Money Laundering refers to any act or attempted act conducted to conceal or disguise the identity of illegally obtained funds so that they appear to have originated from legitimate sources. In other words, it is the process through which criminals convert “dirty” money appear “clean”. International Monetary Fund (IMF) estimates that atleast 3-5% of the […]
Regulations and Compliance
The US Patriot Act prescribes regulations under which the Treasury is required to issue rules that must be followed by the financial institutions to identify and verify the identity of their customers. This is important for establishing effective money laundering programs. These rules were established and jointly issued by the Treasury and the CFTC, in […]
This video from Ernst & Young talks about the challenges in implementation of IFRS and the differences between IFRS and national GAAPS.
Stacey Tedeschi provides an introduction to IFRS ‘International Financial Reporting Standards’.
Certain swaps, etc., not treated as section 1256 contracts. The term ‘section 1256 contract’ shall not include: any securities futures contract or option on such a contract unless such contract or option is a dealer securities futures contract, any interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity […]
Restrictions on use of United States funds for foreign Governments; protection of American taxpayers The Secretary of the Treasury shall instruct the United States Executive Director at the International Monetary Fund to evaluate, prior to consideration by the Board of Executive Directors of the Fund, any proposal submitted to the Board for the Fund to […]
Subtitle A: Residential Mortgage Loan Origination Standards Duty of Care (Section 1402) – Requires all loan originators, subject to regulations prescribed by federal banking agencies in consultation with HUD and FTC to: be qualified and licensed and registered, when required include on all loan documents any unique identifier of mortgage originator provided by Nationwide Mortgage […]
The Pay It Back Act amends the Emergency Economic Stabilization Act of 2008 (EESA) to revise the limitation on the authority of the Secretary of the Treasury to purchase troubled assets under the Troubled Asset Relief Program (TARP) to $700 billion outstanding at any one time. It changes the maximum authority to $700 billion, in […]
The purpose of this title is to encourage initiatives for financial products and services that are appropriate and accessible for millions of Americans who are not fully incorporated into the financial mainstream. Expanded Access to Mainstream Financial Institutions The Secretary is authorized to establish a multiyear program of grants, cooperative agreements, financial agency agreements, and […]
The Board shall establish, by regulation, in consultation with the Secretary of the Treasury, the policies and procedures governing emergency lending under this paragraph. Such policies and procedures shall be designed to ensure that any emergency lending program or facility is for the purpose of providing liquidity to the financial system, and not to aid […]