Region: United States of America
FinCEN overhauls AML rules
In the first significant change to its Bank Secrecy Act regulations in four years, US enforcement agency FinCEN has released proposals that would more explicitly define the statute’s requirements for “effective and reasonably designed” anti-money laundering programmes.
17 September 2020
Fed admits stress-testing error
Goldman Sachs and Morgan Stanley’s capital requirements have been revised after the Federal Reserve admitted errors in its most recent stress tests.
08 September 2020
Community round-up: Libra names second GC in three months, ESMA names CCP committee
O’Melveny & Myers partner Stevan Bunnell has joined Facebook’s cryptocurrency project Libra as chief legal officer, while the European Securities and Markets Authority has nominated members for the central counterparties supervision committee formed under last year’s EMIR revision.
04 September 2020
CFTC clears path for Libor transition measures
US derivatives regulator the Commodity Futures Trading Commission has issued a trio of no-action letters ahead of next year’s Libor transition, in an attempt to encourage derivatives traders to amend their contracts, as the industry-led task force guiding the transition issued new recommended contractual language.
02 September 2020
False statements and disclosure issues fuel Scotiabank’s market manipulation settlements
US authorities have slapped Canada’s Scotiabank with harsh penalties in a market manipulation case, in part because of its failure to reveal the full extent of wrongdoing when voluntarily disclosing the matter.
02 September 2020
US regulators pave way for higher capital distributions despite dissent
US banking regulators have finalised a measure allowing banks to make higher capital distributions under stressed financial conditions, over the objections of the minority members of the Federal Reserve and FDIC boards.
28 August 2020
US and Brazil unveil instant payment systems
The US Federal Reserve has announced details of its interbank payment service FedNow despite scepticism over potential competition with the private sector, as the Brazilian central bank reveals a launch date for its own new payments system network, Pix.
14 August 2020
Prudential round-up: Fed sets new capital requirements as APRA’s reform programme resumes
The US Federal Reserve has announced new capital requirements for large banks, as Australia’s prudential regulator resumes licence issuing and its post-Royal Commission policy programme, which had been suspended during the covid-19 outbreak.
14 August 2020
UBS loses bid to dismiss Libor collusion claims
An English court has denied UBS’s request to throw out a lawsuit filed by US regulator FDIC, which accuses the bank of colluding with 11 rivals to lowball US dollar Libor.
05 August 2020
Deutsche fined US$150 million over Epstein ties
New York’s state financial regulator has fined Deutsche Bank over its relationship with the late Jeffrey Epstein – the first regulatory action against a financial institution over its connections to the disgraced financier and sex offender – and to two controversial foreign banks.
08 July 2020
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