U.K.’s Cameron Proposes More Power for Charities Regulator British officials are asking lawmakers to strengthen an agency’s oversight of charities in England and Wales in response to terrorism financiers, including bolstering governmental authority to dismiss trustees.
October 22, 2014
Midweek Roundup: U.N. Weighing Sanctions Against Ex-Yemeni President, Swiss Banks Get Little Help in U.S. Tax Deal, and More A deal to end longstanding sanctions against Iran is unlikely to come together ahead of a Nov. 24 deadline, some banks in Hong Kong are turning away American taxpayers because of FATCA requirements, and more, in the midweek roundup.
October 22, 2014
In Bangladesh, Reforms Have Reduced Illegal Remittances, Says Central Banker Bangladesh’s long fight against an informal remittance channel popularized centuries ago is inching toward a close, according to Atiur Rahman, the governor of the country’s central bank.
October 20, 2014
Weekly Roundup: Commerzbank AG Deal Reportedly Delayed, UBS Exec Claims No Knowledge of Tax Evasion, and More PayPal has strengthened controls over e-payments in Russia, the expected U.S. settlement with Commerzbank AG for alleged sanctions violations has been delayed, and more, in this week's roundup.
October 17, 2014
FinCEN Updates Suspicious Activity Report Statistics The U.S. Treasury Department's Financial Crimes Enforcement Network published a quarterly update of Suspicious Activity Reports filed by financial institutions covering March 1, 2012 through Sept. 30, 2014 under the Bank Secrecy Act.
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October 22, 2014
HM Treasury Adds 18 Entries, Amends Four Entries on Syria Sanctions List The United Kingdom's regulator notified financial institutions that 16 individuals and two entities are now subject to an asset freeze. Additionally, four entries on the consolidated sanctions list were amended.
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October 22, 2014
Swiss Federal Council Announces Consultation on OECD Standard Switzerland launched the consultation on the proposed law implementing the application of the OECD standard which will allow the country to quickly amend double taxation agreements that do not yet comply with the international information exchange standard.
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October 22, 2014
Since-retired OCC Director of BSA Compliance John Wagner outlines the core issues for bank examiners.
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On Oct. 2, the Asia/Pacific Group on Money Laundering (APG) warned member nations and financial institutions about the money laundering deficiencies of:
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Good for Law Enforcement, Not Too Onerous for Banks

August 8, 2014

The proposed customer due diligence rule that was released July 30 was notable for what it didn’t require, perhaps even more than for what it did.

The Financial Crimes Enforcement Network proposal doesn't mandate some of the things financial institutions were most worried about. At the same time, it gives law enforcement much of what it wanted.   

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SEC Takes Action Against Former Wells Fargo Advisors Compliance Officer for Altering Document The U.S. Securities and Exchange Commission issued an enforcement action against Judy K. Wolf, a former compliance officer of the St. Louis, MO brokerage firm, for allegedly altering a document before it was provided to the commission during an investigation.
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October 15, 2014
Finra Penalizes Former Employee of Wealth Management Firm for Failing to Report Suspicious Activity The Financial Industry Regulatory Authority imposed a monetary penalty against Javier Tellez for failing to implement Capital Guardian, LLC's anti-money laundering compliance program, which required the reporting of suspicious activities.
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October 10, 2014
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