PricewaterhouseCoopers will pay $25 million and revise its consulting practices after removing incriminating findings from a 2008 report drafted for Japan's largest bank, a New York State regulator said.
Recent regulatory guidance on banks use of consultants for anti-money laundering remediation work places a renewed focus on the personal connections that can affect the independence of consultants, according to compliance professionals.
In the wake of two state-issued fines that totaled over $500 million dollars, several foreign banks with chartered branches in New York are considering moving elsewhere, say sources with knowledge of the matter.
The United States should more frequently blacklist foreign financial institutions that flout American sanctions barring Iranian oil sales, a lawmaker said Tuesday.
The United Kingdom is ramping up efforts to tackle domestic and international tax evasion, several Geneva-based HSBC employees voluntarily resigned after a $130 million drug and money laundering scheme was uncovered by French and Swiss investigators, and more, in the midweek roundup.
The U.S. House of Representatives Wednesday approved legislation that would require the White House to identify interbank messengers serving Iran's financial sector and order companies to divulge their Iranian ties.
An American sanctions law passed in December is raising compliance concerns at banks involved in energy sector deals, despite U.S. waivers permitting related transactions, say attorneys and bank officials.
The Senate's banking committee Thursday approved sanctions aimed at Iranian officials, including provisions asking the world's largest interbank messaging consortium to shut out Iran's central bank.
Proposed amendments to an Iran sanctions law that would require U.S. banks to certify whether their foreign counterparts do business with blacklisted Iranians would be a "huge" compliance burden if implemented, say top officials at the nation's largest financial trade group.
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.
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.