Managers of Wealth Americas

Financial Institutions Want More Clarity on Anti-Money-Laundering Changes

What changes will come as a result of the new rules and legislation was top of mind among the professionals surveyed, said Kieran Beer, chief analyst at ACAMS.

What Is the Fate of the New Marketing Rule for Investment Advisers?

This Legal Update provides further detail on the rule and discusses what may happen with it going forward.

Wealth managers await legal fallout in wake of $1.8B fraud case

Investigators say the investors are at risk of losing everything.

Jamie Dimon ignores his own advice about workers and shareholders

At the time, Dimon said that the new policy “will help to set a new standard for corporate leadership.”

BofA Divided as Bankers Cry Foul Over Special Bonus Treatment

People familiar with the situation described an internal drama unfolding over the past couple of weeks.

Bank of America divided as bankers cry foul over special bonus treatment

Bank of America is torn by long-simmering jealousies and divisions among its staff of more than 200,000, many dating back to the shotgun marriage with Merrill Lynch in the 2008 financial crisis.

Renouncing American Citizenship Hits All-Time Record

Adding fuel to the fire is FATCA, the Foreign Account Tax Compliance Act.

Ogier advises on $241.5 million ITHAX Acquisition Corp SPAC

The company’s units commenced trading on the Nasdaq Capital Market (Nasdaq) under the ticker symbol “ITHXU” on January 28, 2021.

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.

Legal, Regulation & Compliance