United States

Fintech / Regtech

34 FIs Have Joined Swift Service for Addressing Settlement Fails

By Editors | 19/05/2023

The service leverages the UTI to link all Swift messages related to the same securities settlement flow in a transaction chain.

Enforcement

UK Lawmaker Alleges State Cover-up in LIBOR Rigging Scandal

By Mark Johnston | 19/05/2023

Member of Parliament David Davis calls for investigation into perjury and false convictions in LIBOR rigging case.

Crypto / Digital Assets

NY Fed, MAS Publish Results from Cross-Border Payments Study

By Editors | 19/05/2023

Each simulated payment scenario achieved end-to-end settlement in under thirty seconds on average using wholesale CBDCs.

Enforcement

Deutsche Bank to Settle Jeffrey Epstein Lawsuit for $75m

By Editors | 19/05/2023

The lawsuit brought by an unnamed woman in November claimed Deutsche Bank missed red flags in Epstein’s accounts and chose profit over following the law.

Enforcement

Wells Fargo Agrees to Pay $1bn to Settle Class Action

By Editors | 18/05/2023

Shareholders accused Wells Fargo of overstating how well it was complying with 2018 consent orders from financial regulators.

Capital / Liquidity

US Banks Rethink Social Media Strategy Following Recent Collapses

By Mark Johnston | 18/05/2023

US banks are working on updating their emergency response and risk capabilities, along with business continuity plans, to tackle the social media threat.

Capital / Liquidity

US SEC Proposes Measures to Enhance Clearing House Resilience

By Mark Johnston | 18/05/2023

The proposal would require clearinghouses to monitor margin exposures more closely and make intraday margin calls as frequently as needed.

Enforcement

US DOJ to Ramp Up Scrutiny of Crypto Platforms – Report

By Mark Johnston | 18/05/2023

The DOJ will pursue target crypto exchanges, mixers and tumblers that are enabling criminal actors to profit from their crimes.

Capital / Liquidity

FDIC Ordered to Return Tax Refund Cheques to SVB Financial

By Editors | 18/05/2023

The court ruled that the FDIC has no authority to intercept tax refund checks clearly written out to “SVB Financial”, the bankrupt former parent of Silicon Valley Bank.