9th July 2019
The U.S. Securities and Exchange Commission (SEC) on Monday issued a notice on broker-dealer custody of digital asset securities, amid industry requests for clarity on whether they can hold such assets under federal securities laws. The SEC’s statement, issued in conjunction with the general counsel of the Financial Industry Regulatory… Read More
8th July 2019
The head of Latvia’s bank watchdog is to step down following a move by the country’s parliament to reform the finance industry regulator as part of efforts to combat money laundering. Latvia is under pressure to clean up its banking sector after series of scandals. Moneyval, the money laundering and… Read More
8th July 2019
In May, the US Office of Foreign Assets Control (OFAC) published “A Framework for OFAC Compliance Commitments” (“Framework document”). This document consists of two separable parts, the first of which lays out five “essential components of compliance” that OFAC believes should form the basis for a sanctions compliance program (SCP)… Read More
4th July 2019
AP — The United States hit Cuba’s state-run oil shipping firm Cubametales with financial sanctions on Wednesday, saying it’s a key player propping up Venezuela’s President Nicolás Maduro. “Maduro is clinging to Cuba to stay in power, buying military and intelligence operatives in exchange for oil,” U.S. Treasury Secretary… Read More
3rd July 2019
European Union leaders agreed on Tuesday to name France’s Christine Lagarde as the new head of the European Central Bank and sealed a deal on filling the EU’s other top four jobs after marathon talks that have exposed deep divisions in the bloc. Three days of summit negotiations that at… Read More
3rd July 2019
French authorities are encouraging companies to conduct internal investigations when seeking to settle allegations of certain financial crimes—the latest in a series of reforms that brings the country closer to the U.S. model of corporate crime and punishment. Guidance explaining how such investigations can help companies secure negotiated settlements, released… Read More
3rd July 2019
Facebook’s fledging cryptocurrency will raise questions for both society and government that need close examination, a senior official at Britain’s financial watchdog said on Tuesday, in another sign that the planned project will face deep scrutiny. Facebook Inc unveiled its Libra digital coin last month, raising immediate concerns over its… Read More
1st July 2019
Macau has “not been taking a relaxed attitude” towards the issues of anti-money laundering (AML) and combatting the financing of terrorism, said the head of the city’s casino regulator at a major conference on those topics, held in Macau on Thursday. The regulator, the Gaming Inspection and Coordination Bureau, also… Read More
28th June 2019
Maltese Finance Minister Edward Scicluna on Thursday disclosed plans to create a new governmental agency tasked with increasing money laundering prosecutions in the country, The Times of Malta reported.  Although the structure of the proposed investigatory body has yet to be determined, officials hope to launch an agency capable… Read More
28th June 2019
Switzerland’s Federal Council disclosed on Wednesday that it is moving forward with a proposed amendment to the Anti-Money Laundering  Act that would impose new regulatory obligations as soon as 2021.  The draft amendment seeks to address weaknesses identified by the Financial Action Task Force in a 2016 mutual… Read More