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Category: Regulations


Channels, Regulations

WeChat transactions ban blocked by US judge

September 22, 2020

Via: Banking Technology

The ban is a response to an executive order from President Donald Trump. The Department of Commerce announced last week it would prohibit transactions on mobile apps WeChat and TikTok. The order was to come into force on 20 September. […]


Regulations

EBA calls for EU-wide set of anti-money laundering rules

September 14, 2020

Via: Banking Technology

The EBA is responding to a call for advice issued by the European Commission (EC). It sets out how the EU legal framework needs a boost to tackle vulnerabilities linked to divergent national approaches. Under current guidelines, EU states have […]


Regulations

Federal Reserve demands clarity on US banks’ diversity efforts

September 11, 2020

Via: Banking Technology

Sheila Clark, the Fed’s programme director for its diversity office, says submissions of diversity policy and practice assessments had “slightly increased” over the past two years. But in a congressional testimony published ahead of a hearing on Tuesday, the Fed […]


Regulations

Regulators’ “fast and furious” AML fines don’t tell the whole compliance story

September 9, 2020

Via: Banking Technology

Rachel Woolley, global director of Financial Crime at Fenergo, tells FinTech Futures that penalties have come “fast and furious” over the past few years. Fenergo data shows that fines against financial institutions through July 2020 have reached $5.6 billion. The […]


Regulations

CMA stops Lloyds ‘bundling’ business accounts with loans

September 8, 2020

Via: Finextra

‘Bundling’ is where a bank requires small business customers to open a business current account (BCA) with them when applying for a loan. This restricts competition and limits choice because customers may want to hold an account with one provider […]


Regulations

Citigroup first US bank to snag Chinese custody licence

September 3, 2020

Via: Banking Technology

The licence issued and approved by the China Securities Regulatory Commission, allows Citi to operate as a custodian bank in China. It arrives at a time when more firms are looking to tap into China’s financial sector since its relaxation […]


Regulations

Swiss regulator starts enforcement proceedings against Credit Suisse over spying scandal

September 2, 2020

Via: CNBC

Swiss watchdog FINMA (the Financial Market Supervisory Authority) said Wednesday it had initiated enforcement proceedings against Credit Suisse over the spying affair that came to light last year. “FINMA has opened enforcement proceedings against the bank, in which it will […]


Activity, Insurance, Regulations

Lloyd’s Gets to Keep $3 Million Because FDIC Waited Too Long to Collect

August 25, 2020

Via: Insurance Journal

Lloyd’s of London does not have to pay the U.S. government’s Federal Deposit Insurance Corp. $3 million in judgment interest because the FDIC waited too long —18 months after a final judgment — to try to collect it. The action […]


Activity, Insurance, Regulations

China Regulator Pledges Continued Backing of Hong Kong as Financial Center

August 24, 2020

Via: Insurance Journal

China’s banking regulator pledged its backing for Hong Kong as a finance hub and reiterated a commitment to opening up the Chinese financial sector amid a deepening standoff with the U.S. China will provide support for its financial institutions doing […]


Activity, Insurance, Regulations

New York Regulator Issues Insurance Fraud Action Against Two Opioid Manufacturers

August 20, 2020

Via: Insurance Journal

The New York State Department of Financial Services (DFS) has filed charges and initiated administrative proceedings against Teva Pharmaceutical Industries Ltd. and its subsidiaries, as well as Allergan PLC and its subsidiary Allergan Finance LLC, in connection with the opioid […]