The CFTC has proposed a rule that would codify informal registration exemptions that commodity pool operators and commodity trading advisors have been enjoying by virtue of a no-action letter issued in December.
Finance
Posted inBest Practices
Why compliance, not technology, will decide the future of digital sovereign finance
A citizen in the Marshall Islands receives universal basic income directly to a mobile wallet via USDM1, a sovereign digital bond backed by U.S. Treasury bills. The pilot shows that digital public finance’s success hinges less on technology than on compliance.
Posted inArtificial Intelligence
FCA’s regulatory approach in the age of AI will work for now, but regular reviews are necessary, warn experts
The U.K.’s principles-based approach to financial services regulation should remain fit for purpose in an age of AI, say experts—so long as the regulatory framework is regularly reviewed. In July, the Financial Conduct Authority (FCA) published the “Mills Review” about how the regulator might need to adapt its approach as financial services firms adopt AI […]
Posted inFinancial Services
Gaps remain in firms’ KYC checks, says U.K. financial services regulator
U.K. financial services firms still have potentially serious gaps in their financial crime controls, despite their assurances that they have beefed up their checks.
Posted inAML
End of BOI rule doesn’t mean end of BOI responsibilities for banks, small businesses
The Financial Crimes Enforcement Network (FinCEN) ended the requirement that small businesses report beneficial ownership information (BOI) but neither businesses nor banks should consider themselves off the hook about BOI, experts said. FinCEN announced Aug. 11 it was killing the BOI rule, a mandate that certain small businesses report information about any persons holding […]
Posted inAML
LexisNexis Risk Solutions exec on how compliance in all sectors supports the virtuous circle of crime prevention
Katarina Pranjic recently added “investigations” to her job title of regulatory policy director, economic crime, at LexisNexis Risk Solutions. Despite her credentials, she found her new immersion in investigations “exciting and terrifying,” revealing how compliance and investigations can gain from collaborating.
Posted inTop Stories
SEC charges former execs of auto subprime lender giant Tricolor with fraud, falsifying loan documents
Two former executives and a former manager at subprime auto lender Tricolor Holdings falsified documents in pursuit of a $1.9 billion fraud against investors and banks including JPMorgan Chase, according to the Securities and Exchange Commission (SEC). Tricolor, which formed in 2007 and had dealerships in California, Illinois and Texas, provided subprime car loans to […]
Posted inAML
FinCEN analysis finds smuggling transactions in SARs reached nearly $5 billion
Banks and money services businesses (MSB) reported nearly $5 billion in transactions over three years with suspected links to human smuggling and trafficking, according to an analysis by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). The federal Bank Secrecy Act (BSA) requires banks and MSBs, which include currency exchangers, check cashing businesses and […]
Posted inBanking
Deutsche Bank, Bank of America delayed flagging $420M in Epstein-linked transactions, Senator’s report says
Deutsche Bank and Bank of America took years to report more than $420 million in suspicious transactions connected to Jeffrey Epstein, according to a new report from Sen. Ron Wyden (D-Ore.), ranking member of the Senate Finance Committee.
Posted inOpinion
Malta AML expert discusses how country is staying ahead of EU AML rules
Elena Tabone of Malta’s FIAU discusses AML/CFT supervision priorities as the unit prepares for AMLA’s 2028 rollout, new EU rules in 2027, a MONEYVAL evaluation, and rising AI-enabled fraud risks.
