FinCEN Begins Structural Overhaul of U.S. AML Regime
Kickstarting a structural revamp of U.S. AML regulation, FinCEN today issued an advance notice of proposed rulemaking designed to create more tailored enforcement objectives across the scope of all entities now subject to Bank Secrecy Act requirements. Indeed, reflecting widely-different business models, the ANPR even asks if sector-specific regimes (e.g., for mutual funds or GSEs) are warranted.
Wyoming Charters First Digital-Custody Bank with Services Suite
Reflecting the very fast-paced advance of new bank charters, Kraken today announced that the State of Wyoming has approved a “special-purpose depository Institution” described as a bank “largely” subject to state and federal law under a charter now unique to Wyoming.
Powell Defends Make-Up Policy, Refutes Facility Criticism
In his briefing today following the FOMC statement, Chair Powell emphasized the “strong and powerful” nature of new forward guidance despite numerous questions about what words such as a “strong labor market” or “maximum employment” mean in practice other than a 3.5 percent unemployment rate.
FHFA Plans Capital Reg Largely As Is – Detailed FedFin Report to Follow
As anticipated, today’s marathon HFSC hearing with FHFA Director Calabria covered a wide-range of issues we will shortly analyze in detail due to the policy and strategic importance of several exchanges.