News & Analysis as of

Banking Sector

Customer Due Diligence and Beneficial Ownership Requirements for Legal Entity Customers – Overviews and Examination Procedures

On May 11, 2018, the Federal Financial Institutions Examination Council issued new examination procedures on the final rule, “Customer Due Diligence Requirements for Financial Institutions” (the “CDD Rule“). The CDD Rule was...more

Financial Regulatory Developments Focus - May 2018 #3

by Shearman & Sterling LLP on

In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

European Banking Authority to Provide Technical Advice on Implementation of Final Basel III Reforms

by Shearman & Sterling LLP on

The European Banking Authority has announced that the European Commission had requested technical advice on implementing the final Basel III reforms into EU law. The Basel Committee on Banking Supervision published the final...more

“Pop the Champagne but Don’t Get Too Drunk”: HVCRE Reform Passes the House

by Dechert LLP on

When House Speaker Paul Ryan announced earlier this month that the House would vote on S.2155, I wasn’t holding my breath (you know you’re on your last lame duck leg when a “senior GOP lawmaker” says you’ve “run out of...more

FinCEN Customer Due Diligence Requirements Will Affect Certain Securities Offerings

Beginning May 11, 2018, the new Financial Crimes Enforcement Network (FinCEN) customer due diligence rule (the “CDD Rule”) will require covered financial institutions to identify, and verify the identity of, the beneficial...more

Key Regulatory Developments in Germany

by Dentons on

We present you with the selection of key regulatory developments from Germany....more

Helping banks to manage fintech regulatory risk

As technology continues to revolutionize the banking world, how can firms ensure they reap the rewards but still manage fintech regulatory risk? Banks around the globe are increasingly immersed in fintech....more

Key Regulatory Developments in Spain

by Dentons on

We present you with the selection of key regulatory developments from Spain....more

FinCEN’s Customer Due Diligence Rule Becomes Effective; FinCEN and FINRA Guidance Provides Interpretive Color for Firms Working to...

by Shearman & Sterling LLP on

May 11, 2018 marked the compliance date for the Customer Due Diligence Requirements for Financial Institutions rule issued by the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) on May 11, 2016 (the...more

Minnesota Modifies MLO Licensing Requirements

by Weiner Brodsky Kider PC on

The state of Minnesota recently amended its mortgage loan originator (MLO) licensing provisions to now require individuals to take the Nationwide Multistate Licensing System and Registry’s (NMLSR) National Test Component with...more

US Federal Reserve Board Vice Chairman for Supervision Randal Quarles Discusses Liquidity Regulation and the Federal Reserve...

by Shearman & Sterling LLP on

U.S. Board of Governors of the Federal Reserve System Vice Chairman for Supervision Randal Quarles discussed the relationship between liquidity and other post-crisis regulation and the Federal Reserve Board’s balance sheet. ...more

Cryptocurrency Debit Card Startup Founders Indicted

The U.S. Attorney’s Office in the Southern District of New York has announced that a federal grand jury has returned an indictment against three Florida men who co-founded cryptocurrency company Centra Tech, Inc. The...more

South Carolina Begins Licensing Money Transmission

South Carolina Anti-Money Laundering Act becomes effective May 25, 2018. Applications must be filed by June 29, 2018. Implementing regulations become effective May 25, 2018. ...more

Barclays successfully defends first swap mis-selling claim involving a claim by individuals for breach of statutory duty

by Dentons on

Barclays successfully defends first swap mis-selling claim involving a claim by individuals for breach of statutory duty – Ramesh Jadavji Parmar and Rama Ramesh Parmar v. Barclays Bank PLC [2018] EWHC 1027 (Ch) In a...more

FFIEC Examination Procedures for the Beneficial Ownership Rule

by Sullivan & Worcester on

The FFIEC has updated its BSA/AML manual effective May 5, 2018, to add a section on the new legal entity due diligence requirements and to update the section of the manual on customer due diligence generally. The Fed...more

Our recent Thought Leadership

by Dentons on

The following represents a carefully curated selection of our recent Thought Leadership contributions: ECB-SSM’s supervisory “Guides” - The ECB-SSM’s release of its final supervisory “Guides”, which read like rulebooks,...more

The Economic Loss Doctrine as a Barrier to Data Breach Recovery

We recently commented on one hotly contested legal issue being addressed by the courts in data breach class action litigation, that of plaintiffs’ standing. Another issue that has been the subject of recent court activity in...more

FATCA is still Standing!

by Foodman CPAs & Advisors on

Tax Reform came and went and FATCA is still standing. While U.S. Corporations are now moving to a Territorial tax system, Individual U.S. Taxpayers living abroad ARE STILL REQUIRED to REPORT their worldwide income. ...more

Tax on cryptocurrency transactions: SARS should come to the aid of taxpayers

by Hogan Lovells on

The South African Revenue Service (SARS) recently released a media statement indicating that “normal income tax rules” apply to cryptocurrency transactions. ...more

IRS Bitcoin Enforcement: Four Suggestions for Cryptocurrency Investors

In January 2018, an individual investor visited my office and asked me to prepare income tax returns based on his cryptocurrency trading gains. This individual used U.S. dollars to buy Bitcoins. ...more

UK Prudential Regulation Authority Finalizes Model Risk Management Principles for Stress Testing

by Shearman & Sterling LLP on

The U.K. Prudential Regulation Authority has published a Policy Statement and a finalized Supervisory Statement following a consultation which ran from December 2017 to March 2018 on model risk management principles for...more

UK Prudential Regulation Authority Finalizes Policy on Groups and Double Leverage

by Shearman & Sterling LLP on

The U.K. Prudential Regulation Authority has published a Policy Statement setting out its proposals to amend the Groups policy framework it has in place for the application of prudential standards to firms on an individual...more

BSA/AML Alert: The Beneficial Ownership Rule Becomes Effective Today

by Vedder Price on

On May 11, 2018, the beneficial ownership rule became fully effective. While the rule was finalized on July 16, 2016, compliance was not mandatory until May 11, 2018. The delay in implementation was to permit covered...more

European Banking Authority Consults on Draft Guidelines on Disclosure of Non-Performing and Forborne Exposures

by Shearman & Sterling LLP on

The European Banking Authority has launched a consultation on draft Guidelines on disclosure of non-performing and forborne exposures. Since the 2007/08 financial crisis, there has been a build-up of non-performing loans in...more

Cryptocurrency Holders: Avoid a Tax Audit!

by Moskowitz LLP on

The recent Coinbase, Inc. case marks the beginning of a new phase in IRS investigations, and U.S. taxpayers should beware that our government is unlikely to relinquish its pursuit of digital currency holders. ...more

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