Financial Regulatory Forum

U.S. Treasury’s know-your-customer proposal delayed by struggle for regulatory consensus

By Brett Wolf, Compliance Complete

NEW YORK, Sept. 30 (Thomson Reuters Accelus) – A months-long delay in the release of a know-your-customer rule proposal that would have an impact across the financial industry is the result of the U.S. Treasury Department’s inability to reach a consensus with regulators on key details of the measure, sources familiar with the matter say.
Rob Rowe, a lawyer with the American Bankers Association’s Center for Legal and Regulatory Compliance, said “a number of bankers have asked about the status of the proposal.” (more…)

Lloyds Bank in $217 million settlement with U.S.

WASHINGTON, Dec 22 (Reuters) – Britain’s Lloyds TSB Bank Plc reached a $217 million settlement of charges it violated U.S. sanctions regulations, the Treasury Department said on Tuesday.

The department’s Office of Foreign Assets Control said the settlement concerned the bank’s manipulation and deletion of information about U.S. sanctioned parties in wire transfer instructions routed through third-party banks in the United States.

The settlement follows charges Lloyds faked records so clients from restricted countries, including Iran, could do business with it.

U.S. cuts estimate of bank bailout costs by $200 bln

By Glenn Somerville

WASHINGTON, Dec 6 (Reuters) – The projected long-term cost of the U.S. government’s bailout of the nation’s big banks is going to be at least $200 billion less than previously thought, a Treasury Department official said.

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Top U.S.court weighs Sarbanes-Oxley auditing board

The U.S. Supreme Court is seen in Washington, September 29, 2009. REUTERS/Jim Young  By Rachelle Younglai

WASHINGTON, Dec 7 (Reuters) – The U.S. Supreme Court hears a case on Monday that could alter how corporate America is audited and overhaul the Sarbanes-Oxley corporate reform act.

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