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23 Sep 2020, 10:00 pm
The Financial Crimes Enforcement Network (FinCEN) issued a final rule that requires minimum standards for anti-money laundering (AML) programs for banks lacking a federal functional regulator (the Federal Reserve Board, OCC, FDIC, OTS, NCAU, and SEC), i.e., banks and similar financial institutions that are subject only to state regulation and supervision, and certain international banking entities (collectively, “covered banking entities”). [read post]
23 Sep 2020, 10:00 pm
The Financial Crimes Enforcement Network (FinCEN) issued a final rule that requires minimum standards for anti-money laundering (AML) programs for banks lacking a federal functional regulator (the Federal Reserve Board, OCC, FDIC, OTS, NCAU, and SEC), i.e., banks and similar financial institutions that are subject only to state regulation and supervision, and certain international banking entities (collectively, “covered banking entities”). [read post]
23 Sep 2020, 1:23 pm
With the final rule, these banks will be subject to the following federal AML requirements: Anti-money laundering compliance programs Customer Identification programs Beneficial ownership requirements for legal entity customers The final rule is effective November 16, 2020. [read post]
23 Sep 2020, 8:11 am
” “Taylor Vinters had what it described as its ‘quadruple lock’ process, which required a form of photo ID, confirmation of address, copy of the client’s bank statement (or other bank confirmation) and an online anti-money laundering check. [read post]
23 Sep 2020, 7:55 am
Significantly, the OCC once again reaffirmed the federal banking agencies’ position that “banks are encouraged to manage customer relationships and mitigate risks based on customer relationships rather than declining to provide banking services to entire categories of customers. [read post]
23 Sep 2020, 1:55 am
Key Findings Implemented in 1991, Sweden’s carbon tax was one of the first in the world, second only to Finland’s carbon tax, which was implemented a year earlier. [read post]
23 Sep 2020, 1:31 am
Banks often argue that increased regulatory burdens would cause them to increase fees on their retail customers, but under the current framework it’s the victims of fraud who subsidize those fees with their lost life savings, explained attorney Alan Rosca. [read post]
23 Sep 2020, 1:31 am
Banks often argue that increased regulatory burdens would cause them to increase fees on their retail customers, but under the current framework it’s the victims of fraud who subsidize those fees with their lost life savings, explained attorney Alan Rosca. [read post]
22 Sep 2020, 10:00 pm
On the heels of an interpretive letter allowing national banks and federal savings associations (FSAs) to provide cryptocurrency custody services to customers (see our LawFlash), the US Office of the Comptroller of the Currency (OCC) issued another interpretive letter on September 21 clarifying that national banks and FSAs are authorized to hold stablecoin reserves. [read post]
22 Sep 2020, 10:00 pm
On the heels of an interpretive letter allowing national banks and federal savings associations (FSAs) to provide cryptocurrency custody services to customers (see our LawFlash), the US Office of the Comptroller of the Currency (OCC) issued another interpretive letter on September 21 clarifying that national banks and FSAs are authorized to hold stablecoin reserves. [read post]
22 Sep 2020, 10:00 pm
On the heels of an interpretive letter allowing national banks and federal savings associations (FSAs) to provide cryptocurrency custody services to customers (see our LawFlash), the US Office of the Comptroller of the Currency (OCC) issued another interpretive letter on September 21 clarifying that national banks and FSAs are authorized to hold stablecoin reserves. [read post]
22 Sep 2020, 10:00 pm
On the heels of an interpretive letter allowing national banks and federal savings associations (FSAs) to provide cryptocurrency custody services to customers (see our LawFlash), the US Office of the Comptroller of the Currency (OCC) issued another interpretive letter on September 21 clarifying that national banks and FSAs are authorized to hold stablecoin reserves. [read post]
22 Sep 2020, 10:00 pm
On the heels of an interpretive letter allowing national banks and federal savings associations (FSAs) to provide cryptocurrency custody services to customers (see our LawFlash), the US Office of the Comptroller of the Currency (OCC) issued another interpretive letter on September 21 clarifying that national banks and FSAs are authorized to hold stablecoin reserves. [read post]
22 Sep 2020, 10:00 pm
On the heels of an interpretive letter allowing national banks and federal savings associations (FSAs) to provide cryptocurrency custody services to customers (see our LawFlash), the US Office of the Comptroller of the Currency (OCC) issued another interpretive letter on September 21 clarifying that national banks and FSAs are authorized to hold stablecoin reserves. [read post]
22 Sep 2020, 8:55 pm
Banks can continue supporting their customers with extended payment moratoria after 30 September 2020, the EBA states that such loans should be classified on a case-by-case basis according to the usual prudential framework. [read post]
22 Sep 2020, 7:13 am
As we announced in a previous blog post, the OCC recently released an interpretive letter clarifying that national banks may engage in cryptocurrency custody services for customers. [read post]
22 Sep 2020, 6:30 am
Include these items on the transitional duty task bank. [read post]
21 Sep 2020, 5:38 pm
Many people are under-banked and in hard times such as these, many people use cash as a way to help them manage their budgets and spending. [read post]
21 Sep 2020, 11:49 am
Seth Moulton and Jim Banks, who since late 2019 have chaired the House task force examining challenges relating to American defense. [read post]
21 Sep 2020, 9:00 am
” From at least 2018 through June 2020, the CEO allegedly altered NS8’s bank statements to show millions of dollars in payments from customers, according to the SEC. [read post]
