09/30/2019
Banco do Brasil managers targeted in $48 million money laundering probe
The bank’s shares opened down 1% on news of the probe, but recovered quickly to advance 0.7%.
Legal, Regulation & Compliance
09/29/2019
Two BMO Advisory Firms Pay Over $37 Million to Harmed Clients for Failing to Disclose Conflicts of Interest
The SEC’s order finds that BMO Harris and BMO Asset Mgmt willfully violated Sections 206(2) and 206(4) of the Investment Advisers Act of 1940
09/28/2019
SEC targets binary options marketer who caused 25,000 investors to make deposits with unregistered firms
The misleading websites and videos were viewed by more than 350,000 persons and caused more than 25,000 investors to make deposits for trading binary options with one of approximately 35 unregistered brokers.
09/26/2019
House passes bill to give cannabis businesses access to banking
Its prospects in the Senate are uncertain, but supporters said the amount of Republican support in the House was a good sign.
09/25/2019
PwC to Pay $8 Million to Settle SEC Charges Over Auditor Independence and Improper Conduct
The allegations of improper conduct were in connection to a total of 19 engagements with 15 unidentified companies over a three-year period ending in 2016.
09/25/2019
The Wayfair case: the US Supreme Court’s decision and its impact on UK firms
For sales tax purposes, taxable transactions include both business-to-business and business-to-consumer transactions
09/25/2019
The PNC Financial Services Group And M Financial Group Announce New Strategic Relationship
Through this strategic relationship, M Financial will offer differentiated insurance products and support to PNC's clients through a team that is dedicated to PNC.
09/24/2019
Europe, the U.S. … or the Cayman Islands? Tackling the World’s Fund Barriers By Selma Lee Arch
Both of these bills were among those passed by the Cayman Islands Legislative Assembly on July 26, 2019.
09/24/2019
Mexico and UK form alliance to tackle corruption and impunity
Baroness Susan Williams, UK’s Minister of State and Minister of Equalities, introduced the Anti-Corruption and Rule of Law UK and Mexico Prosperity Fund and said it was designed as a “powerful mechanism to maximize our shared prosperity and su
09/24/2019
Proposed Changes to Foreign Affiliate Dumping Rules: Individuals, Trusts and Estates May Now Be Caught
With respect to trusts and estates in particular, under the proposed FAD rules a trust or estate is assumed to be a corporation with a capital stock of 100 common shares
09/24/2019
Nissan, ex-CEO Ghosn charged in US with hiding $140 mn from investors
But Ghosn, his former right-hand man Kelly, and Nissan neither admitted nor denied the SEC's allegations.
09/24/2019
Ex-Wall Street banker Sean Stewart guilty in second insider trading trial
They said the tips yielded $1.16 million of profit for Robert Stewart and his friend Richard Cunniffe, to whom he had forwarded some of them.
09/24/2019
UBS, Banco do Brasil to create investment banking venture in South America
The partnership is expected to provide its clients with comprehensive solutions and would provide additional benefits for its stakeholders.
09/23/2019
Banks worth $47 trillion adopt new U.N.-backed climate principles
Under pressure from investors, regulators and climate activists, some big banks have acknowledged the role lenders will need to play in a rapid transition to a low-carbon economy.
09/23/2019
Why Venezuelan money is no longer welcome in Switzerland
Méndez has also contacted other banks, including PostFinance, but none would open an account for him.
09/22/2019
Saudi oil struck, Fed cuts rates and China slows
The global economy is chugging along, but the picture from the US is mixed and China continues to slow down, meaning that investors need to think very carefully about how they position portfolios.
09/20/2019
FCA update to joint statement on opportunistic strategies in the credit derivaties market
These opportunistic strategies include, but are not limited to, what have been referred to as ‘manufactured credit events’ or ‘narrowly tailored credit events’.
09/19/2019
Dentons launches combination with leading law firm in Honduras
World’s largest law firm combines with Honduras' Gustavo Zacapa y Asociados as part of expansion strategy in Latin America and the Caribbean
09/19/2019
IRS releases new procedures and relief for expatriating taxpayers to come into US tax compliance
A significant benefit of these procedures is that an eligible individual coming into compliance under these procedures is not required to pay any tax
09/19/2019
Massive IT Support Fraud ‘Made $10 Million From Thousands Of Elderly Victims’
The scammers would then take control of victim PCs and pretend to fix the nonexistent problems, charging varying amounts depending on whether the “service” was one-time only or a lifetime offering.