Financial Regulatory Forum

Compliance lessons: U.S. Senate report on HSBC AML failings

July 20, 2012

By Susannah Hammond

LONDON/NEW YORK, July 20 (Thomson Reuters Accelus) – The United States Senate Permanent Sub-Committee on Investigations has published a report into U.S. Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing using HSBC Group plc as a case history. The report does not detail enforcement action taken, though there are several likely fines being considered by a number of U.S. authorities regarding HSBC’s anti-money laundering (AML) failings; it is however a valuable insight into the operations and associated compliance, risk and AML issues arising in a global financial services firm.  (more…)

Exclusive jurisdiction clauses fall in the face of FINRA proceedings

July 5, 2012

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.

Offshore U.S. oversight of derivatives may bolster defenses against JPMorgan-type losses

May 29, 2012

By Nick Paraskeva

NEW YORK, May 29 (Thomson Reuters Accelus) – U.S. regulators are looking to use new their oversight authority over foreign derivatives trades to reduce the chances of new shocks such as JPMorgan Chase & Co’s trading loss of at least $2 billion.

Switzerland says goodbye to light touch regulation

May 3, 2012

By Rachel Wolcott

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.

Experts say US tax disclosure bill could deter foreign capital

November 5, 2009

By Karey Wutkowski
WASHINGTON, Nov 5 (Reuters) – Tax experts on Thursday raised concerns that pending U.S. legislation to ramp up disclosure of offshore accounts could scare away foreign capital.