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U.S. Department of the Treasury
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.
Andorran Bank Figures Livid After US Drops Sanctions Plan
23rd Feb 2016 | Written by:
Majority shareholders of an Andorran bank are seeking to wrest back control of the company after an American watchdog withdrew plans to blacklist it over money laundering accusations.
New York Readies Stringent Cybersecurity Regulations
16th Nov 2015 | Written by:
Scott Van Voorhis
Bitcoin firms may have lost their last chance to ditch onerous new cybersecurity requirements, with New York regulators seriously exploring plans to expand the new regulations to banks and insurers...
U.S. Targets Payment Sanction Compliance After Bank Settlement
28th Oct 2015 | Written by:
U.S. regulators have pledged to continue targeting banks and payment operators which allow transactions from rogue countries after ordering one of the world’s biggest banks to pay nearly $800m for...
Remitters Eye Cuba-U.S. Market Expansion As Relations Thaw
2nd Oct 2015 | Written by:
While the U.S. embargo remains in effect and most transactions continue to be barred, rules on transfer of funds and remittances to and from Cuba — currently topping $3bn annually — are being...
‘Death Sentence’ On Hold For FBME Bank
2nd Sep 2015 | Written by:
FBME Bank Ltd has won a reprieve from a “death sentence” imposed by US enforcers which cut it off from dealing in dollars as it fights a swathe of money laundering and fraud allegations.
Beleaguered Bank Rails Against US ‘Death Sentence’
18th Aug 2015 | Written by:
A private bank cut off from the US financial system has filed a complaint in a federal court against the enforcement agency responsible, branding its decision a “death sentence”.
OFAC Warns Of Crimea Payment Processing Sanctions Risks
7th Aug 2015 | Written by:
U.S. financial intelligence units have issued guidance on how to mitigate risks of processing payments linked to Crimea and avoid violating sanctions placed on Russia.
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