The chair of the U.S. Senate Committee on Homeland Security & Governmental Affairs and six other Democratic senators have sent a joint letter to the U.S. Secretary of the Treasury Janet Yellen and Commissioner of the Internal Revenue Service (IRS) Daniel Werfel calling on their agencies to “swiftly implement their recently proposed tax reporting requirements… Read More >>
FinCEN Proposes SAR Sharing to Foreign Affiliates
The Financial Crimes Enforcement Network (FinCEN) has issued a Notice of Proposed Rulemaking that urges the establishment of a limited-duration pilot program for sharing suspicious activity reports (SARs), in accordance with Section 6212 of the Anti-Money Laundering Act of 2020. The FinCEN notice also solicits public comment about the program. Under the pilot program, a… Read More >>
Yellen & Others Want Congress to Regulate Stablecoins
A Biden Working Group Says Stablecoins Are Risky Stablecoins lack good oversight, making them risky for users and financial markets, says Janet L. Yellen, secretary of the U.S. Treasury, in a prepared statement. Yellen’s comments follow the release of a report from the President’s Working Group on Financial Markets (PWG), which is recommending that Congress… Read More >>
NYFIX Matching Now Supports SWIFT Messaging
Itiviti & ECS Partner to Bolster NYFIX Matching Itiviti, a technology and service provider to financial institutions, reports the advent of a partnership with ECS Fin, a provider of financial messaging services and transaction-processing solutions, that will add trade settlement to NYFIX Matching. The partnership, Itiviti says, will enable NYFIX Matching to process trade messages… Read More >>
Senator Elizabeth Warren Proposes Jailing Wall Street Execs
U.S. Senator Elizabeth Warren has introduced legislation that could send Wall Street executives found guilty of financial crimes to prison for up to five years. Moreover, if the executives are found guilty of financial crimes “while violating another law of the United States or as part of a pattern of any illegal activity involving more… Read More >>
FATCA Faces Lawsuit, Taxpayer Advocate’s Criticisms
As I expected, the Foreign Account Tax Compliance Act (FATCA) and its related controversies have not gone gently into that good political night. For starters, Republican U.S. Senator Rand Paul from Kentucky is part of a legal battle, filed this month via the federal court in Dayton, Ohio, against the U.S. Treasury Department and the… Read More >>
