Financial Regulatory Forum

Retraction of global correspondent banking networks challenges financial-crime risk management

By Guest Contributor
July 2, 2013

By Kim R. Manchester, Contributing author for Compliance Complete

NEW YORK, July 2 (Thomson Reuters Accelus) - Global correspondent banks have faced numerous challenges since the onset of the financial crisis in 2008, including heavy scrutiny by regulators on money-laundering and terrorism-financing defenses, shrinking transaction volumes, slashed profit margins and risk parameters that defy rational measurement. A Financial Times report on how global correspondent banks are clawing back the reach of their correspondent banking network operations and trimming respondent banks from their client lists comes as no surprise to the casual observer of international banking.

SPECIAL REPORT – How the U.S. cracked open secret vaults at UBS

By Reuters Staff
April 9, 2010

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By Lisa Jucca

ZURICH, April 9 (Reuters)- After the collapse of Lehman Brothers in September 2008, Switzerland’s largest bank was teetering. UBS, which was more than three times bigger than Lehman in terms of assets, had to write down some $50 billion during that tumultuous period.

IRS to take “macro” approach on U.S. foreign bank law

By Reuters Staff
March 2, 2010

By Kim Dixon

WASHINGTON, March 2 (Reuters) – Foreign banks will likely not need to identify holders of millions of U.S. accounts individually, a top U.S. tax official said, in the run-up to a new reporting law aimed at catching wealthy tax dodgers.

German state ready to buy stolen bank data-source

By Reuters Staff
February 4, 2010

BERLIN, Feb 4 (Reuters) – Germany’s most populous state has made final checks on stolen bank data belonging to potential tax cheats and is ready to buy the information, a person familiar with the matter told Reuters on Thursday.

European states keep Swiss bank secrecy under siege

By Reuters Staff
February 3, 2010

By Jason Rhodes and Ben Berkowitz

BERNE/AMSTERDAM, Feb 3 (Reuters) – European states lined up behind German Chancellor Angela Merkel to expose tax cheats in a combined assault on the Swiss banking secrecy laws that help protect them.

Order for UBS to release client data ruled unlawful by Swiss court

By Reuters Staff
January 8, 2010

By Jason Rhodes

ZURICH, Jan 8 (Reuters) – The Swiss financial regulator broke bank secrecy law last year when it ordered UBS to hand over the files of nearly 300 clients to U.S. authorities, a Swiss court said on Friday.

U.S. offshore tax amnesty yields big response – IRS

By Reuters Staff
November 17, 2009

U.S. Internal Revenue Service (IRS) Commissioner Douglas Shulman speaks during an interview with Reuters at his office in Washington October 8, 2009. REUTERS/Hyungwon Kang By Kim Dixon
WASHINGTON, Nov 17 (Reuters) – Some 14,700 rich Americans worried about a U.S. government crackdown on offshore tax cheats came forward to participate in a tax amnesty program, the top U.S. tax official said on Tuesday.

Swiss bank J.Baer says tax clampdowns slow money flows

By Reuters Staff
November 10, 2009

By Jason Rhodes
ZURICH, Nov 10 (Reuters) – Swiss private bank Julius Baer Group AG said money from wealthy clients had been flowing into the group at a slower pace since mid-year due to international tax clampdowns.

New Jersey man pleads guilty for hiding UBS account

September 25, 2009

LIECHTENSTEIN-TAX/   WASHINGTON, Sept 25 (Reuters) – A New Jersey man pleaded guilty on Friday for failing to report about $6.1 million he had held in a UBS AG <UBSN.VX><UBS.N> Swiss bank account, the latest plea in the U.S. crackdown on tax fraud. (more…)

Banks see damage from tighter Swiss regulation

September 25, 2009

UBS/TAX   By Emma Thomasson
   ZURICH, Sept 25 (Reuters) – Swiss bank UBS <UBSN.VX> said new capital rules could put the country’s financial industry at an international disadvantage as it struggles to rebrand itself after bank secrecy was relaxed. (more…)