Topic: Financial crime

FATF plans for trust ownership rules criticised as “vague”

Industry bodies have complained the Financial Action Task Force’s plans to tighten rules around beneficial ownership of trusts are too “truncated” to properly tackle the matter.

04 August 2022

US House passes “most significant reform since PATRIOT Act”, enlarging AML monitoring network

The US has expanded the scope of institutions subject to anti-money laundering and sanctions rules, a legislative reaction to last year’s Pandora Papers exposé.

21 July 2022

Powell and Clarida cleared over blackout trades

The US Federal Reserve’s watchdog has said that chair Jerome Powell and former vice-chair Richard Clarida did not violate any laws during a 2020 trading scandal.

18 July 2022

Swiss Libor manipulation suit settles

A long-standing class action against Deutsche Bank and NatWest over allegations of a conspiracy to fix Swiss franc Libor is set to conclude, as a New York federal court approves a settlement in a class action lawsuit revolving around LIBOR manipulation scandals.

06 July 2022

Hong Kong’s securities regulator seeks expanded enforcement powers

The Securities and Futures Commission in Hong Kong has asked for increased enforcement powers in newly-proposed amendments to the city's securities legislation.

17 June 2022

FinCEN consults on potential no-action letter process

The US Treasury’s financial crime enforcer is considering expanding its discretionary repertoire to include no-action letters in cases of compliance failure.

13 June 2022

UK government includes two financial regulation bills in Queen's Speech

The UK government has announced plans for two new financial regulatory-focused bills for the next legislative session, with plans for further post-Brexit regulatory onshoring and crypto-asset forfeiture powers.

11 May 2022

FCA raises alarm over challenger banks’ customer onboarding

The UK’s Financial Conduct Authority has raised concerns over weaknesses in challenger banks’ check-ups when they are onboarding new customers.

25 April 2022

EU bans high-value crypto services to Russians in latest sanctions round

The European Union has followed through on its promises to ban “high-value crypto-asset services” to Russians, as a part of its fifth package of sanctions following Russia’s invasion of Ukraine.

13 April 2022

FATF greylists UAE and puts Russia under review

The Financial Action Taskforce has placed the United Arab Emirates on its money laundering “greylist”, hinting also that it may remove Russia from its role at the organisation.

09 March 2022

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