The weapons of modern war include tanks, missiles, and jet fighters launched from aircraft carriers far out at sea. Governments can draw on national treasuries to fund the monumental costs of that kind of war in the 21st Century. But where did Hamas, a terrorist organization based in an impoverished refugee camp with few financial… Read More >>
Firms May Need to Revamp AML Policies: Report
U.S. banks may need to update their anti-money-laundering (AML) policies as a result of key provisions of the National Defense Authorization Act of 2021 (NDAA), which primarily covers appropriations for the U.S. Department of Defense programs, activities, and military personnel. However, the NDAA also covers many “matters relating to foreign nations,” according to the overview… Read More >>
SIFMA, Others Push Treasury to Ease the Brexit Burden
Key U.S. financial services trade groups recently sent a letter to U.S. Secretary of the Treasury Jacob Lew asking him and his department to work with their counterparts in the U.K. and the E.U. toward “a smooth and transparent Brexit transition process that minimizes the impact on global markets,” according to the letter. The Securities… Read More >>
Are Credit Default Swaps Worse than You Thought?
A new white paper from the Office of Financial Research (OFR), a division of the U.S. Treasury Department, has found that when big banks conduct their stress tests they should be more aware of the dire consequences that indirect counterparties of credit default swaps (CDSes) can have. In fact, the new research suggests that the… Read More >>
