Log In | Subscribe | | |

Regulation

The UK's Treasury is not anxious to make it known that the UK is, despite the cries of various EU officials, in fact ready, willing and kind-of able to enter into bi-lateral agreements with third countries. The US Treasury, on the other hand, thinks shouting it from the rooftops is a good idea and has issued a notice regarding an agreement relating to "Prudential Measures Regarding Insurance and Reinsurance (U.S.-UK Covered Agreement. " But.. there's a stumbling block.

BIScom Subsection: 

Issued under its Regulations and Financial Stability area, the new MAS form is a part of the Regulations and Guidance and Licensing function in relation to the securities, futures and funds market segment.

It covers those applying to become a recognised exchange or market operator, including those in the FinTech sector.

BIScom Subsection: 

The Monetary Authority of Singapore has made a surprising change to the way in which Regulations are published, making the MAS website, and not paper documents, the source of record.

BIScom Subsection: 

AUSTRAC has released a consultation paper relating to counter-money laundering regulations in the securities sector.

BIScom Subsection: 

As the US bill to roll-back the Dodd-Frank reforms that were designed, amongst other things, to stabilise banks to protect them from failure is sent to the President, who promoted it, for signature, BankingInsuranceSecurities.com points out one statistic that might indicate how successful Dodd-Frank has been and why the changes increase the USA's risk profile.

BIScom Subsection: 

Yesterday, the USA's President Trump announced that the US would leave the Joint Comprehensive Plan of Action a.k.a. the Iran Nuclear Deal. Below is a list of resources.

BIScom Subsection: 

We've been down this road before: Australian Securities and Investments Commission (ASIC) has taken action against auditors of self-managed
superannuation fund (SMSF).

Coupled with the evidence before the Royal Commission one thing is clear: ASIC's mandate is fundamentally flawed and a new model must be created ASAP, not ASIC.

BIScom Subsection: 

When Barnaby Joyce admits he was wrong, as he has done recently over his previous comments that a Royal Commission was appropriate to inquire into the management and practices of Australia's banks, it's obvious how things are going. It's starting to look as if the sector is going to get a huge shake-up - and the removal of many senior officers. One hopes they are replaced with competent bankers, not more recruits from consulting companies - or from the revolving door with government and quasi-government jobs.

BIScom Subsection: 

A correspondent asks "As a UK individual how do I report / alert the US authorities to the a craptocurrency used by employees and the Chairman of a group of companies with offices in St Louis, Missouri ?"

Here's the answer, and it explains differences between OFAC and FinCEN, etc. reports.

BIScom Subsection: 

Titled "PROPOSED CHANGES TO THE DFSA’S ANTI MONEY LAUNDERING, COUNTER-TERRORIST FINANCING AND SANCTIONS REGIME," the consultation paper was issued on 18 February 2018 and the consultation period ends on 24th March 2018.

Notes by Nigel Morris-Cotterill, The Anti Money Laundering Network

BIScom Subsection: 

Pages