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United States
AML / KYC
CFTC Issues Largest Ever Civil Monetary Penalty
By Editors | 30/04/2023
The CFTC ordered the operator of a fraudulent multilevel marketing scheme to pay a $1.7bn penalty and a further $1.7bn in restitution.
Fintech / Regtech
US Agencies Pledge to Combat Harmful Uses of AI
By Editors | 30/04/2023
Four agencies reaffirmed their commitment to “vigorously enforce their collective authorities and to monitor the development and use of automated systems.”
Capital / Liquidity
US Govt Accountability Office Shines Light on Causes of Bank Failures
By Sanday Chongo Kabange | 30/04/2023
GAO says regulators “did not escalate supervisory actions in time” to prevent the failures of Silicon Valley Bank and Signature Bank.
Market Infrastructure
Firms Must Continue to Act to Ensure Orderly LIBOR Transition: FSB
By Editors | 28/04/2023
A “pile-up” towards end-June 2023 that could introduce operational risks and wider market disruption, the FSB said.
Capital / Liquidity
Standoff Could Push First Republic Bank into Receivership
By Manesh Samtani | 27/04/2023
Large banks are seeking government support to help First Republic Bank, but the government is currently unwilling to intervene.
Enforcement
British American Tobacco to Pay $629m in DPRK Sanctions Case
By Mark Johnston | 27/04/2023
OFAC’s $508mn penalty, its largest ever against a non-financial institution, settles charges related to the export of tobacco products to North Korea.
Market Infrastructure
Cboe Global Markets Unveils New 1-Day Volatility Index
By Manesh Samtani | 27/04/2023
The VIX1D measures the expected “current trading day” volatility of the S&P 500 Index, whereas the existing VIX Index reflects expected volatility 30 days out.
Enforcement
CFTC Fines Mizuho Capital Markets for Swaps Conduct Failures
By Editors | 26/04/2023
Mizuho Capital Markets engaged in anticipatory hedges of deal-contingent FX forwards without appropriate disclosure to customers.
Crypto / Digital Assets
US Lawmakers Propose Another Draft Bill for Stablecoins
By Editors | 26/04/2023
New bill provides a narrower focus overall and gives state regulators more power to charter stablecoin issuers.
Capital / Liquidity
New York Fed Tightens Rules on Access to Reverse Repo Facility
By Editors | 26/04/2023
The tighter requirements are said to be aimed at preventing stablecoin issuers from parking their reserves at the Fed.
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