...While reliable information from China has always come at a premium, recent restrictions on previously available business intelligence as well as Chinese enforcement actions against foreign investigative diligence firms are...more
A group of five Democratic Senators have sent a letter to the Federal Reserve, OCC, FDIC, and NCUA asking them to take several steps to protect consumers from scams when using Zelle to transfer money....more
Internal Investigation Report Stresses Lack of Intentional Misconduct – But the Investigation May Broaden - Westpac Banking Corporation (“Westpac”), Australia’s second largest retail bank, has been besieged by serious...more
Government Suggests that Unusual Pleas are Just the Tip of an Iceberg - Chinese law generally prohibits its citizens from converting more than $50,000 in Chinese yuan into foreign currency in a year. On Monday, two men...more
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued guidance on May 9, 2019, underscoring the application of the Bank Secrecy Act (BSA) and its implementing regulations relating to money...more
SEC Chairman Nominee Advances: Jay Clayton took another step to becoming chairman of the Securities and Exchange Commission when the US Senate Committee on Banking, Housing and Urban Affairs approved his nomination for the...more
The Western Union Company (“Western Union”) entered into a deferred prosecution agreement (“DPA”) on January 19th with the Department of Justice, based on alleged willful failures to maintain an effective AML program and the...more
The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e-newsletter, which offers a legal and regulatory update covering France and Europe for December 2016. ...more
Last week, Circle announced major changes to its application and platform. While many focused on Circle’s decision to cut its users’ ability to buy and sell Bitcoin, the breaking news may have been its decision to create a...more
On February 4, 2015, Taiwan promulgated the Act Governing Electronic Payment Institutions, and pursuant to the Act, the Financial Supervisory Commission on April 27, 2015 announced a series of enforcement rules of the Act,...more
On August 8, 2014, President Obama signed into law a bipartisan measure, The Money Remittances Improvement Act of 2014, that allows the Secretary of the Treasury to rely on state supervisory agency examinations covering...more