Budget and need for consistency drove IRS move to stop seizing 'structured'...
The Internal Revenue Service's recent decision to stop using civil enforcement powers to seize legitimate money deposited into bank accounts in a clandestine manner stemmed from a review process that...
View ArticleBanks face extra $8 billion of IT costs for risk control - study
Banks are likely to spend more than $8 billion in the next six years to improve technology platforms to meet demands to beef up how they manage and report risks, according a research paper published on...
View ArticleNew bank rules proposed to end "too big to fail"
Banks may have to scrap dividends and rein in bonuses if they breach new rules designed to ensure that creditors rather than taxpayers pick up the bill when big lenders collapse. Mark Carney, chairman...
View ArticleCarney calls for more cooperation to tackle bad behaviour at banks
Central banks and regulators across the world should cooperate more in probing and punishing bad behaviour at banks, Financial Stability Board Chairman Mark Carney said on Monday. "We need the fixes to...
View ArticleU.S. rules would expand suspicious-activity reports to advisers, other...
U.S. regulators are working on rules that would require financial services businesses including investment advisers, credit card firms and check cashers to submit reports of suspicious transactions, a...
View ArticleSEC chief says undertaking comprehensive U.S. stock market review
Regulators are undertaking a comprehensive data-driven review of the rules underpinning the U.S. equity markets, including the pricing and rebate system used by exchanges, the head of the Securities...
View ArticleU.S. veterans sue European banks, claim they should pay for attacks in Iraq
Wounded U.S. veterans and family members of U.S. soldiers killed in Iraq sued five European banks on Monday, seeking to hold them responsible for shootings and roadside bombings because they allegedly...
View ArticleWall Street overseer FINRA says "testing" impact of planned bonus disclosure
Wall Street's industry-funded watchdog is testing the potential impact of a disclosure that brokerage firms may have to give certain customers after luring brokers away from competitors through...
View ArticleBitcoin presents significant sanctions and bribery risks, conference hears
Digital currency bitcoin presents huge sanctions and corruption risks and is unlikely to fit squarely into any anti-money laundering regime, a conference has heard. Despite this the currency could...
View ArticleNew York banking watchdog Lawsky considering departure -sources
New York financial regulator Benjamin Lawsky may leave his post in the coming months after helping extract record settlements from major banks and proving a thorn in the side of other authorities, two...
View ArticleU.S. Treasury urges banks to stop blanket exclusion of money-transfer firms
The U.S. Treasury Department's anti-money laundering unit on Monday issued an advisory directing banks to assess the money laundering and terror finance risks posed by money transmitters and similar...
View ArticleSEC looks to show more teeth over muni-bond misdemeanors
The Securities and Exchange Commission, emboldened by success in recent cases, will increase in its enforcement actions in the municipal bond market, its director of enforcement said on Monday. The...
View ArticleState Street responds to U.S. subpoenas on asset servicing business
State Street Corp said on Monday it was responding to subpoenas from the U.S. Department of Justice and the Securities and Exchange Commission for information regarding its solicitation of asset...
View ArticleU.S. regulator pushes for more disclosure on prepaid debit cards
U.S. officials plan to unveil this week a comprehensive slate of consumer protections for prepaid debit cards, including fee disclosure and limits on overdrafts, the Wall Street Journal reported,...
View ArticleCourt deals setback to NJ hedge fund manager in case highlighting...
A New Jersey hedge fund founder has lost a bid to dismiss charges he illegally traded in shares of children's apparel maker Carter's Inc in a ruling that highlights the legal debate over what...
View ArticleUK, U.S., Swiss close in on forex settlement with top banks
British and U.S. regulators are poised to levy hefty fines on leading banks in a landmark settlement after a year-long global investigation of allegations of collusion and manipulation in the foreign...
View ArticleBreakingviews: How to benchmark banks' FX fines
For banks, Libor is the new benchmark. More precisely, the fines levied for fixing that interest rate will be the standard of comparison when UK, Swiss and U.S. authorities, not including the U.S....
View ArticleJPMorgan says improved systems and controls after foreign exchange rigging probe
Wall Street bank JPMorgan, fined $662 million by UK and US regulators for failings in foreign exchange, said on Wednesday that it had made significant improvements to systems and controls. The bank...
View ArticleREACTIONS: Banks fined after foreign exchange probe
Five of the world's biggest banks will pay almost $3.4 billion in penalties to British, U.S. and Swiss authorities for alleged manipulation of foreign exchange rates. Here are reactions to the fines:...
View ArticleSwiss regulator orders UBS payment, bonus curb in foreign exchange probe
UBS tried to manipulate foreign exchange benchmarks and staff acted against clients interests, the Swiss watchdog said on Wednesday, ordering the bank to hand over 134 million Swiss francs ($139.08...
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