The Financial Services Authority moved a step further towards the UK Labour Government's clandestine absorption into a federalised Europe yesterday with the proposal for a centralised European financial services regulator. For sure, that's one step away from the current proposal - but it's a small step.
Commercial and investment banks should not get in bed together, says the FSA. Or if they do, they must each keep on foot on the floor.
The UK Treasury has issued a notice following up on the Financial Action Task Force's comments relating to risks relating to Turkmenistan, Pakistan, and Sao Tome and Principe and other jurisdictions. Northern Cyprus is removed from a warned list.
The Financial Crimes Enforcement Network (FinCEN) has proposed revised rules and new guidance that permit certain affiliates of depository institutions as well as broker-dealers in securities, mutual funds, futures commission merchants, and introducing brokers in commodities, to share suspicious activity reports (SARs) within a corporate organisational structure for purposes consistent with Title II of the Bank Secrecy Act ("BSA").
In the world of US regulatory fines, USD1 million's paltry. But the action against E*Trade marks an important milestone.