The Treasury Department announced that it will not enforce penalties or impose fines for failure to comply with the Corporate Transparency Act’s beneficial ownership information reporting rule.
The full update can be found here on our US Regulatory Intelligence platform.
In the latest instalment of our Regulation Around the World series, Financial Services partners in 15 jurisdictions cover recent developments concerning anti-money laundering.
Our global updater is accompanied by further analysis and insights in our Regulation Around the World podcast which is available now to stream and download. The podcast features speakers from the
The Department of Justice (DOJ) announced on September 17, 2024 that it has withdrawn its 1995 Bank Merger Guidelines, effectively overhauling how it reviews M&A transactions involving banks and bank holding companies. According to the DOJ, the 2023 Merger Guidelines are its sole authoritative statement across all industries that identify the factors and
On August 28, 2024, the Financial Crimes Enforcement Network (FinCEN) issued a final rule that will impose new anti-money laundering and countering terrorism financing (AML/CFT) program requirements on registered investment advisers and exempt reporting advisers (collectively, Covered IAs) by, among other things, including Covered IAs within the definition of “financial
On June 27, 2024, the Supreme Court issued a decision holding that the Securities and Exchange Commission’s (SEC) practice of seeking civil monetary penalties in securities fraud cases filed in its administrative forum violates the Seventh Amendment of the Constitution. SEC v. Jarkesy, No. 22–859 (June 27, 2024). The Supreme Court’s reasoning could
In a 7-2 decision, the Supreme Court of the United States ruled on May 16, 2024 that the current funding structure for the Consumer Financial Protection Bureau (CFPB) is constitutional. In Consumer Financial Protection Bureau et al. v. Community Financial Services Association of America, Ltd., et al., the Court held that the CFPB’s independent funding
In this edition of Regulation Around the World we review the position regarding beneficial ownership registers which has come into the spotlight following work by the Financial Action Task Force and the introduction of reforms in a number of jurisdictions. Identifying beneficial owners has always been a difficult task for both regulators and financial institutions
As many of you are aware, Silicon Valley Bank (SVB), a bank licensed by the State of California whose deposits are insured by the FDIC, was seized by the California Department of Financial Protection and Innovation and placed into FDIC receivership on Friday, March 10.
Read our full update here.
As we reported previously, a three-judge panel of the US Court of Appeals for the Fifth Circuit ruled on October 19, 2022 that the current funding mechanism for the Consumer Financial Protection Bureau (CFPB) is unconstitutional. Specifically, in Community Financial Services Association of America v. Consumer Financial Protection Bureau, the court held that the
A three-judge panel of the US Court of Appeals for the Fifth Circuit ruled on October 19 that the current funding mechanism for the Consumer Financial Protection Bureau (CFPB) is unconstitutional. Specifically, in Community Financial Services Association of America v. Consumer Financial Protection Bureau, the court held that the CFPB’s independent funding through