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United States
Switzerland, US to Strengthen Information Exchange Under FATCA
By Editors | 28/06/2024
The US will receive tax information from Switzerland automatically, and Switzerland will also be able to receive information from the US.
Crypto / Digital Assets
Thailand SEC to Relax Outsourcing Rules for ICO Portals
By Editors | 28/06/2024
The SEC is consulting on amendments that would allow ICO portals to outsource additional business operations beyond what is currently permitted.
Sanctions
Iraq’s Al-Huda Bank Cut Off from US Financial System
By Editors | 27/06/2024
FinCEN rule identifies Al-Huda Bank as a “foreign financial institution of primary money laundering concern”.
AML / KYC
US DOJ to Recover Additional $100mn in 1MDB Case
By Nithya Subramanian | 27/06/2024
Jho Low will forfeit a luxury apartment in Paris and artworks by Andy Warhol and Claude Monet purchased for USD 35 million.
Enforcement
OFAC Fines Italian Animation Company for Sanctions Violations
By Editors | 27/06/2024
Mondo TV made wire transfers via US financial institutions to an animation studio owned by the North Korean government.
Fintech / Regtech
ASIC Issues Guidance on Communications Surveillance
By Editors | 26/06/2024
A new information sheet calls for market intermediaries to ensure effective monitoring and supervision of business communications.
Securities / Derivatives
CFTC Approves Four Comparability Determinations for Foreign Jurisdictions
By Editors | 26/06/2024
Certain swap dealers in Japan, Mexico, the EU, and UK can satisfy certain US capital and financial reporting requirements by complying with home country rules.
Sanctions
OFAC Targets Iranian ‘Shadow Banking’ Network With Sanctions
By Editors | 26/06/2024
The sanctions target 25 companies based in Hong Kong, 13 in UAE, five in Iran, and one each in Türkiye and Marshall Islands.
Capital / Liquidity
US Fed Proposes Changes to Bank Capital Reform Plan
By Manesh Samtani | 26/06/2024
The Fed proposed changes to the FDIC and OCC that would significantly lessen the capital increase required of banks under the reform plan.
Securities / Derivatives
Thailand Revises Rules on Short Selling, Algorithmic Trading
By Sanday Chongo Kabange | 26/06/2024
The revised rules introduce the uptick rule and a registration requirement for HFT investors, among other measures, effective from 1 July.
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