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U.S. Department of the Treasury
U.S. Payments Firms Taking No Chances Over Political Tension
25th Aug 2017 | Written by:
Reputational risk could pose a regulatory threat to payment providers, legal experts have warned, after multiple firms took steps to disassociate themselves from political tensions in the U.S.
Weekly News In Brief: May 26, 2017
26th May 2017 | Written by:
UK regulator says GDPR is a "boardroom-level" issue; Germany issues video KYC reforms; the United States and Saudi Arabia sign an "historic" agreement to combat terrorism financing; Estonia's e...
U.S. Blacklists Money Businesses In First ISIL Sanction
15th Dec 2016 | Written by:
The U.S. Treasury has blacklisted two money service businesses and a financier for helping Islamic State move money in the first case such sanctions have been used against the global terror group.
U.S. Says Improved AML Regimes Will Counter De-Risking
16th Nov 2016 | Written by:
Countries grappling with the withdrawal of correspondent banking relationships must work to improve their anti-money laundering and counter-terrorist financing regimes, a U.S. Treasury boss has...
FCA Tells Firms To Check PacNet Links
10th Oct 2016 | Written by:
UK financial firms have been advised to check whether their payments operations have been interrupted by the blacklisting of a Canadian payments processor, as the reverberations of the 20-year...
Payments Processor Blacklisted After 20-Year Fraud Scandal
23rd Sep 2016 | Written by:
U.S. regulators have blacklisted and launched criminal action against a Canadian payments processor accused of laundering millions of dollars from around the world for conmen for more than 20 years.
AML Enforcement ‘Not Zero Tolerance’, Insist U.S. Regulators
6th Sep 2016 | Written by:
U.S. regulators are trying to assuage banks’ concerns over anti-money laundering enforcement, following complaints that global financial institutions are continuing to cut ties with foreign partners.
U.S. Regulators Warn Card Industry With $35m Rebuke
30th Aug 2016 | Written by:
U.S. regulators' $35m (£27m) enforcement action against a credit card issuer in Nebraska is being cited as evidence of tough policing of the sector, with authorities even targeting third-party...
U.S. ‘De-Risking’ Bill Suggests Regulator-Backed Remittance Pilot
21st Jul 2016 | Written by:
A U.S. bill seeking to break the stalemate between regulators, banks and remitters has passed its first legal hurdle, giving hope that a pilot program for transfers to Somalia could be established.
New York AML Rules Scrap Personal Liability
5th Jul 2016 | Written by:
Compliance officers at money transmitters in New York will not be personally liable for adhering to new anti-money laundering rules, following successful lobbying from financial services groups.
U.S. Warns Of Blockchain Threat, Bank Adoption Continues
24th Jun 2016 | Written by:
U.S. regulators are warning that blockchains could destabilize financial systems amid a surge in banks adopting the technology as part of their cross-border payments facilities.
FSOC 2016 Annual Report
22nd Jun 2016 | Written by:
The Financial Stability Oversight Council's (FSOC) Annual Report 2016 has been published by the U.S. Treasury Department, together with the Office of the Comptroller of the Currency, the Securities...
U.S. Officials Promise Imminent Transparency Reforms
11th Apr 2016 | Written by:
U.S. officials have said that financial sector regulatory reforms are imminent, in an attempt to correct “long-standing weakness” around beneficial company ownership in the country’s anti-money...
New York DFS Proposes New Rules to Increase AML and Sanctions Compliance Requirements
Michael Gershberg, Steven Witzel, Justin Schenck and Joshua Roth from Fried Frank law firm summarize the main provisions of the proposed new AML regulation and key takeaways for financial...
SWIFT, Western Union Hopeful Of De-Risking U-Turn
1st Apr 2016 | Written by:
New initiatives by international financial crime authorities may give a glimmer of hope to remittance businesses grappling with the global “de-risking crisis”, representatives of SWIFT and Western...
OFAC Fines Barclays for Zimbabwe Sanctions Violations
Jessica Piquet Megaw
Anthony Rapa and Jessica Piquet Megaw from Steptoe & Johnson LLP provide some detail on OFAC’s recent fine of Barclays for violating Zimbabwe sanctions.
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