Insight

Washington Report 360 | April 22, 2022

Sanctions risks. Fairness. Investigations and enforcement.

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100

Key Highlights

Sanctions risks. OFAC sanctioned a virtual currency mining company and its Russian subsidiaries stating that sales of the mining capacity help Russia to monetize its natural resources commercial bank; OFAC also sanctioned a privately-owned commercial bank and a Russian oligarch and entities and individuals related to him. (See KPMG Regulatory Alert, here.)

Fairness. CFPB and FTC advocated extending the protections of the FDCPA to small businesses through Congressional action.

Investigations and enforcement. IRS, banking regulators and inspectors general offices are investigating business-card sales and reward programs; CFPB initiated a lawsuit against a money transmitter as part of its focus on “repeat offenders;” OCC issued a consent order against a crypto currency bank related to BSA/AML compliance.

Financial services regulatory and policy news

Banking

Capital Markets

  • FINRA:
    • Reminded firms of their sales practice obligations for alternative mutual funds

Other

Industry news headlines

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