Friday, October 24, 2014

Long-Awaited Foreign Account Tax Compliance Act Final Rules Issued by Government

January 22, 2013 in BNA's Banking Report · Leave a Comment 

The Treasury Department and the IRS issued long-awaited final rules, with changes intended to harmonize agreements negotiated with other countries. The 2010 law is intended to stop cross-border tax evasion…

BNA INSIGHTS: 2012: Annus Horribilis for the Banking Industry

January 22, 2013 in BNA's Banking Report · Leave a Comment 

The year 2012 proved to be an annus horribilis for the banking industry.. This essay analyzes the most significant enforcement developments in 2012 and assesses the prospects for heightened scrutiny and increased enforcement action against the banking industry in 2013…

HSBC Agrees to Pay U.S.$1.9 Billion to Resolve Money Laundering Case

December 19, 2012 in BNA's Banking Report · Leave a Comment 

The London-based HSBC Group and HSBC Bank USA have agreed to pay $1.9 billion and enter into a deferred prosecution agreement (DPA) to resolve charges of money laundering and doing business with countries subject to U.S. sanctions…

Federal Reserve Proposes Guidelines for Foreign Banks in Keeping with U.S. Bank Capital Standards

December 19, 2012 in BNA's Banking Report · Leave a Comment 

Big foreign banks would face capital standards applied to their U.S. counterparts and be required to maintain a 30-day buffer of highly liquid assets under a proposal Dec. 14 by the Federal Reserve that makes significant change in its regulation of overseas lenders…

Fed to Overhaul Regulation of Foreign Banks, Eyeing Three-Part Framework

December 4, 2012 in BNA's Banking Report · Leave a Comment 

The Federal Reserve Board plans to overhaul how it regulates the U.S. operations of large foreign banks, outlining a three-part framework based on a new holding company structure, uniform capital and stress-testing requirements, and liquidity standards…

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…

IRS Debuts Alternative FATCA Approach in Compliance Pacts with Switzerland, Japan

July 2, 2012 in Banking Report · Leave a Comment 

The Treasury Department announced agreements with Switzerland and Japan to pursue a new alternative approach to compliance with the Foreign Account Tax Compliance Act, with an official telling BNA the U.S. government does not expect further models to be proposed.

BNA INSIGHTS: Federal Reserve Opens the Door to Increased Chinese Investment in U.S. Banking Organizations

June 13, 2012 in Banking Report · Leave a Comment 

On May 9, 2012, the Federal Reserve Board (“FRB”) released three orders approving investments in the U.S. banking market by entities based in China…

Federal Reserve Proposes Rules Raising Quantity, Quality of Capital for U.S. Banks

June 13, 2012 in Banking Report · Leave a Comment 

The Federal Reserve, implementing heightened international standards known as Basel III, proposed rules at a June 7 meeting that would increase the quantity and quality of capital required for U.S. banks…

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