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United States
Structural Regulation
CICC Granted Approval to Operate in Dubai Financial Centre
By Mark Johnston | 20/01/2025
DFSA CEO Ian Johnston described the approval as “a big step forward” for facilitating deals and arrangements between China and the UAE.
Climate Risk
Fed Leaves NGFS, Adding to Wave of US Exits from Global Climate Coalitions
By Manesh Samtani | 19/01/2025
NGFS said it regrets but respects the Fed’s decision. NZAM has separately suspended key activities in apparent response to BlackRock’s exit.
Fraud, Scams & Cybercrime
Amex to Pay $230mn to Settle Case Over Deceptive Sales Practices
By Thisanka Siripala | 19/01/2025
American Express sales employees misrepresented the tax benefits of certain products and used false employer identification numbers to open accounts
PEPs & Sanctions
OFAC Unveils Final Set of Sanctions Under Biden Presidency
By Editors | 19/01/2025
The latest sanctions announcements were made over the Sudan conflict, North Korean IT workers, Houthi financing and Chinese cyber attacks.
Fraud, Scams & Cybercrime
Founder of Hindenburg Research Announces Decision to Shut Down
By Nithya Subramanian | 19/01/2025
Nate Anderson said that Hindenburg Research’s work led to nearly 100 individuals being charged civilly or criminally by regulators.
PEPs & Sanctions
US Bolsters Export Controls Ahead of Presidential Transition
By Manesh Samtani | 19/01/2025
The export controls target advanced chips, laboratory instruments, and automotive hardware and software from China. 26 firms added to Entity List.
Operational Risk
FDIC Sues Former SVB Executives for Gross Negligence
By Thisanka Siripala | 18/01/2025
The FDIC says SVB’s management ignored fundamental banking standards and the bank’s own risk policies “in pursuit of short-term profit”.
Conduct, Culture & Accountability
Equifax Fined $15m Over Mishandled Consumer Disputes
By Nithya Subramanian | 18/01/2025
The CFPB said Equifax repeatedly failed to address consumer complaints about inaccuracies on their credit reports.
PEPs & Sanctions
US Announces Final Russia Sanctions of Biden Administration
By Editors | 18/01/2025
The US re-designated almost 100 entities so it has the power to impose secondary sanctions on foreign persons, including foreign FIs, that do business with them
Conduct, Culture & Accountability
US SEC Fines Wells Fargo, Merrill Lynch Over Cash Sweep Programmes
By Nithya Subramanian | 17/01/2025
The Wells Fargo and Merrill Lynch units will pay $60mn for prioritising their own financial benefits over clients’ best interests.
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