CBA of Georgia’s Post

The Wolfsberg Group recently announced its submission of its response to the UK’s HM Treasury consultation on improving the effectiveness of the Money Laundering Regulations 2017 (MLRs). This consultation is part of a broader initiative under the Economic Crime Plan 2023-26. The group's response addresses two core themes of the consultation: 1. making customer due diligence more proportionate and effective, and 2. strengthening system coordination #aml #cft #cdd https://lnkd.in/ewgMu_da

The FDIC has revamped its IDI Rule, resulting in major changes in the resolution submissions for covered banks. Our client update summarizes key components of the final rule and provides practical planning points as banks consider next steps. Read more: https://lnkd.in/gWCuRcYE #FDIC #FinancialInstitutions

The FDIC adopted a revamped rule setting forth resolution planning requirements for insured depository institutions with total assets of $50 billion or more, with greater requirements for those with total assets of $100 billion or more. Read more here: https://bit.ly/4cl6QJg #FDIC

ABOUT #DEBANKING & #OperationChokePoint: "No one really knows what 'reputational risk' means beyond the fact that a bank is doing something a [federal bank] regulator doesn't like..." --ex FDIC Chairman Bill Isaac in 2014. New blog post from Davis Wright Tremaine LLP: https://lnkd.in/gT2KsX8H

The FDIC adopted a revamped rule setting forth resolution planning requirements for insured depository institutions with total assets of $50 billion or more, with greater requirements for those with total assets of $100 billion or more. Read more here: https://ow.ly/Os0V50SrZMa #FDIC

The Supreme Court recently observed that banks cannot shy away from the responsibility to safeguard their customers from unauthorized transactions reported from their accounts. Read more: t.ly/TJZVo #SupremeCourt #SBI

The FDIC’s proposed amendment to its CIBCA regulations would give the FDIC greater oversight of investments by non-bank investors in holding companies of FDIC-supervised institutions. Read more: https://lnkd.in/gJXRbQsi #FinancialInstitutions #FDIC

Following the passing of the new AML/CTF Bill by the Federal Parliament in November 2024, real estate businesses involved in buying or selling real estate are most likely to be regulated under the new legislation. Here are some practical steps these businesses should be thinking about to begin preparing for these new regulations. We recommend that real estate businesses seek advice to understand how the changes could impact them and what requirements they will need to comply with. To stay up to date with the latest developments of the new legislation, subscribe to our AML/CTF reforms hub here https://ow.ly/MWly50UHqAt

Join our regulatory experts Tamara Cizeika, Jean Price and Louise Bralsford for the ‘Regulatory update for wealth managers and private banks in the U.K.’ webinar, where they will provide an industry update on key regulatory risks and issues facing wealth managers and private banks in the U.K., including recent FCA “Dear CEO” letters, regulatory change proposals under consideration and current enforcement trends relevant to this sector. Register today: https://lnkd.in/efiGrVPn #AOShearman #FinancialServicesRegulatory

Having spoken to #whistleblowers about this case what’s clear is that the fit and proper regime failed and with dire consequences for Starling Bank. The findinging and advice provided by Daren Allen are concise and should be part of every boards checklist, not to mention also common sense! Whistleblowing and whistleblowers should be recognised as the first line of defence against crime, corruption and cover up. In every banking scandal, behind every headline, behind every big fine levied by the regulator is a whistleblower usually more than one. Compliance is not a tickbox but should be part of the DNA of every regulated entity. Not only should policy exist but it should be engaging and embedded including regular testing, (risk) assessments and subject to regular improvement and updating. Whistleblowing frameworks must be visible, understood and most of all trusted. Our recent survey demonstrates that less than half of the FS professionals responding understand whistleblowing or trust the Whistleblowing Frameworks. 97% support reform and the introduction of the #OfficeOfTheWhistleblower Come and find out more about this during #WhistleblowingAwarenessWeek https://lnkd.in/dJ8Gjb_V Daren Allen Lloydette Bai-Marrow Evan McGookin Arun Chauhan - FICA, Prof.PgDip (FCC) Seema Malhotra FRSA Ryan Chittum Nigel Taylor Farah Khalique Ellesheva Kissin Martin Kreutner Peter Petyt Stephen M. Kohn Luke Firmin Dr Victoria McCloud Richard Boath Richard Parlour Ruth Paley Daniel Argent https://lnkd.in/dJ8Gjb_V