A number of the world’s largest banks are still failing to implement much needed cultural and conduct reforms in their businesses, and a failure to do so could spur more government regulation, a long awaited report by the Group of Thirty (G30) forum of international finance leaders said on Thursday.
Financial Regulatory Forum
By Julie DiMauro, Compliance Complete
NEW YORK, Dec. 8, 2014 (Thomson Reuters Accelus) - As companies spend more on compliance to meet regulatory imperatives on financial crime, data privacy, supply-chain management and others, the focus on compliance officers and their skill set has expanded. But when it comes to formal training programs, countries outside the United States have often led the way.
By Henry Engler, Compliance Complete
NEW YORK, Mar. 12 (Thomson Reuters Accelus) - The term “unintended consequences” has often been used by critics of U.S. regulatory reform when characterizing its complexities. While well-intentioned individually, when unleashed in unison the multiple requirements banks that face become highly unpredictable, including across national borders. (more…)
By Jane Walshe, Compliance Complete
LONDON/NEW YORK, July 3 (Thomson Reuters Accelus) - The new regulatory structure that came in to being on April 1, 2013 introduced changes not just to the form of regulation, but also to its substance, including extensive new powers over unauthorised parent undertakings with operations on UK soil. (more…)
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.
By Stuart Gittleman, Compliance Complete
NEW YORK, March 14 (Thomson Reuters Accelus) - Companies that want to manage their legal and regulatory liability and their reputational capital should treat current standards as the starting point – not the finish line – for their ethics and compliance programs, conference attendees heard Tuesday.
By Nick Paraskeva, Compliance Complete contributor
NEW YORK, Dec. 21 (Thomson Reuters Accelus) - The UBS felony fraud plea for manipulating reporting of the Libor interbank lending rate marks a regulatory turning point towards tougher enforcement. After the U.S. election confirmed Dodd-Frank is here to stay, and with most Group of 20 reforms mapped out, rulemaking will proceed at a slower pace. The shift will impact the financial-industry, both in the U.S. and globally, which will face a greater supervisory willingness to impose high penalties, and a focus on ethical compliance.
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.
By Emmanuel Olaoye
WASHINGTON/NEW YORK, Nov. 6 (Thomson Reuters Accelus) - Financial institutions should take advantage of the U.S. Internal Revenue Service’s decision to postpone key start dates in the Foreign Account Tax Compliance Act (FATCA) and not wait for the U.S. Treasury to issue its final rules before they start their preparations, experts told Compliance Complete.
By Emmanuel Olaoye
WASHINGTON, Oct. 24 (Thomson Reuters Accelus) - The U.S. Treasury Department will move ahead after the Nov. 6 U.S. national elections to issue its plan for exempting foreign exchange swaps, a banking industry source said. A senior government official said a decision on the issue was expected by year end, after international standards setters complete work on derivatives margin requirements.