29th May 2017
FinTech has no doubt changed the face of the financial services industry in the U.S., but experts are beginning to question how it will impact regulation. Reports in Reuters on Friday (May 26) explored how industry players are examining the future of financial regulation as FinTech continues its disruption. Read More
29th May 2017
Banks in Hong Kong will almost certainly have to replace all 3,250 ATM machines in the city with new cash dispensers equipped with facial recognition technology as part of the battle against money laundering, financial crime and the funding of terrorism, according to a source familiar with the matter. Read More
26th May 2017
Several local and international banks have been slapped with administrative fines by the South African Reserve Bank, for weak anti-money laundering and combating of financing terrorism controls. The banks include Investec, Absa, Standard Chartered, as well as Habib Overseas Bank. Overall, banks were fined a total of R46.5-million. Read More
26th May 2017
The government has agreed not to prosecute Citigroup’s Mexico-based subsidiary despite damning evidence it aided a cross-border money-laundering scheme for years, the Department of Justice announced Tuesday. The non-prosecution agreement is in sharp contrast with the hard line that Attorney General Jeff Sessions has already laid out for blue-collar criminals. Read More
26th May 2017
A major reform of the Dodd-Frank Act moved towards expected passage in the House Wednesday during a hearing on the Financial Choice Act of 2017, a bill written by House Financial Services Committee Chairman Jeb Hensarling (R-TX), even as Democrats on the panel urged the GOP majority to slow down… Read More
25th May 2017
The FCA welcomes today’s publication of the FX Global Code (link is external). As we set out in our Mission, standards can be a useful way for the industry to police itself in support of our regulatory work and can help firms to communicate expectations of individuals when linked to… Read More
24th May 2017
A federal appeals court in Washington ruled on Tuesday against owners of the now defunct Banca Privada d’Andorra S.A. who had sought to reverse an order by the U.S. Treasury Department declaring the institution a “primary money laundering concern.” A three-judge panel rejected calls by Ramon and Higini Cierco, former… Read More
24th May 2017
One in five banks in the Asia Pacific expects tax evasion in 2017 to increase 100 to 500 per cent over last year’s levels according to a recent poll by data analytics firm Fico. A further one in five senior fraud managers surveyed said they expect the increase to be… Read More
23rd May 2017
On May 4, President Pranab Mukherjee promulgated the Banking Regulation (Amendment) Ordinance, 2017. This adds sections 35AA and 35AB to the Banking Regulation Act, 1949 (BRA). The first applications of this modified law are visible. Under these new provisions, the government has issued an order authorising the Reserve Bank of India… Read More
22nd May 2017
The government’s new regulation granting federal tax authorities greater access to individual financial account information will not disrupt status quo banking activities, an economist said on Wednesday (17/05). “The implementation of this regulation in lieu of law isn’t expected to disrupt the banking sector, as most banks in OECD [Organisation… Read More