Bank Compliance Laws

Below, we have compiled some of the top global regulations, policies and laws that will impact financial institutions, fintech companies, payment systems, commercial banks, lenders, borrowers, asset management companies and the banking industry as a whole. Facilitate the continued transition of the banking sector to fully electronic interbank collection and return (comments due 3. June 2011) Press release and announcement regulates the acquisition of control of banks and bank holding companies by companies and individuals, defines and regulates non-banking activities in which bank holding companies (including holding financial companies) and foreign banking organizations with operations in the United States may participate, and sets the minimum capital-to-asset ratios that bank holding companies comply with The FDIC is proud to be an outstanding source for research on the U.S. banking industry, including quarterly bank profiles, working papers, and government bank performance data. Browse our comprehensive research tools and reports. In October 2021, the Federal Trade Commission released an update to the “safeguard rule” under the Gramm-Leach-Bliley Act, which outlines how non-bank financial institutions under the FTC`s jurisdiction should protect customers` financial information. Banks, bank holding companies and their subsidiaries are subject to separate guidelines and standards issued by the Bundesbank`s supervisory authorities, including the OCC, the Fed and the FDIC. The update applies to institutions that “engage in financial activities,” including car dealerships, real estate appraisers, tax advisors, investment advisors, and colleges and universities participating in federal financial assistance programs. In addition to those subject to the existing rule, the amended safeguard rule may apply to Internet service providers, the gig economy and online marketplaces. Allow reserve banks to require reserve banks to provide the proceeds of the settlement of these cheques to reserve banks as early as half an hour after receipt of the cheques (comments due February 10, 2014) Press release and note In August 2021, the federal government`s Advisory Committee on Open Banking released a report. According to the report, the initial phase is expected to begin by January 2023, with government and industry working together on the roadmap. The year 2022 will be dedicated to preparing for the launch in 2023. Proposed amendments to amend the general prohibition in the Volcker Rule allowing banking companies to invest or sponsor hedge funds or private equity funds – known as “hedge funds” (comments due 1.

April 2020) Press Release and Notice Applies to the Provisions of Regulation T and You for Borrowers Subject to the United States. Laws and loans inside or outside the U.S. for the purpose of purchasing securities are subject to risk-based categories to set regulatory standards for large U.S. banking organizations, amend certain supervisory standards, and make appropriate changes to reporting forms (comments expected January 22, 2019) Press release and notice Proposed changes to simplify fund requirements Own regulations for qualified the community banks by granting them the possibility to calculate a simple leverage ratio (comments due on 9. April 2019) Press release and notice on the revision of the framework for the application of the enhanced supervisory standards applicable to foreign banking organizations under the Dodd-Frank Act (comments expected on June 21, 2019) Press release and notice Welcome to the List and links of the banking regulations of the compliance cohort page. This site is available to our free members as well as the public. If you`re new to the compliance cohort, take a look at the free membership as members have access to free compliance videos and training articles. According to the HKMA website, as part of Phase III, 25 banks plan to deploy retail API capabilities by June 30, 2022. Twenty-three banks will deploy API capabilities for enterprises and SMBs by June 30, 2022. This order requires each National Bank to file a Suspicious Activity Report (RAD) if it detects certain known or suspected violations of federal laws or suspicious transactions related to money laundering activities or a violation of the BSA. A SAR deposit is required for possible criminal offences: the OCC uses informal and formal enforcement measures to ensure that domestic banks, federal savings associations, federal branches and foreign bank agencies comply with the BSA. As part of a letter of intent between U.S.

bank branches and the U.S. Treasury Department`s Financial Crimes Enforcement Network (FinCEN) and OFAC, OCC will promptly notify FinCEN and OFAC of material violations or deficiencies in the BSA. Simplification and adaptation of compliance requirements with regard to the Volcker Rule (comments due 17. October 2018) Press release and | notice Extension of the comment period Extension of the comment period for the proposed VV Regulation (notice due on 13 February 2012) Communication (PDF) Clarification, correction and update of aspects of the regulatory capital rule for banking organisations subject to the risk-based capital rule for advanced approaches (comments expected on 17 February 2015) Press release and note “It further aligns regulation VASPs on the regulation of VASPs with e-money institutions and payment service providers, but does not directly affect customers or individuals who use crypto-owned private wallets. However, Estonian VASPs are not allowed to provide anonymous services and must identify their customers. Credentials must be retained in such a way that they can be linked to the transaction in the same way as bank transfers. The following FinCEN publications provide additional guidance and information to bankers: The central bank has published its short open banking policy, which aims to promote competition, innovation, financial inclusion and the efficiency of the banking system. The central bank is currently assessing the potential impact of open banking and how best to deploy it in the UK. The launch of Open Banking takes place in three phases: design, implementation and commissioning.

Defines share subscription requirements for all banks joining the Federal Reserve system Interagency notification of proposed changes to risk-based capital rules to allow banks, bank holding companies and savings associations to assign a 10% risk weight to claims on or guaranteed by Fannie Mae or Freddie Mac (comments expected November 26, 2008) Notice Read more about security solutions and regulatory compliance, by visiting our page describing the compliance challenge. Lowering the dollar threshold, which requires banks and non-bank financial institutions to collect, retain and transmit information on money transfers and transfers (Comments by 21. August 2006) Press release and communication Last spring, the European Banking Authority launched a public consultation on draft regulatory technical standards (RTS) with a view to establishing a central database to combat money laundering and terrorist financing. Following public comments, the EBA published a final report in December. The intention of the rtS project contains rules to protect the efficiency and confidentiality of the database, which would help to coordinate and harmonise the EU`s approach to AML/CFT. This is all the more important as EU anti-money laundering directives are discretionary and allow Member States to transpose them into national law and transpose them in different ways – which has not necessarily allowed for a pan-European approach. As cybercrime becomes increasingly sophisticated and international amid increasing digitalisation, a central database will streamline the AML/CFT response across the EU. RTS will also ensure that the database complies with data protection laws. Given this activity, we expect a pre-announcement of the Rule Development Proposal (ANPRM) for the full cryptocurrency, which is scheduled for publication in the second half of 2022. Encourage custodian banks to receive and pay banks to send returned cheques electronically, as well as other changes to better reflect the development of the national cheque collection system, which shifts from paper cheques to electronic cheques (comments due 2. May 2014) Press release and announcement on the revision of capital plan and stress test rules for large bank holding companies and certain banking organizations with total consolidated assets in excess of $10 billion (comments expected on September 24, 2015) Press release and advisories Criminals have long used money laundering schemes to hide or “clean” the source of funds acquired or fraudulently stolen.