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Mexico pledges own anti-money laundering list like US kingpin designation

MEXICO CITY - Mexico has announced plans to fight money laundering by using "kingpin" lists like those issued by the United States, but at least one expert warned Monday it still isn't clear how the process will work. The administration of President Enrique Pena Nieto has gone further than its predecessors in publicly naming tax evaders by publishing their names in press releases. But Mexico has long been criticized because businesses designated by the U.S. Treasury Department as laundering conduits for drug cartels often continue to operate in Mexico.

SEC's Stein backs states' push to police smaller stock deals

By Sarah N. Lynch WASHINGTON (Reuters) - U.S. securities regulators should not be so quick to scale back the power of the states to police certain smaller public stock deals, a top U.S. Securities and Exchange Commission official warned on Tuesday. The remarks by SEC Commissioner Kara Stein, a Democrat, represented a small victory for state regulators, who have been locked in a deep jurisdictional and legal battle with the SEC over a plan that proposes to preclude states from regulating some smaller stock offerings.

Eight largest US banks must raise capital buffers

US banking regulators on Tuesday ordered the eight largest "too big to fail" banks to raise capital levels in a bid to address weaknesses seen in the 2008 financial crisis. Federal Reserve Chair Janet Yellen said the robust capital standards -- the banks will need to raise a reported $68 billion in additional capital -- were "essential to reduce systemic risk and mitigate the distortions imposed by institutions deemed too big to fail." Fed Governor Daniel Tarullo said the bigger capital cushion would serve as a "critical backstop" to the banking system.

8 largest US banks ordered to raise capital buffers

US banking regulators on Tuesday ordered the eight largest "too big to fail" banks to raise capital levels in a bid to address weaknesses seen in the 2008 financial crisis. The Federal Reserve, the Federal Deposit Insurance Corporation (FDIC) and the Treasury Department's Office of the Comptroller of the Currency adopted a final rule requiring the systemically important banks to hold significantly increased levels of high-quality capital in relation to their risk exposure, their so-called supplementary leverage ratio.

Tokyo shares end up 0.84% after Wall Street rally

Tokyo shares rose 0.84 percent Thursday after another strong performance on Wall Street, where the S&P 500 ended at a fresh high. The headline Nikkei 225 index added 125.56 points to finish at 15,071.88, while the Topix index of all first-section shares gained 0.45 percent, or 5.41 points, to 1,216.77. Tokyo shares benefited from the overnight surges on Wall Street, with the S&P 500 marking the second record close in a row, rising 0.29 percent to 1,890.90.

Founding CEO of IIROC announces plan to retire from regulatory agency on Oct. 31

TORONTO - The president and chief executive of IIROC — one of the regulatory bodies that oversees Canada's securities markets — has announced she'll be retiring at the end of October. Susan Wolburgh Jenah played a leading role in creating the Investment Industry Regulatory Organization of Canada in 2008. IIROC has a key role in monitoring trading on Canada's stock markets as well as enforcing professional standards for investment dealers and their employees.

State regulators hire outside lawyer for dispute with U.S. SEC

By Sarah N. Lynch WASHINGTON (Reuters) - State securities regulators have hired a former Securities and Exchange Commission lawyer to help them win a rare and high-stakes jurisdictional dispute with the SEC. The North American Securities Administrators Association, or NASAA, recently tapped former SEC enforcement lawyer Tom Sporkin to help respond to an SEC proposal on small public stock offerings that the state group says defies the will of Congress, exceeds the SEC's authority and reduces state policing powers.

State attorney general: California businesses are top target in US for international criminals

SACRAMENTO, Calif. - California is the top target in the U.S. for international criminal enterprises that operate from safe havens in Eastern Europe, Africa and China, according to a report being released Thursday. Along with trafficking in drugs, guns and people, criminals are also turning to cybercrime to target wealthy, innovative businesses and financial institutions in the state, California Attorney General Kamala Harris said in the report.

Ukraine crisis casts cloud over Moscow anti-money laundering meeting

By Mark Hosenball and Anna Yukhananov WASHINGTON (Reuters) - Russia's takeover of Crimea and the ensuing East-West crisis have cast a cloud over a meeting of top international anti-money laundering officials scheduled to take place in Moscow in June. The meeting of the Financial Action Task Force, bringing together chiefs of government "financial intelligence units" set up to spot and crack down on illicit financial transactions, is slated to be held in Moscow from June 16 to 20.

Big banks need point person for money-laundering lapses: regulator

By Brett Wolf and Emily Stephenson HOLLYWOOD, FL/WASHINGTON (Reuters) - Big banks should designate senior managers to oversee efforts to police transactions for criminal activity and take responsibility when lapses occur, a top U.S. financial regulator said on Monday. Comptroller of the Currency Thomas Curry said "murky" lines of accountability at the biggest banks in the United States have prevented regulators from determining who was to blame for major anti-money laundering compliance failures.
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