Financial Regulatory Forum

Financial industry anxious for clarity on swap-facility rules; business conduct a key compliance issue

By Guest Contributor
June 11, 2013

By Emmanuel Olaoye, Compliance Complete

WASHINGTON/NEW YORK, June 11 (Thomson Reuters Accelus) - The financial industry is scrambling to understand the Commodity Futures Trading Commission’s final rules for firms trading derivatives on an electronic platform.

U.S. Justice Department chooses former prosecutor to be HSBC compliance monitor

By Guest Contributor
June 6, 2013

By Brett Wolf, Compliance Complete

NEW YORK, June 6 (Thomson Reuters Accelus) - The U.S. Justice Department on Wednesday said it has chosen a former New York County prosecutor who is known for his innovative pursuit of criminals to police HSBC’s efforts to clean up its anti-money laundering program.

AML reports a key tool for analyzing “21st century crime scene,” New York prosecutors say

By Guest Contributor
June 4, 2013

By Stuart Gittleman, Compliance Complete

NEW YORK, June 4 (Thomson Reuters Accelus) – The suspicious-activity reports and other filings submitted by anti-money laundering officers are quite unlike a child’s letters to Santa Claus — they can be assured of an audience, Manhattan’s top local prosecutor and top staffers told reporters last week.
New York County District Attorney Cyrus Vance Jr. said his staff is continuing the war Bob Morgenthau, his predecessor, waged against the usual focus of AML efforts – drugs, fraud, taxes and terrorism – but they are using new tools and methods to fight emerging criminal threats as well as lower-level “street crime.” (more…)

Digital currency firms rush to adopt anti-money laundering rules amid global crackdown

By Guest Contributor
June 4, 2013

By Thomson Reuters Reporting Team

NEW YORK, June 3 (Thomson Reuters Accelus/Reuters) – These are unsettling times for digital currency businesses and the venture capitalists backing them.

Goldman standards review reflects new compliance landscape

By Guest Contributor
May 30, 2013

By Nick Paraskeva, for Compliance Complete

NEW YORK, May 29 (Thomson Reuters Accelus) - Goldman Sachs’ report on new business ethics and practices voiced lofty ambitions that are both frequently aired and difficult to implement. But it also articulated higher standards on issues such as reputational risk, suitability and conflicts of interests, which are increasingly demanded by customers, regulators and investors.

CFTC rules on swaps trading put demands on compliance oversight

By Guest Contributor
May 29, 2013

By Nick Paraskeva, for Compliance Complete

NEW YORK, May 29 (Thomson Reuters Accelus) - New U.S. rules requiring many over-the-counter derivatives to be traded on swap execution facilities and exchanges will have a major impact on the compliance and risk processes of market participants. Price quotation, execution and trade reporting requirements adopted last week by the Commodity Futures Trading Commission aim to bring transparency to the previously unregulated swaps markets.

No bank is ‘too big to jail,’ U.S. Attorney General Holder warns

By Guest Contributor
May 20, 2013

By Stuart Gittleman, Compliance Complete

NEW YORK, May 20 (Thomson Reuters Accelus) - Corruption, cyber threats and transnational organized crime – and the money laundering that greases the wheels of illicit commerce – are high on the list of law enforcement priorities, U.S. Attorney General Eric Holder told the House Judiciary Committee on Wednesday. (more…)

U.S. consumer bureau’s first criminal referral is a warning for regulated banks

By Guest Contributor
May 15, 2013

By Emmauel Olaoye, Compliance Complete

WASHINGTON, May 15 (Thomson Reuters Accelus) - Lenders who work closely with unregulated financial companies should conduct a thorough background check on the track record of such companies if they want to avoid being sanctioned by regulators.

Exclusive: Consultancies on second tier as Justice Department seeks HSBC compliance monitor

By Guest Contributor
May 14, 2013

By Brett Wolf, Compliance Complete

May 14, (Thomson Reuters Accelus) - Although a federal judge in Brooklyn has not yet signed-off on a deal between HSBC and the Justice Department that would settle allegations that anti-money laundering failures at the bank allowed drug cartels to launder hundreds of millions of dollars, candidates for a lucrative job policing the bank’s compliance with the pact are scrambling to win the work. (more…)

EXCLUSIVE: Public face of controversial AML rule-making effort to leave U.S. Treasury Department

By Guest Contributor
May 3, 2013

A top U.S. Treasury Department anti-laundering official who has played a key role in the development of a controversial proposal to require banks and broker-dealers to better know their customers is leaving the department. Friday will be his last day. (more…)