Financial Regulatory Forum

CFTC adopts final rule requiring firms to save their oral communications

By Guest Contributor
December 19, 2012

By Emmanuel Olaoye, Compliance Complete

WASHINGTON/NEW YORK, Dec. 19 (Thomson Reuters Accelus) – The Commodity Futures Trading Commission on Monday approved a final rule that would require firms registered with the agency to record the oral communications of their brokers for up to a year.

Global firms facing challenges of shifting regulations, their top lawyers say

By Guest Contributor
December 13, 2012

By Stuart Gittleman, Compliance Complete

NEW YORK, Dec. 13 (Thomson Reuters Accelus) - The “shifting sands” of regulation, especially since the onset of the financial crisis, are making it more challenging for U.S. public companies to conduct global operations, the top lawyers for three such companies said Friday.

Less drug-money traffic at HSBC may mean more risk for other banks in U.S.

By Guest Contributor
December 13, 2012

By Brett Wolf, Compliance Complete

NEW YORK, Dec. 13 (Thomson Reuters Accelus) – HSBC was a hotspot for Mexican drug traffickers trying to launder the proceeds of their illicit U.S. sales during the 2000s, as suggested by a Senate report released in July and verified by a deferred prosecution agreement announced by the Justice Department on Tuesday. But now that the British banking giant has been forced to take steps to clean up its anti-money laundering act, Mexican cartels are making moves that may mean more risk for other banks, sources said.

Internal compliance reporting programs must consider motivations for acting, experts say

By Guest Contributor
December 10, 2012

By Stuart Gittleman, Compliance Complete

NEW YORK, Dec. 10 (Thomson Reuters Accelus) – Preventing fraud, not just reacting once it occurs, should be the goal of every corporate compliance program, but business has a mixed record in encouraging employees to report suspected misconduct internally, speakers at a Thomson Reuters forum said Tuesday.

Europe’s naked short selling ban leaves investors with skin in the game

By Guest Contributor
December 4, 2012

By Christopher Elias

LONDON/NEW YORK, Dec. 4 (Business Law Currents) – New European short selling regulations are dressing naked short sellers in a regulatory straightjacket, but ill-fitting provisions may leave investors with skin in the game.

Consumer groups see momentum building against more White House authority over regulators

By Guest Contributor
November 20, 2012

By Emmanuel Olaoye, Compliance Complete

WASHINGTON, Nov. 20 (Thomson Reuters Accelus) - A coalition of public-interest groups is urging Congress to reject a bill that would allow the White House to review major rules proposed by the Securities and Exchange Commission and the Commodities Futures Trading Commission.

Anti-laundering officers and regulatory official call for U.S. guidance on banking marijuana businesses

By Guest Contributor
November 14, 2012

By Brett Wolf

ST. LOUIS/NEW YORK, (Thomson Reuters Accelus) - Anti-money laundering officers and a top official with a federal banking regulator on Monday called on the U.S. Treasury and Justice departments to clarify for banks whether they can provide services to marijuana businesses.

U.S. Treasury to lead review of anti-money laundering rules

By Guest Contributor
November 14, 2012

By Brett Wolf

ST. LOUIS/NEW YORK, (Thomson Reuters Accelus) – The Obama administration will review a sprawling net of anti-money laundering rules and seek to correct “gaps, redundancies or inefficiencies,” in the U.S. system now more than 40 years old, the Treasury Department’s top official overseeing the issue said on Monday.

U.S. broker-dealers scrutinized for anti-laundering compliance in Venezuelan currency swaps

By Guest Contributor
November 13, 2012

By Brett Wolf

NEW YORK, Nov. 13 (Thomson Reuters Accelus) - Securities industry regulators are beginning to ask U.S. broker-dealers tough questions about how they are mitigating money laundering and sanctions risks associated with their involvement in a 2-year-old currency exchange system run by the Venezuelan government, sources familiar with the issue said.

Post-election SEC could emphasize enforcement over rule-writing, says former chair

By Guest Contributor
November 9, 2012

By Emmanuel Olaoye

WASHINGTON/NEW YORK (Thomson Reuters Accelus) - With the U.S. Congress still politically divided after the elections that returned President Barack Obama to office, the U.S. Securities and Exchange Commission is likely to take an enforcement approach to supervision rather than look to change conduct by writing new rules, former commission chair Harvey Pitt said.