Day: January 21, 2017

Foreign Correspondent Banking – Regulators Encourage U.S. Banks to Keep Doing It, But Their Regulations Have Been Discouraging – Lexology

Foreign Correspondent Banking: The three dreaded words that hang like the Damocles Sword on every foreign bank wanting to trade with the United States for US Dollar clearing & settlement. This is a great article that highlights the issues surrounding the shrinking supply of foreign correspondent banks. In addition to this article, I would also highly …

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Government launches consultation on enhancing anti-money laundering regulation of designated non-financial businesses and professions – Lexology

A great opinion article from Herbert Smith Freehills LLP on enhancing anti-money laundering regulations. On 6 January 2017, the Government published a consultation paper on proposals to extend the customer due diligence (CDD) and relevant… Source: Government launches consultation on enhancing anti-money laundering regulation of designated non-financial businesses and professions – Lexology — This page …

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Saudi advisory council to debate proposed levy on remittances -report | Zawya

Ever since oil prices fell, the Gulf Cooperation Countries have been flip-flopping on the issue of remittance tax. Expatriates (read: migrant workers) living in the GCC annually send over US$ 100 Billion back to their home countries. All was hunky-dory when the price of an oil barrel was over US$ 100. Today, the case needs to …

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State Banking Regulators Oppose Office of Comptroller of Currency Fintech Charter | The National Law Review

Well, no one said this was going to be an easy play for OCC, which is trying to implement a Fintech Charter. The money transmitter license process in the United States is quite a cumbersome process. For many startups, it is almost an impossible task to get the licenses in all 50 States (47 or …

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