Foreign Banking

foreign-banking
TitleActionFR DocPublishedAgency NameExcerptsAbstractHTMLPDF
TitleActionFR DocPublishedAgency NameExcerptsAbstractHTMLPDF
Customer Due Diligence Requirements for Financial Institutions; CorrectionRule2017-2077709/28/2017Treasury DepartmentFinCEN is making technical corrections to a final rule published in the Federal Register on Wednesday, May 11, 2016. The final rule relates to certain customer due diligence standards applicable to covered financial institutions, defin … FinCEN is making technical corrections to a final rule published in the Federal Register on Wednesday, May 11, 2016. The final rule relates to certain customer due diligence standards applicable to covered financial institutions, defined as banks, brokers or dealers in securities, mutual funds, and futures commission merchants and introducing brokers in commodities. As published, the final rule contains technical errors that could cause confusion if not corrected.customer-due-diligence-requirements-for-financial-institutions-correctionFR-Doc-2017-20777
Large Financial Institution Rating System; Regulations K and LLProposed Rule2017-1673608/17/2017Federal Reserve SystemThe Board is seeking comment on a proposed new rating system for its supervision of large financial institutions. The proposed ``Large Financial Institution Rating System'' is closely aligned with the Federal Reserve's new supervisor … The Board is seeking comment on a proposed new rating system for its supervision of large financial institutions. The proposed ``Large Financial Institution Rating System'' is closely aligned with the Federal Reserve's new supervisory program for large financial institutions. The proposed rating system would apply to all bank holding companies with total consolidated assets of $50 billion or more; all non-insurance, non-commercial savings and loan holding companies with total consolidated assets of $50 billion or more; and U.S. intermediate holding companies of foreign banking organizations established pursuant to the Federal Reserve's Regulation YY. The proposed rating system includes a new rating scale under which component ratings would be assigned for capital planning and positions, liquidity risk management and positions, and governance and controls; however, a standalone composite rating would not be assigned. The Federal Reserve proposes to assign initial ratings under the new rating system during 2018. The Federal Reserve is also seeking comment on proposed revisions to existing provisions in Regulations K and LL so they would remain consistent with certain features of the proposed rating system.large-financial-institution-rating-system-regulations-k-and-llFR-Doc-2017-16736
Proposal of Special Measure Against Bank of Dandong as a Financial Institution of Primary Money Laundering ConcernProposed Rule2017-1402607/07/2017Treasury DepartmentFinCEN is issuing a notice of proposed rulemaking (NPRM), pursuant to section 311 of the USA PATRIOT Act, to prohibit the opening or maintaining of a correspondent account in the United States for, or on behalf of, Bank of Dandong.FinCEN is issuing a notice of proposed rulemaking (NPRM), pursuant to section 311 of the USA PATRIOT Act, to prohibit the opening or maintaining of a correspondent account in the United States for, or on behalf of, Bank of Dandong.proposal-of-special-measure-against-bank-of-dandong-as-a-financial-institution-of-primary-moneyFR-Doc-2017-14026
Imposition of Special Measure Against North Korea as a Jurisdiction of Primary Money Laundering ConcernRule2016-2704911/09/2016Treasury DepartmentFinCEN is issuing this final rule to prohibit U.S. financial institutions from opening or maintaining a correspondent account for, or on behalf of, North Korean banking institutions. The rule further prohibits U.S. financial instituti … FinCEN is issuing this final rule to prohibit U.S. financial institutions from opening or maintaining a correspondent account for, or on behalf of, North Korean banking institutions. The rule further prohibits U.S. financial institutions from processing transactions for the correspondent account of a foreign bank in the United States if such a transaction involves a North Korean financial institution, and requires institutions to apply special due diligence to guard against such use by North Korean financial institutions.imposition-of-special-measure-against-north-korea-as-a-jurisdiction-of-primary-money-launderingFR-Doc-2016-27049
Technical Amendments to Various Bank Secrecy Act RegulationsRule2016-2655711/04/2016Treasury DepartmentFinCEN is issuing this final rule to make a number of technical amendments. This final rule updates various sections of the regulations implementing the Bank Secrecy Act (``BSA'') by removing or replacing outdated references to … FinCEN is issuing this final rule to make a number of technical amendments. This final rule updates various sections of the regulations implementing the Bank Secrecy Act (``BSA'') by removing or replacing outdated references to obsolete BSA forms, removing references to outdated recordkeeping storage media, and replacing several other outdated terms and references.technical-amendments-to-various-bank-secrecy-act-regulationsFR-Doc-2016-26557
Customer Identification Programs, Anti-Money Laundering Programs, and Beneficial Ownership Requirements for Banks Lacking a Federal Functional RegulatorProposed Rule2016-2021908/25/2016Treasury DepartmentFinCEN is issuing this proposed rule to implement section 326 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 and to remove the anti-money laundering pr … FinCEN is issuing this proposed rule to implement section 326 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 and to remove the anti-money laundering program exemption for banks that lack a Federal functional regulator, including, but not limited to, private banks, non-federally insured credit unions, and certain trust companies. The proposed rule would prescribe minimum standards for anti-money laundering programs for banks without a Federal functional regulator to ensure that all banks, regardless of whether they are subject to Federal regulation and oversight, are required to establish and implement anti-money laundering programs, and would extend customer identification program requirements and beneficial ownership requirements to those banks not already subject to these requirements.customer-identification-programs-anti-money-laundering-programs-and-beneficial-ownershipFR-Doc-2016-20219
Margin and Capital Requirements for Covered Swap EntitiesRule2016-1819308/02/2016Treasury DepartmentThe OCC, Board, FDIC, FCA, and FHFA (each an ``Agency'' and, collectively, the ``Agencies'') are adopting exemptions from the initial and variation margin requirements published by the Agencies in November 2015 pursuant to sections 731 … The OCC, Board, FDIC, FCA, and FHFA (each an ``Agency'' and, collectively, the ``Agencies'') are adopting exemptions from the initial and variation margin requirements published by the Agencies in November 2015 pursuant to sections 731 and 764 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'' or the ``Act''). Pursuant to Title III of the Terrorism Risk Insurance Program Reauthorization Act of 2015 (``TRIPRA''), this final rule exempts certain non-cleared swaps and non-cleared security-based swaps with certain financial and non-financial end users that qualify for an exception or exemption from clearing.margin-and-capital-requirements-for-covered-swap-entitiesFR-Doc-2016-18193
Annual Privacy Notice Requirement Under the Gramm-Leach-Bliley Act (Regulation P)Proposed Rule2016-1613207/11/2016Consumer Financial Protection BureauThe Bureau of Consumer Financial Protection (Bureau) is proposing to amend Regulation P, which requires, among other things, that financial institutions provide an annual notice describing their privacy policies and practices to t … The Bureau of Consumer Financial Protection (Bureau) is proposing to amend Regulation P, which requires, among other things, that financial institutions provide an annual notice describing their privacy policies and practices to their customers. The amendment would implement a December 2015 statutory amendment to the Gramm-Leach-Bliley Act providing an exception to this annual notice requirement for financial institutions that meet certain conditions.annual-privacy-notice-requirement-under-the-gramm-leach-bliley-act-regulation-pFR-Doc-2016-16132
Alternatives to References to Credit Ratings With Respect to Permissible Activities for Foreign Branches of Insured State Nonmember Banks and Pledge of Assets by Insured Domestic Branches of Foreign BanksProposed Rule2016-1509606/28/2016Federal Deposit Insurance CorporationThe FDIC is seeking public comment on a proposed rule to amend its international banking regulations (``Part 347'') consistent with section 939A (``section 939A'') of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Do … The FDIC is seeking public comment on a proposed rule to amend its international banking regulations (``Part 347'') consistent with section 939A (``section 939A'') of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'') and the FDIC's authority under section 5(c) of the Federal Deposit Insurance Act (``FDI Act''). Section 939A directs each federal agency to review and modify regulations that reference credit ratings. The proposed rule would amend the provisions of subparts A and B of Part 347 that reference credit ratings. Subpart A, which sets forth the FDIC's requirements for insured state nonmember banks that operate foreign branches, would be amended to replace references to credit ratings in the definition of ``investment grade'' with a standard of creditworthiness that has been adopted in other federal regulations that conform with section 939A. Subpart B would be amended to revise the FDIC's asset pledge requirement for insured U.S. branches of foreign banks. The eligibility criteria for the types of assets that foreign banks may pledge would be amended by replacing the references to credit ratings with the revised definition of ``investment grade.'' The proposed rule would apply this investment grade standard to each type of pledgeable asset, establish a liquidity requirement for such assets, and subject them to a fair value discount. The proposed rule would also introduce cash as a new asset type that foreign banks may pledge under subpart B and create a separate asset category expressly for debt securities issued by government sponsored enterprises.alternatives-to-references-to-credit-ratings-with-respect-to-permissible-activities-for-foreignFR-Doc-2016-15096
Incentive-Based Compensation ArrangementsProposed Rule2016-1178806/10/2016Treasury DepartmentThe OCC, Board, FDIC, FHFA, NCUA, and SEC (the Agencies) are seeking comment on a joint proposed rule (the proposed rule) to revise the proposed rule the Agencies published in the Federal Register on April 14, 2011, and to implement … The OCC, Board, FDIC, FHFA, NCUA, and SEC (the Agencies) are seeking comment on a joint proposed rule (the proposed rule) to revise the proposed rule the Agencies published in the Federal Register on April 14, 2011, and to implement section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Section 956 generally requires that the Agencies jointly issue regulations or guidelines: (1) Prohibiting incentive-based payment arrangements that the Agencies determine encourage inappropriate risks by certain financial institutions by providing excessive compensation or that could lead to material financial loss; and (2) requiring those financial institutions to disclose information concerning incentive- based compensation arrangements to the appropriate Federal regulator.incentive-based-compensation-arrangementsFR-Doc-2016-11788
Imposition of Special Measure Against North Korea as a Jurisdiction of Primary Money Laundering ConcernProposed Rule2016-1303706/03/2016Treasury DepartmentIn a finding, notice of which was published elsewhere in this issue of the Federal Register (``Notice of Finding''), the Director of FinCEN found that the Democratic People's Republic of Korea (``North Korea'') is a jurisdicti … In a finding, notice of which was published elsewhere in this issue of the Federal Register (``Notice of Finding''), the Director of FinCEN found that the Democratic People's Republic of Korea (``North Korea'') is a jurisdiction of primary money laundering concern. FinCEN is issuing this notice of proposed rulemaking (``NPRM'') to propose to prohibit covered financial institutions from opening or maintaining a correspondent account in the United States for or on behalf of a North Korean banking institution and to prohibit the use of foreign banking institutions' correspondent accounts at covered U.S. financial institutions to process transactions involving North Korean financial institutions.imposition-of-special-measure-against-north-korea-as-a-jurisdiction-of-primary-money-launderingFR-Doc-2016-13037
Customer Due Diligence Requirements for Financial InstitutionsRule2016-1056705/11/2016Treasury DepartmentFinCEN is issuing final rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for: Banks; brokers or dealers in securities; mutual funds; and futures commission merchants and introducing brokers … FinCEN is issuing final rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for: Banks; brokers or dealers in securities; mutual funds; and futures commission merchants and introducing brokers in commodities. The rules contain explicit customer due diligence requirements and include a new requirement to identify and verify the identity of beneficial owners of legal entity customers, subject to certain exclusions and exemptions.customer-due-diligence-requirements-for-financial-institutionsFR-Doc-2016-10567
Finalization of Interim Final Rules (Subject to Any Intervening Amendments) Under Consumer Financial Protection LawsRule2016-0943104/28/2016Consumer Financial Protection BureauTitle X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws from seven Federal agencies to the Bureau of Consumer Fi … Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws from seven Federal agencies to the Bureau of Consumer Financial Protection (Bureau) as of July 21, 2011. In December 2011, the Bureau republished the existing regulations implementing those laws, as previously adopted by the seven predecessor agencies, as interim final rules (December 2011 IFRs) with technical and conforming changes to reflect the transfer of authority and certain other changes made by the Dodd-Frank Act. The December 2011 IFRs did not impose any new substantive obligations on persons subject to the existing regulations. This final rule adopts the December 2011 IFRs as final, subject to any intervening final rules published by the Bureau.finalization-of-interim-final-rules-subject-to-any-intervening-amendments-under-consumer-financialFR-Doc-2016-09431
Imposition of Special Measure Against FBME Bank Ltd., Formerly Known as the Federal Bank of the Middle East Ltd., as a Financial Institution of Primary Money Laundering ConcernRule2016-0721003/31/2016Treasury DepartmentIn a Notice of Finding (NOF) published in the Federal Register on July 22, 2014, FinCEN found that reasonable grounds exist for concluding that FBME Bank Ltd. (FBME), formerly known as the Federal Bank of the Middle East Ltd., is a fi … In a Notice of Finding (NOF) published in the Federal Register on July 22, 2014, FinCEN found that reasonable grounds exist for concluding that FBME Bank Ltd. (FBME), formerly known as the Federal Bank of the Middle East Ltd., is a financial institution of primary money laundering concern pursuant to Section 311 of the USA PATRIOT Act (Section 311). On the same date, FinCEN also published in the Federal Register a Notice of Proposed Rulemaking (NPRM) to propose the imposition of a special measure authorized by Section 311 against FBME and opened a comment period that closed on September 22, 2014. On July 29, 2015, FinCEN published in the Federal Register a final rule imposing the fifth special measure, which the United States District Court for the District of Columbia subsequently enjoined before the rule's effective date of August 28, 2015. FinCEN is issuing this final rule imposing a prohibition on U.S. financial institutions from opening or maintaining a correspondent account for, or on behalf of, FBME in place of the rule published on July 29, 2015.imposition-of-special-measure-against-fbme-bank-ltd-formerly-known-as-the-federal-bank-of-the-middleFR-Doc-2016-07210
Financial Crimes Enforcement Network; Amendment to the Bank Secrecy Act Regulations-Reports of Foreign Financial AccountsProposed Rule2016-0488003/10/2016Treasury DepartmentFinCEN, a bureau of the Department of the Treasury (``Treasury''), is proposing to revise the regulations implementing the Bank Secrecy Act (``BSA'') regarding Reports of Foreign Bank and Financial Accounts (``FBAR''). The proposed ru … FinCEN, a bureau of the Department of the Treasury (``Treasury''), is proposing to revise the regulations implementing the Bank Secrecy Act (``BSA'') regarding Reports of Foreign Bank and Financial Accounts (``FBAR''). The proposed rule would expand and clarify the exemptions for certain U.S. persons with signature or other authority over foreign financial accounts. In addition, the proposed rule would remove the special rules permitting limited account information to be reported when a U.S. person has financial interest in or signature authority over 25 or more foreign financial accounts. The proposed rule would also make several other changes, including a change to the filing date for FBAR reports due in 2017 and a revision to reflect electronic filing of FBARs.financial-crimes-enforcement-network-amendment-to-the-bank-secrecy-act-regulations-reports-ofFR-Doc-2016-04880
Expanded Examination Cycle for Certain Small Insured Depository Institutions and U.S. Branches and Agencies of Foreign BanksRule2016-0387702/29/2016Treasury DepartmentThe OCC, Board, and FDIC (collectively, the agencies) are jointly issuing and requesting public comment on interim final rules to implement section 83001 of the Fixing America's Surface Transportation Act (FAST Act), which was enacted … The OCC, Board, and FDIC (collectively, the agencies) are jointly issuing and requesting public comment on interim final rules to implement section 83001 of the Fixing America's Surface Transportation Act (FAST Act), which was enacted on December 4, 2015. Section 83001 of the FAST Act permits the agencies to examine qualifying insured depository institutions with less than $1 billion in total assets no less than once during each 18-month period. Prior to enactment of the FAST Act, only qualifying insured depository institutions with less than $500 million in total assets were eligible for an 18-month on-site examination cycle. The interim final rules generally would allow well capitalized and well managed institutions with less than $1 billion in total assets to benefit from the extended 18-month examination schedule. In addition, the interim final rules make parallel changes to the agencies' regulations governing the on-site examination cycle for U.S. branches and agencies of foreign banks, consistent with the International Banking Act of 1978. Finally, the FDIC is integrating its regulations regarding the frequency of safety and soundness examinations for State nonmember banks and State savings associations.expanded-examination-cycle-for-certain-small-insured-depository-institutions-and-us-branches-andFR-Doc-2016-03877
Margin and Capital Requirements for Covered Swap EntitiesRule2015-2867111/30/2015Treasury DepartmentThe OCC, Board, FDIC, FCA, and FHFA (each an ``Agency'' and, collectively, the ``Agencies'') are adopting a joint rule to establish minimum margin and capital requirements for registered swap dealers, major swap participants, security- … The OCC, Board, FDIC, FCA, and FHFA (each an ``Agency'' and, collectively, the ``Agencies'') are adopting a joint rule to establish minimum margin and capital requirements for registered swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants for which one of the Agencies is the prudential regulator. This final rule implements sections 731 and 764 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2015 (``TRIPRA''). Sections 731 and 764 require the Agencies to adopt rules jointly to establish capital requirements and initial and variation margin requirements for such entities on all non-cleared swaps and non-cleared security-based swaps in order to offset the greater risk to such entities and the financial system arising from the use of swaps and security-based swaps that are not cleared.margin-and-capital-requirements-for-covered-swap-entitiesFR-Doc-2015-28671
Margin and Capital Requirements for Covered Swap EntitiesRule2015-2867011/30/2015Treasury DepartmentThe OCC, Board, FDIC, FCA, and FHFA (each an ``Agency'' and, collectively, the ``Agencies'') are adopting and invite comment on an interim final rule that will exempt certain non-cleared swaps and non- cleared security-based … The OCC, Board, FDIC, FCA, and FHFA (each an ``Agency'' and, collectively, the ``Agencies'') are adopting and invite comment on an interim final rule that will exempt certain non-cleared swaps and non- cleared security-based swaps with certain counterparties that qualify for an exception or exemption from clearing from the initial and variation margin requirements promulgated under sections 731 and 764 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'' or the ``Act''). This interim final rule implements Title III of the Terrorism Risk Insurance Program Reauthorization Act of 2015 (``TRIPRA''), which exempts from the Agencies' swap margin rules non-cleared swaps and non-cleared security-based swaps in which a counterparty qualifies for an exemption or exception from clearing under the Dodd-Frank Act. This interim final rule is a companion rule to the final rules adopted by the Agencies to implement section 731 and 764 of the Dodd-Frank Act.margin-and-capital-requirements-for-covered-swap-entitiesFR-Doc-2015-28670
Imposition of Special Measure Against FBME Bank Ltd., Formerly Known as the Federal Bank of the Middle East Ltd., as a Financial Institution of Primary Money Laundering ConcernRule2015-1855207/29/2015Treasury DepartmentIn a Notice of Finding (NOF) published in the Federal Register on July 22, 2014, the Director of FinCEN found that reasonable grounds exist for concluding that FBME Bank Ltd. (FBME), formerly known as the Federal Bank of the Midd … In a Notice of Finding (NOF) published in the Federal Register on July 22, 2014, the Director of FinCEN found that reasonable grounds exist for concluding that FBME Bank Ltd. (FBME), formerly known as the Federal Bank of the Middle East, Ltd., is a financial institution of primary money laundering concern pursuant to the United States Code (U.S.C.). On the same date, FinCEN also published in the Federal Register a Notice of Proposed Rulemaking (NPRM) to propose the imposition of a special measure authorized by the U.S.C. against FBME. FinCEN is issuing this final rule imposing the fifth special measure against FBME.imposition-of-special-measure-against-fbme-bank-ltd-formerly-known-as-the-federal-bank-of-the-middleFR-Doc-2015-18552
Imposition of Special Measure against Banca Privada d'Andorra as a Financial Institution of Primary Money Laundering ConcernProposed Rule2015-0572403/13/2015Treasury DepartmentIn a finding, notice of which is published elsewhere in this issue of the Federal Register (``Notice of Finding''), the Director of FinCEN found that Banca Privada d'Andorra (``BPA'') is a financial institution operating outside of the … In a finding, notice of which is published elsewhere in this issue of the Federal Register (``Notice of Finding''), the Director of FinCEN found that Banca Privada d'Andorra (``BPA'') is a financial institution operating outside of the United States that is of primary money laundering concern. FinCEN is issuing this notice of proposed rulemaking (``NPRM'') to propose the imposition of a special measure against BPA.imposition-of-special-measure-against-banca-privada-dandorra-as-a-financial-institution-of-primaryFR-Doc-2015-05724
Leave a Reply