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United States
Capital Adequacy
US Banks Pass Fed Stress Test, Declare Higher Dividends
By Manesh Samtani | 02/07/2024
The “severely adverse” scenario showed that all 31 big banks tested could absorb nearly $685bn in losses and continue lending.
Supervision & Enforcement
US SEC’s Use of In-house Judges Ruled Unconstitutional
By Editors | 02/07/2024
The ruling curbs the SEC’s internal adjudication powers and is expected to also impact more than two dozen US agencies.
Anti-Money Laundering
FinCEN Proposes Rule to Enhance FIs’ AML/CFT Programmes
By Editors | 02/07/2024
The rule will explicitly require AML/CFT programmes to be “effective, risk-based, and reasonably designed” based on a risk assessment.
Anti-Money Laundering
US Sanctions Two Chinese Nationals for Assisting Sinaloa Cartel
By Editors | 01/07/2024
The sanctions include two China-based targets who helped launder illicit drug proceeds belonging to Mexico’s Sinaloa Cartel.
Cryptocurrency
US Treasury Finalises New Crypto-Tax Regulations
By Nithya Subramanian | 01/07/2024
While the new rule will go into effect for transactions starting in 2025, non-custodial brokers will be subject to a separate set of regulations.
PEPs & Sanctions
US Sanctions 3 Entities, 11 Vessels Over Iran’s ‘Nuclear Escalations’
By Editors | 01/07/2024
US Secretary of State Antony Blinken said Iran’s plans to further expand its nuclear programme “have no credible peaceful purpose”.
Anti-Money Laundering
US DOJ, Jho Low Reach Global Pact on 1MDB Asset Forfeiture: Report
By Nithya Subramanian | 01/07/2024
The agreement forever resolves the United States’ civil, criminal and administrative asset forfeiture actions of monies and assets traceable to 1MDB.
Anti-Money Laundering
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.
Cryptocurrency
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.
Anti-Money Laundering
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”.
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