05/17/2019
Optimum Financial Group expands its asset management activities in the US
“This expansion presents a growth opportunity in asset management that will thereby enable us to offer complementary services to our American clients.”
Legal, Regulation & Compliance
05/16/2019
FINRA: High-Risk B/Ds Had Nine Times More Misconduct Events
Based on back-testing, firms that FINRA has identified through a new rule proposal presented higher risk of future misconduct events.
05/15/2019
US SEC Proposes Amendments to Cross-Border Swaps Rules
Among other things, the proposals provide guidance on when transactions are considered to have been “arranged, negotiated, or executed” by US personnel as a trigger for regulating security-based swaps and market participants.
05/15/2019
US issues anti-money laundering guidance for cryptocurrencies
The guidance is in response to questions raised by financial institutions, law enforcement, and regulators concerning the regulatory treatment of multiple variations of businesses dealing in CVCs.
05/15/2019
Shearman & Sterling Secures Victory For SS&C Technologies In Lawsuit Against Clearwater Analytic
SS&C argued that the theft was deliberate and planned, and that Clearwater should pay a “reasonable royalty” based on the value of the information at the time it was stolen.
05/15/2019
TB Sunridge Advisors Paves Way with Registration Approval to Manage Digital Assets
To be registered, TB Sunridge Advisors had to obtain various regulatory licenses, including filing numerous documents with the state securities board.
05/14/2019
Goldman Sachs applies for Tokyo banking licence
Investment bank to launch global cash management business as part of plan to diversify
05/14/2019
Legal Services Demand Drops in First Quarter of 2019 (1)
Demand was up 2.3 percent last year, and down .3 percent in the first quarter of this year.
05/14/2019
East Capital strikes advisory deal with LatAm firm
Credicorp Capital AM will be fully integrated into East Capital’s investment process
05/13/2019
Final Rules May Help Companies Unintentionally Hit by Global Tax
The 2017 tax law includes a base-erosion provision related to global intangible low-taxed income. Treasury aims to finalize GILTI rules by June.
05/13/2019
Why Canada Stands Out As A Money Laundering Haven
Canada's lax laws on identifying the true owners of property have made it a hot-spot for dirty money.
05/13/2019
Court Rules Against Credit Suisse
A labor court in Geneva has now come to a pretty different conclusion, according to Neue Zuercher Zeitung.
05/13/2019
FA Match Debuts Alliance of Firms Supporting Advisors
LifeYield, Oranj, Redtail and others have partnered with the digital recruitment platform to amplify its advisor-centric approach.
05/10/2019
Fake heiress jailed for scamming New York
Her scams began soon after her arrival in the US, as which she insinuated herself into high-rolling New York social circles.
05/10/2019
Congress hits new speed bump in effort to restrict shell companies
It was unclear whether the bill was in peril or will simply be voted on later.
05/09/2019
U.S. indicts operators of 'dark web' drug referral service
Robert Johnson, an assistant director of the FBI, said DDW operated for years as a “key gateway to the criminal underbelly” of the so-called dark web, or Darknet, economy.
05/09/2019
Brazil seeks bank executives in money laundering probe
It’s not immediately clear if the three have been arrested.
05/09/2019
Govt Investment Control ‘Will Not Fly’ Under Wto
But Ramesh Chaitoo, one of the co-authors, said such a tariff “trade-off” could ultimately boost the Bahamian economy by removing an “opaque” approvals process that likely deters some investors due to the lack of transparency.
05/09/2019
‘World-Renowned’ Whistleblower Sues Kevin Costner, Estée Lauder Billionaire for Alleged Fraud
The action stems from a dispute over Birkenfeld’s book, Lucifer’s Banker: The Untold Story of How I Destroyed Swiss Bank Secrecy.
05/08/2019
Criminals and kleptocrats will find it harder to launder money in U.S. if bill passes
That’s one reason the U.K.-based Tax Justice Network last year named the United States the globe’s second most financially secretive jurisdiction, behind Switzerland and ahead of the Cayman Islands.