Compliance

Trump Issues Order Aiming to Contain Cost, Volume of Regulations

President Trump issued an executive order today aiming to restrain the growth in regulatory costs and volume. The order would require a net incremental budgetary cost of zero or less for most new regulations while also requiring agencies in most cases to identify two regulations to be rescinded for every new one issued.

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International Trade Orgs Release Trade Transaction Compliance Guide

BAFT -- ABA’s global transaction banking subsidiary -- and the Wolfsberg Group and the Banking Commission of the International Chamber of Commerce today released a set of trade finance principles that address the due diligence required by global and regional financial institutions of all sizes in the financing of international trade.

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FinCEN Updates List of AML/CFT Jurisdictions

The Financial Crimes Enforcement Network today released a revised list of the jurisdictions that are subject to countermeasures or enhanced due diligence due to anti-money laundering and counter-terrorist financing deficiencies (Section I), as well as jurisdictions with AML/CFT deficiencies that are working to correct them (Section II).

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Reports: Trump Signals Intention to Remove Cordray

A spokesman for President-Elect Donald Trump said yesterday that Trump has interviewed former Rep. Randy Neugebauer (R-Texas) for the post of Consumer Financial Protection Bureau director -- indicating that Trump may be considering removing current director Richard Cordray from his post before his term expires in 2018.

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OCC Focusing on Sales Oversight at Large Banks

In the wake of the scandal over fake accounts created at Wells Fargo, the OCC has added a strong emphasis on governance of sales practices to its risk supervision for large banks, according to the agency’s Semiannual Risk Perspective released today.

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