1. Although the new FATCA regulations do not significantly change FATCA’s breadth, complexity or general timeline, they do contain a number of helpful clarifications and changes in response to concerns raised by stakeholders. In addition, the coordinating regulations provide important consistency between FATCA and the existing reporting and withholding rules.

    — Attorneys at Skadden Arps on the latest round of changes to FATCA regulations

  2. BNP is only the latest in a string of foreign banks that have agreed to pay billions in fines when faced with increasingly aggressive US regulators seeking to punish Iran for its nuclear program.

    — French Bank Sets Aside Over $1 Billion for US Sanctions Violations

  3. The CFPB In Numbers: 3 Years, 35 Enforcements, 300,000 Complaints, And Plenty of Lessons...

    Corporate Law Report

    Read the post»

  4. BNP Paribas could face record fines for OFAC violations

Although BNP has reserved $1.1 billion for settlement, the amount assessed against the bank could be significantly larger. […] The final penalties will be determined by the regulatory agencies once they complete their analysis of all offending transactions and decide the appropriate amount of restitution. Because banks often set aside less money than they will eventually need for settlement, it is quite possible that BNP’s future settlement with OFAC could be record-shattering.

Read: $1.1 Billion and Counting – The New Era of OFAC Enforcement»

    BNP Paribas could face record fines for OFAC violations

    Although BNP has reserved $1.1 billion for settlement, the amount assessed against the bank could be significantly larger. […] The final penalties will be determined by the regulatory agencies once they complete their analysis of all offending transactions and decide the appropriate amount of restitution. Because banks often set aside less money than they will eventually need for settlement, it is quite possible that BNP’s future settlement with OFAC could be record-shattering.

    Read: $1.1 Billion and Counting – The New Era of OFAC Enforcement»

  5. It’s Getting Harder And Harder To Find A Good Tax Haven These Days. Because FATCA…

    From Corporate Law Report

    Used to be, if you wanted to hide assets from US tax authorities, you’d open a Swiss bank account and be done with it. Not anymore: last year, more than 100 of Switzerland’s banks agreed to disclose all American-held accounts to the IRS last year to avoid accusations of aiding tax evaders (and the hefty fines that go with them). And Switzerland was just the start: recent countries agreeing to implement the US Foreign Account Tax Compliance Act (FATCA) include Hungary, Italy, Mauritius, the Cayman Islands, and Costa Rica.

    For your reference, here’s a roundup of what experts on JD Supra are saying about FATCA:

    —-

    Read more on the Foreign Account Tax Compliance Act at JD Supra Business Advisor»

  6. With financial institutions generally on the mend in the wake of the global financial crisis, state and federal prosecutors, as well as the federal banking agencies, have redirected their attention toward AML Compliance lapses. This trend has resulted in a number of notable enforcement actions against major financial institutions leading to deferred prosecution agreements, regulatory sanctions and large fines.

    — Attorneys Jaimie Boucher, Khalil Maalouf, and Sean Thornton of Skadden Arps in Regulators Renew Their Focus on Anti-Money Laundering Compliance

  7. Broker-Dealer Cybersecurity: Protect Yourself or Pay the Price

    From attorneys Ana-Maria Ignat and Daniel Nathan of Morrison & Foerster:

    Read more»

  8. Financial Reform Magazine
A new mobile magazine on regulation and reform for financial services and banking industry insiders.
You know what to do…

    Financial Reform Magazine

    A new mobile magazine on regulation and reform for financial services and banking industry insiders.

    You know what to do…

  9. In less than five years, international banking and bank secrecy have gone through a remarkable change driven largely by US tax enforcement.

    — Attorney Miriam Fisher of Latham & Watkins on how the US crackdown on tax evaders with secret offshore accounts has led to international banking reforms.

  10. Volcker Rule - The Red-Line Comparison

    From attorneys at Shearman & Sterling, a 120-page red-line comparison of the draft and final versions of the Volcker Rule. An interesting visual of the distance covered to get to the final rule: [Link: The Volcker Rule: A Comparison]

    —-

    Read more on the Volcker Rule at JD Supra Law News»  

  11. Today’s the big day:

Over two years after publication of a proposed regulation, a final regulation implementing the so-called “Volcker Rule” is expected to be adopted … by the five US Federal financial regulatory agencies.

Read: Ready for the Volcker Rule? What to Look For»

    Today’s the big day:

    Over two years after publication of a proposed regulation, a final regulation implementing the so-called “Volcker Rule” is expected to be adopted … by the five US Federal financial regulatory agencies.

    Read: Ready for the Volcker Rule? What to Look For»

  12. 
Like the other IGAs the United States has signed, the Cayman Islands IGA is intended to streamline FATCA information reporting and reduce compliance burdens for financial institutions in the Cayman Islands.

Attorneys from Shearman & Sterling on the Foreign Account Tax Compliance Act intergovernmental agreement (IGA) the US just signed with the Cayman Islands. 

    Like the other IGAs the United States has signed, the Cayman Islands IGA is intended to streamline FATCA information reporting and reduce compliance burdens for financial institutions in the Cayman Islands.

    Attorneys from Shearman & Sterling on the Foreign Account Tax Compliance Act intergovernmental agreement (IGA) the US just signed with the Cayman Islands

  13. Bear Stearns liquidators accuse rating agencies of fraud

The complaint alleges that the rating agencies knew that the ratings assigned to the securities in which the funds invested were false. 

Read more»

    Bear Stearns liquidators accuse rating agencies of fraud

    The complaint alleges that the rating agencies knew that the ratings assigned to the securities in which the funds invested were false. 

    Read more»

  14. Why bankers need to know what their customers are doing…

Running a bank is fraught with risk. Its loans could go bad, devolving into a pool of what is euphemistically called “non-performing assets.” East European hackers could steal its customers’ identities, and ultimately their money. A bank’s own investments could sour. As you probably know, the list goes on and on. But here’s another possibility: one of the bank’s burgeoning customers – the one that’s rapidly growing and generating a significant amount of revenue in fees and commissions – could be running a Ponzi scheme right under the chief operating officer’s nose.

Read: SEC Hits TD Bank for Rothstein Ponzi Scheme»

    Why bankers need to know what their customers are doing…

    Running a bank is fraught with risk. Its loans could go bad, devolving into a pool of what is euphemistically called “non-performing assets.” East European hackers could steal its customers’ identities, and ultimately their money. A bank’s own investments could sour. As you probably know, the list goes on and on. But here’s another possibility: one of the bank’s burgeoning customers – the one that’s rapidly growing and generating a significant amount of revenue in fees and commissions – could be running a Ponzi scheme right under the chief operating officer’s nose.

    Read: SEC Hits TD Bank for Rothstein Ponzi Scheme»

  15. Italy to banks: do your anti-money laundering due diligence. Or give back the cash...