Foreign Banks

News & Analysis as of

Federal Reserve Updates Risk Management Supervisory Guidance for Smaller FBOs

On June 8, 2016, the Federal Reserve updated its Supervisory Guidance that partially supersedes SR letter 95-51, “Rating the Adequacy of Risk Management and Internal Controls at State Member Banks and Bank Holding Companies.”...more

Banking Agencies Permit “Reduced Content” Living Wills for Smaller FBOs

On June 10, 2016, the Federal Reserve Board and Federal Deposit Insurance Corporation announced they are permitting 84 foreign banking organizations (not identified) with limited U.S. operations to file “reduced content”...more

North Korea Designation Targets Chinese Banks (IRB No. 554)

On May 25, the U.S. Treasury Department issued a finding designating North Korea as a jurisdiction of “primary money laundering concern.” On the same date, Treasury, through FinCEN, issued a notice of proposed rulemaking...more

AML Risks and Foreign Correspondent Banking

With the Panama Papers scandal and government promises of continued aggressive AML enforcement, financial institutions face a variety of risks that require increased vigilance and mitigation strategies....more

US Federal Reserve Board Proposes Rule on Close-Out of Qualified Financial Contracts Involving Large, Complex Financial Firms

The US Federal Reserve Board proposed a rule to support US financial stability by enhancing the resolvability of large, complex financial firms. The proposed rule would require US global systemically important banking...more

Court orders, conspiracies and the long arm of the English courts

Overseas banks beware as the tort of unlawful means conspiracy could open up new ways of punishing those who aid defendants aiming to evade freezing orders....more

Panama Papers To Be Released May 9, 2016. Why Does It Matter?

The International Consortium of Investigative Journalists (ICIJ) will release perhaps the largest database of private offshore companies and their ultimate owner ever made public. According to the ICIJ...more

US Internal Revenue Service and US Treasury Department Issue Anti-Inversion Regulations

The US Internal Revenue Service issued a proposal under Section 385 of the Internal Revenue Code with respect to the treatment of instruments issued by corporations in related-party transactions as debt or equity for federal...more

US Board of Governors of the Federal Reserve System Proposes New Data Items for Regulatory Reporting by Foreign Banking...

The US Board of Governors of the Federal Reserve System proposed changes to various reporting forms, including FR Y-7N, FR Y-7NS and FR Y-7Q, requiring collection of fourteen new data items to monitor compliance with enhanced...more

USA FDI News - April 2016

USA FDI News highlights the FAQs arising from your projects - from how to finance a deal to selecting the right visa or tax strategy and more. We want to keep USA FDI News interactive and relevant to your international...more

Investors Bring Banking Licence Claims Against Foreign Banks

Federal Court of Justice (BGH), judgment dated 7 July 2015, file no. VI ZR 372/14: German clients of foreign banks have increasingly been trying to shift their losses by claiming damages for the banks failing to have a...more

Lessons from the Bangladesh Central Bank Heist

By now, you’ve probably heard about the massive cyber attack that hit Bangladesh’s central bank last month, resulting in the loss of $81 million through fraudulent transfers to accounts in the Philippines. Although the size...more

IRS Uses New Tactic to Expand Efforts to Combat Offshore Tax Evasion

In a search for financial records of a U.S. taxpayer who allegedly parked undeclared income offshore, the Internal Revenue Service (IRS) and the U.S. Department of Justice (DoJ) are seeking to enforce a summons against a U.S....more

FRB Requests Comments on Proposed Single-Counterparty Credit Limits

The Board of Governors of the Federal Reserve System ("FRB") has requested comments on reissued proposed rules that would establish a single-counterparty credit limits ("SCCL") for domestic and foreign bank holding companies...more

Cross-Border Lending to Canada: Bank Act Primer for Foreign Banks

Canada has a highly concentrated financial sector with six large Canadian domestic banks holding 93 per cent of all bank assets — one of the highest concentration levels in G7 countries, according to the International...more

Another Brick in the Wall: The Fed Reproposes Single-Counterparty Credit Limits for Large Banking Organizations

On March 4, 2016, the Board of Governors of the Federal Reserve System (the “Fed”) issued a Notice of Proposed Rulemaking (“NPRM”), inviting comment on reproposed rules (the “Reproposed Rules”) that would establish single...more

OFAC Fines Foreign Bank For Violating 50 Percent Rule

The U.S. Department of Treasury's Office of Foreign Assets Control ("OFAC") continued Monday, February 8, 2016, to direct the weight of its enforcement power at foreign banks, this time entering into a $2,485,890 settlement...more

Cross-Border Banking and Out-of-this-World Penalties - Dealing with the IRS when you have Foreign Bank Accounts

A United States citizen or resident that owns (or has signatory authority over) an account at a foreign bank with a value in excess of $10,000 annually must file a Report of Foreign Bank and Financial Account (or “FBAR”) with...more

Poland: Wealth Tax on Bank and Insurance Assets Effective from 1 February 2016 - On 15 January 2016, the Polish parliament passed...

At the same time, the legislator decreed that this new wealth tax will not affect the terms and conditions governing the rendering of financial and insurance services under contracts concluded prior to 1 February 2016....more

Testing the Limits of Bank Officer Accountability – The NYDFS AML Personal Liability Proposal

The New York Department of Financial Services (“NYDFS”) is currently soliciting public comment on a proposed regulation that would require certain NYDFS-regulated financial institutions (“Regulated Institutions”) and their...more

Global Tax Enforcement in 2016: What You Need to Know

The investigation and prosecution of tax evasion has, in the past decade, grown from a specialized subcategory of law enforcement into a first-tier policy concern for the international community. Financial institutions,...more

LEIROC consults on data in the GLEIS

LEIROC has launched a consultation on incorporating data on branches into the Global Legal Entity Identifier System (GLEIS). LEIROC proposes a policy standard for the GLEIS that would allow Legal Entity Identifiers (LEIs) to...more

Observation 3.0: Frequently Asked Questions and Answers on the Volcker Rule and the Implications for Foreign Banks Investing in...

1. Question: What is the Volcker Rule, and when does it take effect? Answer: The Volcker Rule was enacted into law as section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank...more

US Leveraged Lending Guidelines

There has been much written about the ‘US Leveraged Lending Guidelines’ and, with increasing speculation that European bank regulators will look to control leveraged lending in some form or another in the near future, this...more

Capital Controls in Greece

On 28 June the Greek government imposed capital controls and introduced a bank holiday period, during which the banks remained closed. On 18 July 2015 a new legislative act was passed, with which the bank holiday period ended...more

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