issue additional guidance for bank examiners charged with reviewing how lenders monitor accounts held for money transmitting businesses, the Government Accountability Office (GAO) said Tuesday.  In a 79-page report on why banks have shed accounts for the firms in recent years, the GAO concluded… Read More
4th December 2019
Banks are no longer required to file suspicious activity reports on customers who cultivate hemp, industry regulators said. A group of financial regulators on Tuesday clarified the compliance requirements for banks whose customers produce hemp, a variety of the cannabis plant that is often used for its fiber… Read More
4th December 2019
Europe’s finance chiefs are to confront a wave of money-laundering scandals within the banking industry by recommending that a regional agency be formed to prevent such crimes. Officials will call on the European Commission, the EU’s executive arm, to further consider and make a proposal for setting up a common… Read More
3rd December 2019
The European Commission has asked Malta to clarify how it intends to address Bank of Valletta’s shortcomings over its monitoring of foreign customers who applied to buy Maltese citizenship under a so-called “golden passport” scheme. Malta, with a population of only 420,000, has sought to attract foreign capital with schemes… Read More
3rd December 2019
Dutch crypto startups are crying foul as regulators in the Netherlands look to implement the European Union’s 5th Anti-Money Laundering Directive (AMLD5) ahead of a Jan. 10 deadline. The firms, which include exchanges and software developers, say authorities are subverting the democratic process and trying to right past wrongs that… Read More
2nd December 2019
Officials from the new European Commission will discuss a report by International Monetary Fund researchers that lists Luxembourg as a world-leading tax haven just days after the former leader of the Grand Duchy departs the EU executive’s helm. Vice-President Margrethe Vestager and tax commissioner Paolo Gentiloni will on Monday meet… Read More
2nd December 2019
Last week, the Global Forum on Transparency and Exchange of Information for Tax Purposes convened in Paris to discuss international efforts to advance tax transparency. Comprising 158 member jurisdictions, the Global Forum is an OECD initiative that works to address the risks to tax compliance posed by non-cooperative jurisdictions. “Ten… Read More
2nd December 2019
Mexican President Andres Manuel Lopez Obrador said on Friday that his government was committed to fighting organized crime, seeking to dispel fears that the United States could take matters in its own hands in the fight against drug cartels. U.S. President Donald Trump said earlier this week that he plans… Read More
29th November 2019
Australia’s Westpac Banking Corp offered to refund people who bought new shares weeks before a lawsuit accusing it of millions of breaches of money laundering laws, a move some investors said was to fend off criticism about its transparency. The country’s oldest and second-largest bank has… Read More
29th November 2019
The Trump administration assured U.S. banks on Wednesday that they can temporarily process U.S. dollar transactions on a Dalian unit of China’s biggest shipping company COSCO that Washington had imposed sanctions on over suspicions it transported oil from Iran. The United States’ sanctions on Sept. 25 pushed global freight costs… Read More