Daily News Brief
August 26th, 2016

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FinCEN Proposal Extends AML Requirements to All Banks

Aug. 24 — A Treasury Department unit is proposing to close a regulatory gap by extending anti-money laundering (AML) requirements to more than 600 lenders lacking a federal regulator.

08.26.16

Former Chief Financial Officer Caught with Hand in the Cookie Jar

A former chief financial officer of a local real estate title company admitted Wednesday that he embezzled $367,309 and will be sentenced this fall.

08.26.16

The Banking Regulator's Dilemma

Modern financial regulation needs to encourage disruptive innovation without allowing unacceptable risks. Implemented correctly, it can result in transformational advancements without sacrificing consumer confidence or trust.

08.26.16

How many finance jobs will artificial intelligence kill?

Advisers and wealth managers view the introduction of artificial intelligence with some concern about how it will affect the industry. They can learn much from banking's approach to the emerging technology.

08.26.16

Panama Denies to U.S. Risk of Money Laundering

(Q24N) he Government of Panama rejected today the remarks of the Department of Financial Services of New York (NYDES), of the United States, as a high-risk jurisdiction for money laundering.

08.26.16

UBS And Other Banks Are Not Creating A New Digital Currency - It's Blockchain Settlement Not Money

UBS and other banks have announced that they’re hoping to develop and roll out a new blockchain related development to aid in the settlement of financial trades. Some are very much getting the wrong end of this stick and arguing that this is a new currency and that there will be all sorts of tax and money laundering implications to this.

08.25.16

Dem Congressman Rats Out His Own Party for ‘Money Laundering

Florida Rep. Alan Grayson, a Democrat, accused his own party of “money laundering” for corporate and wealthy donors in an interview published Wednesday.

08.25.16

In fight against money laundering and terror finance, 'the emperor wears no clothes'

How much money is being laundered? Estimates are all over the map, but the bottom line is: a lot. The IMF and United Nations Office on Drugs and Crime (UNODC) estimate the scale of global money laundering falls somewhere around two to five percent of global gross domestic product, roughly the size of the U.S. federal budget.

08.25.16

Public Banks and Marijuana: Can you bank weed money?

If marijuana-related money can't be banked, what's the alternative? There's a better option to ''under the mattress.''...

08.25.16

US Backs Anti-Corruption NGOs and Others for Transforming Nigeria

USAID has committed 100 million dollars in efforts to help people make their own choices...

08.25.16

Deutsche Bank’s $10-Billion Scandal - The New Yorker

Ed Caesar on the American trader Tim Wiswell and how a scheme to help Russians secretly funnel money offshore unravelled....

08.23.16

New Anti-Corruption Commission ‘must regain public trust’

For the first time in its existence, the Cayman Islands Anti-Corruption Commission is no longer presided over by a member of local law enforcement and has no government employees appointed to its...

08.23.16

Anti-Corruption, Sanctions and Export and Import Risks

Forgive me for overusing the term “convergence” but when the shoe fits, I say “wear it.” If you are managing corporate risks and responsible for…

08.23.16
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