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It's No Embargo, But Venezuela Sanctions Likely To Send Firms Fleeing
13th Aug 2019 | Written by:
New U.S. sanctions against Venezuela fall short of a crippling embargo but are still likely to accelerate an exodus of foreign firms from any business involving the oil-rich nation, legal experts...
Federal U.S. Regulators Discourage De-Risking In Joint Statement
29th Jul 2019 | Written by:
As bank de-risking continues to plague the worldwide financial system, U.S officials are encouraging regulated institutions to assess risk on a case-by-case basis, rather than making blanket...
U.S. Cannabis Industry's Bank Problem Gets Senate Attention
24th Jul 2019 | Written by:
A U.S. Senate committee hearing to examine proposals aimed at enabling banks to serve legal cannabis businesses without fear of legal repercussions has offered some signs of progress toward that...
Senate Banking Committee To Take Up Cannabis Banking Issue After All
19th Jul 2019 | Written by:
The long-smoldering issue of legal cannabis businesses lacking access to banking and payment services will take center stage in a key Senate committee hearing next week, the scheduling of which...
Financial Stability Board Launches Online Survey on Financial Industry Management of Cyber-Attack Practices
12th Jul 2019 | Written by:
On July 11, 2019, the Financial Stability Board (FSB) invited international financial institutions to complete an online survey disclosing chosen effective practices adopted to manage and recover...
No Damages For MSB Over Severed Bank Accounts, UK Court Rules
12th Jul 2019 | Written by:
A foreign exchange and payment service provider has lost its bid to claim damages from Royal Bank of Scotland (RBS), after the UK lender terminated its business accounts on suspicion they were...
Regulatory Action Needed On De-Risking Despite Industry Efforts, Firms Say
9th Jul 2019 | Written by:
UK payment providers have welcomed industry-led attempts to improve their access to bank account services, but called on government and regulators to give greater support to a sector still...
Wolfsberg Group Hones Standards As De-Risking Concerns Continue
28th Jun 2019 | Written by:
The influential Wolfsberg Group has published an update to its guidance on due diligence for correspondent banking relationships, after recent reports from international bodies revealed de-risking...
California Lawsuit Casts Light On Legal Cannabis Sector's Payments Problem
10th Jun 2019 | Written by:
With legal cannabis companies still struggling to gain access to banking and payment services, a new lawsuit is alleging a California-based company disguised the true nature of cannabis delivery...
U.S. Watchdog Seeks More Funding For Crypto, MSB Monitoring
7th Jun 2019 | Written by:
The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) is doubling down on efforts to stem cybercrime and keep watch over what it deems to be "high-risk" non-bank money services...
Patchy Progress On Remittance Oversight Hampers De-Risking Fight
30th May 2019 | Written by:
A two-speed approach to arrest the decline in correspondent banking relationships is emerging, an influential monitoring group warned on Wednesday, with some jurisdictions making leaps in...
Correspondent Bank Decline Continues As Authorities Issue Inclusion Warning
28th May 2019 | Written by:
The number of correspondent banking relationships around the world has dropped by nearly a quarter over the last seven years, according to new data collected by SWIFT.
Sweden: Financial Supervisory Authority Applies ESAs' Guidelines on Risk Factors
22nd May 2019 | Written by:
On May 22, 2019, the Financial Supervisory Authority (Finansinspektionen – FI) announced that it intends to abide by and implement the European supervisory authorities’ (ESAs) common guidelines on...
Westminster Rebuffs Criticism Of AML Supervisory Structure
9th May 2019 | Written by:
The UK government has rejected calls to reconsider the anti-money laundering (AML) supervisory role of the country’s tax regulator, speed up action on de-risking and focus on calculating the true...
In-Depth: Marijuana Businesses Face Up To Payments Problem
23rd Apr 2019 | Written by:
in Washington, D.C.
Despite the perception that U.S. legalized marijuana has a payments problem, industry executives and analysts believe an increasing number of financial institutions are quietly opening their doors...
Legal Experts Highlight Secondary Party Risk In U.S. Cannabis Banking
12th Apr 2019 | Written by:
U.S. banks and payments providers eyeing state-legalized cannabis businesses must battle with both a lack of legal clarity at the federal level and difficulties carrying out due diligence on...
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