25th December 2020
Companies need to be aware of likely changes to the U.K.’s sanctions regime as the end of the Brexit transition period approaches, sanctions compliance attorneys said. During the transition period, which is set to end on Dec. 31, individuals and companies in the U.K. have been required to comply with… Read More
24th December 2020
Top U.S. financial regulators are warning firms behind an important part of the cryptocurrency market to tighten protections against money laundering. At issue are so-called stablecoins that traders rely on to facilitate payments for digital tokens. In a Wednesday statement, the Treasury Department and other agencies said they should be… Read More
22nd December 2020
A proposal by regulators that would require financial institutions to collect and pass along sender and receiver details on more transactions has raised concerns at many firms about compliance costs. But one of the largest money-transfer companies is putting its weight behind the effort. MoneyGram International Inc. says a… Read More
21st December 2020
The U.S. Treasury Department said Friday it is proposing new requirements involving convertible virtual currencies that would require banks and other intermediaries to maintain records and submit reports to verify customer identities for certain transactions. The Financial Crimes Enforcement Network — a unit within Treasury that guards against money laundering… Read More
21st December 2020
The Bahamas has officially been removed from the Financial Action Task Force’s (FATF) grey list of nations deemed to have deficiencies in their anti-financial crime defenses, the Office of the Attorney General (OAG) announced yesterday. This follows the FATF conducting an on-site visit to the country at the end… Read More
18th December 2020
The Office of the Comptroller of the Currency issued a proposal Thursday to allow certain banks to opt out of filing suspicious activity reports, a compliance requirement that often draws industry complaints. The proposed rule would exempt national banks from certain SAR requirements provided they’ve developed “innovative solutions intended to… Read More
17th December 2020
Financial firms are ignoring their legal responsibilities to prevent money laundering and the financing of terrorism and leaving oversight to unqualified staff, according to the Central Bank of Ireland (CBI). A supervisory review of compliance with anti-money laundering (AML) and counter financing of terrorism (CFT) regulations found that boards across… Read More
16th December 2020
Deal People in the financial services industry believe they effectively went through a hard Brexit four years ago. As talks have dragged on over a free-trade deal, banking, insurance and asset management have not formed a big part of the discussion. Even if a deal for manufacturers is hammered out… Read More
16th December 2020
Indonesia will need to step out of the shadows of neighboring Malaysia’s 1MDB scandal to convince investors that its new wealth fund won’t fall prey to corruption. Nusantara Investment Authority will take lessons from other sovereign wealth funds and adopt a framework based on independence, transparency and accountability, said Isa… Read More
15th December 2020
The United States formally rescinded Sudan’s status as a state sponsor of terrorism on Monday, removing the biggest barrier to the African country’s access to international lending institutions and economic development. Sudan was designated as a state sponsor of terrorism in 1993, in part for its support of militant… Read More