New U.S. regulations and a reported sanctions probe by New York officials are increasing pressure on the reinsurance sector, an industry where knowing your customer can prove difficult, say consultants.
The growing use of China's currency to conduct international trade payments could weaken the potency of U.S. efforts to promote anti-money laundering practices and impose financial sanctions, say analysts.
The U.S. Treasury Department Monday sanctioned Iran's third largest bank hours after the European Union agreed to freeze the assets of the Middle Eastern nation's central bank.
U.S. senators Monday approved a reconciled defense appropriations bill that would sanction Iran's central bank, making only a single nod to White House concerns that the bill would displease trade partners.
The U.S. Treasury Department Monday proposed designating Iran as a "primary money laundering concern" and requiring banks to end correspondent relationships with foreign institutions that transact for Iranians.
The U.S. Senate as soon as this week will consider a proposal to apply direct sanctions to the Central Bank of Iran after a House panel adopted a similar measure Wednesday.
A congressional committee Wednesday approved an amended measure that would sanction the Central Bank of Iran and require U.S. financial institutions to certify that their foreign counterparts have no ties to blacklisted Iranians.
An alleged plot by Iranian officials to assassinate Saudi Arabia's U.S. ambassador raised questions Thursday about whether Congress needs to strengthen a sanctions law and blacklist Iran's central bank.
The U.S. Treasury Department finalized regulations Wednesday requiring banks to ask their correspondent financial institutions about accounts tied to Iran when requested to do so by U.S. officials.
The U.S. Internal Revenue Service Thursday extended deadlines and introduced a phased-approach for foreign banks to comply with a new law designed to detect and discourage tax evasion.
U.S. banks could be required to deny credit card transactions from foreign financial institutions linked to tax evaders under a measure introduced Tuesday by the chairman of the Senate Permanent Subcommittee on Investigations.
A U.S. anti-tax haven law that goes into effect in 2013 may serve as a model for European legislators seeking to recoup lost tax revenue, said speakers at an anti-money laundering conference on Monday and Tuesday.
European banks are asking the U.S. Treasury Department to amend proposed regulations that would require them to conduct three-month look-backs within 30 days of a request by American officials.
A congressional measure aimed at Iran could spell new compliance duties for U.S. financial institutions, including requiring banks to certify that their correspondent institutions don't maintain accounts for blacklisted Iranians.
The U.S. Treasury Department proposed rules Wednesday that would require banks to inform the government of whether their foreign counterparts hold accounts for blacklisted Iranian institutions and organizations.