As Citigroup Inc’s Citibank prepares to try and convince regulators that it has sufficiently bolstered its anti-money laundering program to justify the lifting of an April 2012 enforcement order, the bank has opted to combine its global AML compliance and operations units to create a global AML organization.
Financial Regulatory Forum
By Nick Paraskeva, for Compliance Complete
NEW YORK, Nov. 26 (Thomson Reuters Accelus) – U.S. securities regulators are looking to loosen rules for foreign-broker dealers acting in the U.S. on a cross-border basis. The change would come in the wake of new policy being adopted to implement derivatives cross-border rules under Dodd-Frank. The reform was outlined by John Ramsay, Acting Director, Division of Trading and Markets of the Securities and Exchange Commission (SEC).
By Stuart Gittleman
NEW YORK, Sept. 4 (Thomson Reuters Accelus) – An inadequate government and industry response to the financial crisis will require compliance professionals to do more to protect their firms, customers and colleagues, Jeff Connaughton, who said he saw firsthand how reform withered in Congress, has told Compliance Complete.
By Christopher Elias (UK)
LONDON, July 5 (Business Law Currents) – The English courts recently decided that an exclusive jurisdiction clause between Citigroup’s English subsidiary and two corporate vehicles of family trusts belonging to a Saudi Arabian family did not prohibit the Saudi investors from bringing FINRA arbitration proceedings against Citigroup’s U.S. arm.
HONG KONG/NEW YORK, Feb. 8 (Business Law Currents) – Uncertainty over the exact size of China’s underground private financing activities, also known as the shadow banking industry, is causing concerns among international investors as well as the Chinese government.