From Lexology

NY Department of Financial Services enforces first-in-the-nation cybersecurity rules and fines mortgage lender $1.5 million for failure to comply

In March 2017, New York State’s Department of Financial Services (“DFS”) implemented the nation’s first cybersecurity rules requiring all regulated…

12 April 2021

FinCEN proposes new regulations on convertible virtual currencies and digital asset transactions

The Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Treasury Department, has proposed a new rule to bring convertible virtual…

09 April 2021

Financial services supervising authorities deliver strong message on building operational resilience in the United Kingdom

We recently noted that the UK Financial Conduct Authority (FCA) published the outcome of a review into the factors that determine failure or success…

08 April 2021

The SMCR, five years on

Five years ago, on 7 March 2016, the Senior Managers and Certification Regime (SMCR) came into force. At first it applied only to dual-regulated…

08 April 2021

Stablecoin policy guidelines issued by Bank of Thailand

On March 19, 2021, the Bank of Thailand (BOT) issued policy guidelines on how stablecoins are to be regulated. These were issued following the BOT’s…

05 April 2021

The FCA’s NatWest probe: has the regulator bitten off more than it can chew?

Thomas Cattee, white-collar crime specialist at Gherson in London, examines the Financial Conduct Authority’s recently-launched criminal proceedings against NatWest – the first case it has brought against a bank under the Money Laundering Regulations 2007.

01 April 2021

Continued support for AI from the US financial services regulators

On March 29, 2021, the primary federal bank regulators (the Federal Reserve, CFPB, the FDIC, the NCUA, and the OCC) issued a request for information…

01 April 2021

Updated FATF Guidance on virtual assets and virtual asset service providers

The Financial Action Task Force (FATF), an international body that sets standards for anti-money laundering and counter-terrorism financing (AML/CTF)…

01 April 2021

UK and EU agree to establish joint Financial Regulatory Forum

The United Kingdom and the European Union have concluded technical discussions on the text of the Memorandum of Understanding (MOU) referred to in…

01 April 2021

Congress prepares to invalidate OCC’s true lender rule

On Thursday (March 26, 2021), Senator Chris Van Hollen (D-MD) introduced a Congressional Review Act (CRA) resolution of disapproval to invalidate the…

28 March 2021

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