Thursday, May 28, 2015

BNA INSIGHTS: The Perilous Sanctions Regime: Understanding ING Bank’s $619 Million Settlement with the Office of Foreign Assets Control

November 6, 2012 in Banking Report · Leave a Comment 

ING Bank had agreed to pay $619 million to resolve its civil and criminal liability in connection with conduct that potentially violated a host of sanctions regulations promulgated pursuant to the Trading with the Enemy Act and the International Emergency Economic Powers Act as well as New York state laws…

IRS Coordinates Due Diligence Timelines for Requirements Related to Foreign Account Tax Compliance Act

November 6, 2012 in Banking Report · Leave a Comment 

The IRS announced Oct. 24 it would significantly reduce the administrative burden of completing due diligence requirements for U.S. withholding agents and foreign financial institutions under the FATCA, by aligning the time frames placed on withholding agents to identify the U.S. accounts to be reported to IRS…