6th January 2021
Wells Fargo & Company said on Tuesday the Office of the Comptroller of the Currency (OCC) had terminated a 2015 consent order related to an anti-money laundering compliance program after the bank took steps to remedy the problems. The end of the consent order is a positive sign for the… Read More
6th January 2021
Kyrgyz MPs have approved an economic amnesty bill that allows individuals who obtained financial assets through illegal means to avoid prosecution by surrendering the assets to the State Treasury. The move will do nothing to allay concerns that organised crime is posing a growing threat to democracy in Kyrgyzstan—the fears… Read More
6th January 2021
The Financial Industry Regulatory Authority Inc. closed out 2020 by hitting LPL Financial, the largest independent broker-dealer in the industry, last Thursday with a $6.5 million fine due to shortcomings in a variety of supervisory issues, ranging from record keeping to fingerprinting of non-registered employees and supervision of advisers’ consolidated… Read More
6th January 2021
Cryptocurrency prices briefly popped late Monday, after a federal banking regulator said in an interpretive letter that U.S. financial institutions are allowed to use stablecoins for payment activities, and can participate as nodes in a blockchain. The letter from the Office of the Comptroller of the Currency is the latest… Read More
5th January 2021
The U.S. Treasury Department imposed an $8.6 million fine on a French bank that officials said processed payments for blacklisted Syrian financial institutions. Union de Banques Arabes et Françaises SA, a Paris-based bank that facilitates trade finance between Europe and the Middle East, Africa and Asia, agreed to pay the… Read More
5th January 2021
The antiquities trade, which regulators have long feared provided fertile ground for money laundering and other illicit activities, will be subject to greater oversight under legislation passed by Congress on Friday when it overrode President Trump’s veto. The provisions tightening scrutiny of the antiquities market were… Read More
5th January 2021
After China’s banking and insurance regulator claimed US financial sanctions have no “legal effect” in Hong Kong or China, analysts have warned that financial institutions might still face penalties if found providing services to sanctioned entities. Washington has unleashed a swathe of sanctions on Chinese and Hong Kong officials and companies… Read More
5th January 2021
A U.S. judge on Monday blocked the Trump administration from sanctioning human rights lawyers for supporting the work of the world’s war crimes tribunal, the International Criminal Court. U.S. District Judge Katherine Polk Failla in Manhattan issued a preliminary injunction against the White House from imposing criminal or civil penalties… Read More
5th January 2021
Pakistan has arrested Zaki-ur-Rehman Lakhvi, a leader of armed group Lashkar-e-Taiba (LeT) – blamed by the United States and India for the 2008 Mumbai attacks, a counterterrorism official said. The arrest is in relation to “terrorism financing”, the official said on Saturday, and not a specific attack. “Proscribed organisation LeT… Read More
5th January 2021
Bitcoin is entering 2021 in the best place its ever been. With strong movements past $30,000, the whole world is waiting to see how high Bitcoin will go. But while BTC hodlers’ pockets are busting with cash, the United States’ tax arm, also known as the Internal Revenue Service (IRS),… Read More