Bankrupting the banks? Historic trial may decide financial institutions are liable for the terrorist acts of customers

I. First terrorist financing civil trial – jury may ultimately decide liability on basis of anti-money laundering regime Banks and financial institutions around the world are closely watching the Linde v. Arab Bank case unfold in New York City. It’s the first civil trial against a bank for alleged violations of the AntiTerrorism Act of 1990 […]

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Swiss banks reminded by US to make sweeping disclosure of gatekeepers (advisors) who acted for clients in connection with Swiss bank accounts retroactive to 2008

This summer, the US Department of Justice Tax Division clarified the wide scope of personal and business information that Swiss banks must provide on advisors, such as lawyers, asset and financial managers, nominees and trustees, including Canadian advisors, under the Program for Non-Prosecution Agreements or Non-Target Letters for Swiss Banks (the “PFSB“) if Swiss banks […]

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Financial Action Task Force releases report on digital financial transactions to establish uniformity for future anti-money laundering law

The Financial Action Task Force (“FATF“) released its anticipated report (the “Report“) on digital finance platforms and digital currency transactions, including Bitcoin. The Report is the first step towards the global regulation of Bitcoin and other digital finance platforms and digital currencies with the goal of providing uniformity in law of certain key terms for FATF member countries to […]

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Will the world’s first FinTech law in Canada drive venture capital away?

This week, the Parliament of Canada implemented the world’s first national law governing digital currency financial transactions run off the Blockchain and the world’s first treatment in law of the subject matter under national anti-money laundering law. Bill C-31, An Act to Implement Certain Provisions of the Budget Tabled in Parliament on February 11, 2014 […]

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