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Citigroup Litigation in Revlon Dispute Comes to an End
By Editors | 22/12/2022
Citigroup reached an agreement with ten remaining Revlon lenders for them to repay the bank USD 504 million for mistakenly sent wire transfers.
Fintech / Regtech
Five Steps to Address E-Comms Risk and Avoid Regulatory Penalties
By Rupal Patel | 22/12/2022
The industry is playing catch up with the impact of working from home and must ensure e-comms risk is managed in a better way, says Rupal Patel at Acin.
Enforcement
US, Brazil Settle Honeywell Bribery Charges for Over $200m
By Editors | 22/12/2022
Manufacturing conglomerate Honeywell will pay $120mn to Brazilian authorities, $39.4mn to the DOJ, and $42.3mn to the SEC.
Enforcement
US Regulator Orders Wells Fargo to Pay $3.7b for Violations
By Editors | 21/12/2022
Wells Fargo repeatedly misapplied loan payments, wrongfully foreclosed on homes and illegally repossessed vehicles, among other violations.
Crypto / Digital Assets
FTX Seeks Court Authorisation to Sell Four Businesses
By Editors | 21/12/2022
Embed, LedgerX, FTX Japan and FTX Europe have maintained segregated customer accounts and have solvent balance sheets.
Capital / Liquidity
US Regulators Identify Flaws in Resolution Plans of Two Major Banks
By Editors | 20/12/2022
Credit Suisse’s resolution plan had two deficiencies relating to its cash flow forecasting capabilities and governance for its US operations. BNP Paribas had one shortcoming.
Crypto / Digital Assets
NYDFS Issues Guidance on Crypto-Related Activities for Banks
By Sanday Chongo Kabange | 19/12/2022
New York regulated banks, as well as branches and agencies of foreign banks licensed by the NYDFS, need prior approval to engage in virtual currency-related activities.
Crypto / Digital Assets
US Lawmakers Introduce AML/CFT Bill for Crypto Firms
By Mark Johnston | 19/12/2022
The bill would categorise all crypto firms as money transfer businesses, requiring them to implement AML programmes and prohibiting the use of crypto mixers.
Market Infrastructure
FSB Offers LIBOR Transition Update, Warns of ‘Residual Risks’
By Manesh Samtani | 19/12/2022
Regulators continue to express concerns that the use of Term SOFR and credit sensitive rates could draw away liquidity from the overnight SOFR derivatives markets.
Sanctions
US, EU Announce Additional Sanctions Against Russia
By Editors | 19/12/2022
The US imposed new sanctions against Russian FIs and the country’s richest businessmen. The European Council adopted a ninth sanctions package against Russia.
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