Banks need new UK-EU process after Brexit: UK finance minister

23 June 2017
Knowledge Base

British and European Union banks need a new system to let them do business with each other after Brexit to avoid splitting markets, Britain’s finance minister Philip Hammond said on Tuesday. Britain, the EU’s biggest financial market, is leaving the bloc in 2019, raising the prospect of an abrupt cut in cross-border links without a new trade deal. Rival financial centers, including Frankfurt, Paris and Luxembourg, are vying to benefit.

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Sen. Elizabeth Warren calls to remove board members Wells Fargo

21 June 2017

Sen. Elizabeth Warren is calling for the ouster of 12 board members at Wells Fargo due to the fake accounts scandal that has rocked the bank. In a letter sent Monday to Federal Reserve Chair Janet Yellen, the Massachusetts Democrat said the scandal has “revealed severe problems with the bank’s risk management practices.” Warren said the central bank has the authority under federal statute to remove the members who were on the board as the matter transpired.

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Barclays Qatar capital raising case

20 June 2017

The FCA statement after Serious Fraud Office charges in Barclays Qatar capital raising case is as follows :  “We are pleased that this matter, which led to the stay of our own case, is now in the public domain. We welcome a fair and transparent hearing on the basis of the charges set out today by the SFO. We work closely with the SFO across a range of matters, in pursuit of our distinct objectives. ”

Brexit forces some US banks to consider shifting funds out of UK

20 June 2017

Moving transactions to rival hubs could affect much of their investment banking work

Some of the biggest US financial groups including Morgan Stanley, Bank of America and Citigroup, are examining whether to move transactions totalling hundreds of billions of dollars out of London to rival hubs because of Brexit, calling into question the City’s role as one of the world’s leading centres for investment banking.
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Former moneygram compliance chief pays 250000 penalty for AML failure

19 June 2017

The former Chief Compliance Officer of MoneyGram International, Inc. reached a settlement Thursday with FinCEN and the DOJ after he was held personally responsible for his company’s anti-money laundering failures.

Thomas E. Haider agreed to pay a $250,000 penalty and be barred from working as a compliance officer for any money transmitter for three years.
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EPA Officially Delays to 2019 Risk Management Program Rule Changes

16 June 2017

The U.S. Environmental Protection Agency (EPA) has officially postponed the effective date of a rule designed to help prevent accidents and explosions at refineries and other industrial facilities.

EPA Administrator Scott Pruitt signed a final rule to delay the effective date of amendments to its Risk Management Program (RMP) rule until Feb. 19, 2019. The rule was originally planned to take effect next Monday (June 19).
“We are seeking additional time to review the program, so that we can fully evaluate the public comments raised by multiple petitioners and consider other issues that may benefit from additional public input,” Pruitt said Monday.

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