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 … Continue Reading
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.… Continue Reading
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 CFPB’s … Continue Reading
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 the Federal … Continue Reading
Noting that ransomware incidents have become increasingly prevalent in the financial services sector, the Federal Financial Institutions Examination Council has released an update to its Cybersecurity Resource Guide for Financial Institutions – a publication that was last updated in October 2018. Read our update here.… Continue Reading
What have the financial services regulators been doing following the sanctions imposed on Russia? In the latest instalment of our Regulation Around the World series we cover some of the regulatory alerts that financial services regulators have issued in key jurisdictions. Our global updater focussing on the regulatory alerts is accompanied by further analysis in our … Continue Reading
On May 13, 2022, the US Department of the Treasury published the 2022 National Strategy for Combating Terrorist and Other Illicit Financing. Read our full update here.… Continue Reading
