All Treasury Department articles – Page 7
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ArticleU.S., U.K. launch Financial Innovation Partnership
A newly formalized partnership between the United States and United Kingdom aims to embolden innovation in financial services.
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ArticleStandard Chartered Bank to pay $1.1B for sanctions violations
Standard Chartered Bank, a U.K.-based financial institution, will pay a total of $1.1 billion in a global settlement for sanctions violations.
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ArticleRegulators give nod to AI, emerging tech for AML programs
Federal bank regulators are encouraging banks to use artificial intelligence and other emerging technologies to bolster their AML compliance programs. In doing so, new guidance addresses an evolving liability and enforcement posture.
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BlogOFAC takes action against ‘vast network’ of ‘Specially Designated Global Terrorists’
The U.S. Department of Treasury’s Office of Foreign Assets Control on Oct. 16 took action against a vast network of Iranian entities for providing financial support to the Basij Resistance Force, a paramilitary force that recruits, trains, and deploys child soldiers.
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Blog
Treasury releases third report on regulatory overhaul
The Treasury Department has released its third report of regulatory recommendations, this time looking at the framework for the asset management and insurance industries.
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Blog
Treasury issues second report on ‘core principles of financial regulation’
The Treasury Department has released its second report, as demanded by a presidential order, with recommendations to streamline the regulatory system and improve capital markets.
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Blog
Treasury in ‘hand-to-hand financial combat’ with North Korea
Current and future sanctions efforts by the Treasury Department to financially strike back against North Korean aggression were dissected by Assistant Treasury Secretary Marshall Billingslea during a recent House committee hearing.
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Blog
Exxon to challenge OFAC over Russia sanctions
The Treasury Department’s Office of Foreign Assets Control has slapped ExxonMobil with a $2 million civil penalty for violating Ukraine-related sanctions regulations, an action that Exxon is legally challenging.
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Article
Treasury Dept. issues ambitious plan for regulatory deconstruction
Parallel to an ambitious bill to dismantle Dodd-Frank, the Treasury Department has plenty of its own ideas.
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Blog
Treasury releases first report on a regulatory overhaul
A slate of recommended regulatory actions are contained in a new report delivered to President Donald J. Trump by the Treasury Department. Suggested changes would affect big bank stress tests, the Volcker rule, and the CFPB.
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Article
Treasury Secretary tries to make sense of shifting bank regs
Why do Republicans and President Trump keep hyping a new Glass-Steagall Act? Treasury Secretary Steven Mnuchin tried to answer that and other burning regulatory questions.
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Article
What regulation would look like under Mnuchin’s Treasury Department
Steven Mnuchin, President Trump’s nomination for Treasury secretary, shares his regulatory worldview … but what does it mean for compliance? Joe Mont reports.
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Blog
FinCEN expands crackdown on real estate shell companies
The Financial Crimes Enforcement Network will add San Francisco, San Diego, and San Antonio to a geography-based initiative demanding that title insurance companies identify who is behind shell companies used to pay all cash for high-end residential real estate. The initiative is already underway in Manhattan and Miami-Dade County. Joe ...
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BlogPost ‘Panama Papers,’ Treasury sets rulemaking agenda
In the wake of the “Panama Papers” scandal, Treasury Department officials pledged a focus on issues related to shell companies and beneficial ownership. Making good on that promise, says Joe Mont, the agency has announced several actions, including: a customer due diligence final rule; proposed legislation on beneficial ownership, and ...
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Blog
Crackdown on tax inversions blamed for killing Pfizer/Allergan merger
The Treasury Department has issued temporary and proposed regulations intended to limit the use of corporate tax inversions by undermining their benefits. Included are rules to address earnings stripping, a commonly used technique to further minimize taxes. Within hours of their issuance, pharmaceutical giant Pfizer terminated its $150 billion merger ...
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Blog
Treasury Amends Russia and Ukraine Sanctions List
The Department of the Treasury’s Office of Foreign Assets Control yesterday designated and identified 34 new individuals and entities under four executive orders related to Russia and Ukraine. The updated sanctions list also provides several new lessons for compliance officers.
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Article
U.S. and U.K. Treasury Revisit AML Risks
Image: For the first time in 10 years in the United States—and for the first time ever in the United Kingdom—financial institutions have some much-needed insight into how these two countries intend to prioritize money laundering and terrorist financing risks, enabling compliance officers to better allocate their limited resources. “These ...