LONDON, May 3 (Thomson Reuters Accelus) – These days even the Swiss are fed up with their bankers. The financial crisis has riled Swiss citizens to the point that the Alpine country’s reputation for light-touch financial regulation will soon be a thing of the past. In a direct democracy such as Switzerland, where every citizen can vote on laws and even propose them, the people have spoken. What they have said is: we want more rules and regulation for bankers and asset managers.
Financial Regulatory Forum
By Brett Wolf
ST. LOUIS, May 2 (Thomson Reuters Accelus) – News that Wal-Mart may have tried to cover up bribes paid by its Mexico unit will make it difficult for Congress to weaken an anti-bribery statute loathed by the U.S. business community, at least in the short term, sources say.
Report: Q & A – Why New York is the nation’s top online fraud center, and which transactions are riskiest
By Connie Loizos
NEW YORK, April 23 (PeHUB) – If you’re wondering which city in the country is the epicenter of online fraud, it’s New York.
By Ted Knutson
WASHINGTON/NEW YORK, April 17 (Thomson Reuters Accelus) – The use of “mystery shoppers” and focus groups to test the compliance of bank employees has broadened beyond the traditional topic of lending discrimination to now include uncovering and avoiding violations of unfair, deceptive and abusive practice, an industry consultant said.
By Brett Wolf
NEW YORK, April 12 (Thomson Reuters Accelus) – Citibank has retained Ernst & Young to supervise a regulator-mandated review of the bank’s transactions that will seek to determine the degree to which alleged compliance failures allowed drug traffickers or other criminals to launder money, sources familiar with the arrangement said.
NEW YORK, April 12 (Thomson Reuters Accelus) – A financial institution’s anti-money laundering team must have the authority to question account relationships and business plans, and any objections must be taken seriously. That was one of the key lessons to be learned from the last week’s regulatory enforcement action against Citibank over AML weaknesses, experts said.
By Emmanuel Olaoye
NEW YORK, April 9 (Thomson Reuters Accelus) – A little known provision of the new small-business capital JOBS Act opens the door to advertising by hedge funds, but an industry organization cautioned members that the advertisements must still comply with state laws and other regulations.
NEW YORK, April 6 (Business Law Currents) – Ever-growing reliance on technology in customer interactions, proprietary data storage and even normal business operations is creating increased risk for companies working to ensure these systems remain uncompromised. As threats of cyber-attacks expand across industries, and given the potential material impact on operations, the security of these digital technologies from internal and external threats is vital.
By Rachel Wolcott
LONDON/NEW YORK, April 5 (Thomson Reuters Accelus) – Regulators’ rising interest in risk management combined with a long trail of big fines for compliance failures has some consultants and industry leaders wondering whether it is time for the two disciplines to come closer together if not merge completely.
NEW YORK, April 4 (Thomson Reuters Accelus) – The enactment of the Foreign Account Tax Compliance Act (FATCA) as in March of 2010 has sent shock waves through financial institutions and investment fund management companies. FATCA aims to obtain information to prevent U.S. persons from evading taxation through the use of foreign entities. Although the law does not fully enter in force until January 1, 2013, the effort to become compliant with FATCA should begin immediately. Some tips on how to do so are noted below.