Managers of Wealth Americas

J.P. Morgan Seeks to Handcuff Broker who Joined Merrill Lynch

He had been managing about $143 million for 352 clients when he left the bank.

AIG pays US$12m fine in NY pension transfer probe

AIG will also transfer the handling of such transactions to a New York-based subsidiary, the regulator added.

Why America Is the Leading Jurisdiction For Trusts

Legal, regulatory, and political systems have changed so radically over the last decade that storied jurisdictions are quickly losing their usefulness and relevance.

U.S. Corruption Levels At Their Worst Since 2012

The CARES Act coronavirus relief package, rolled out in March, disproportionally helped millionaires thanks to a tax loophole.

The US beneficial ownership law has its weaknesses, but it’s a seismic shift

Due to the limited scope of the Corporate Transparency Act and numerous exceptions in its application, we cannot yet conclude that the US is practicing effective beneficial ownership registration.

Kennedy Lewis Investment Management Closes Second Opportunistic Credit Fund with $2.1 billion of Commitments

The Firm also partners with high growth companies that are causing disruption, providing structured capital solutions to fit their needs.

New Paraguay law extends withholding tax to digital services

The law specifies that, as of January 1, resident taxpayers who provide digital services are subject to income tax and VAT.

Broadridge to Become an Approved SFT Submitter for DTCC's Securities Financing Transaction Clearing Service

With flexible technology and extensive connectivity to post-trade applications, the solution will allow firms to leverage the benefits of a central clearing model while freeing up credit lines

FINRA bans ex-Merrill Lynch broker after record settlement with New Hampshire, former governor

Charles Kenahan, a former Merrill Lynch broker, who was at the center of Merrill Lynch paying out over $66 million in two settlements over client allegations of unauthorized and excessive trading, has been barred by FINRA.

£78m reported lost to ‘clone firm’ investment scams in 2020

Throughout 2020, consumers reported average losses of £45,242 when investing with fraudsters imitating genuine investment firms.

Mexican watchdog fines seven international banks for bond rigging

The trades were made between 2010 and 2013 and caused damage estimated to be worth 30 million pesos

Pension Consolidation: Optimizin Scale and Maximizing Efficiency

Public pensions, on the other hand, have generally continued to provide a reasonable retirement for their covered workers.

Shell Company Disclosure Exemptions Prompt Calls for Changes

Small business advocates say the new requirements unfairly target them and create extra costs and legal risks for companies that don’t typically pose a money laundering threat.

If Allowed by Regulators, Bank of America Could Return a Lot of Capital to Shareholders This Year

Simply put, Bank of America has more than $176 billion of common equity.

2021 outlook: M&A leads the economic recovery

For some, growth will come within industries, with market leaders strengthening their position as the economy continues to recover.

President Biden freezes FinCEN's proposed crypto wallet regulations

President Joe Biden has frozen all regulatory processes including proposed FinCEN rules detrimental to the crypto industry.

State Street to cut 1,200 jobs

The company booked an $82 million employee severance charge in the fourth quarter as part of the action, he said.

Agencies Issue Final Rules Clarifying Role of Supervisory Guidance

Rather, supervisory guidance outlines supervisory expectations and priorities, or articulates views regarding appropriate practices for a given subject area.”

Improving SARs effectiveness takes more than act of Congress

In 2020, financial institutions filed more than 2.2 million original SARs, according to FinCEN’s SAR Stats tracker, down slightly from the 2.3 million filed in 2019.

Arthur J. Gallagher & Co. Acquires Atlas General Insurance Services

Terms of the transaction were not disclosed.

Legal, Regulation & Compliance