A broker-dealer settled FINRA charges of failing to establish or implement a reasonably designed anti-money laundering ("AML") program and conduct sufficient AML due diligence on accounts held by foreign financial institutions ("FFIs"). According to the FINRA Letter of Acceptance, Waiver and Consent, Tradition Securities and Derivatives, Inc. (the "Respondent") did not appropriately tailor an AML compliance program to the risks associated with its foreign bond business. In addition, the Respondent failed to identify the types of activity it expected from certain FFI accounts, and whether the

The U.S. Treasury Department ("Treasury") Office of Foreign Assets Control ("OFAC") intends to terminate sanctions imposed on En+ Group plc, UC Rusal plc and JSC EuroSibEnergo (collectively, the "companies") in 30 days. According to Treasury Secretary Steven T. Mnuchin, OFAC initially sanctioned these companies because of their ownership by sanctioned Russian oligarch Oleg Deripaska, and not for the companies' conduct. Under the "Terms of Removal" entered into with OFAC, the companies agreed that, in return for their removal from the Specially Designated Nationals and Blocked Persons List (

The U.S. Treasury Department Office of Foreign Assets Control ("OFAC") designated numerous Russian operatives for interfering in the 2016 U.S. Presidential election, cyber-hacking the World Anti-Doping Agency and other malign activities. The designations, made pursuant to the Countering America's Adversaries through Sanctions Act, include a former officer of Russia's Main Intelligence Directorate ("GRU") for acting on behalf of sanctioned energy sector oligarch Oleg Deripaska; entities and individuals related to "Project Lakhta," a Russian effort to interfere in elections worldwide; nine

The SEC adopted Rule of Practice 194 to establish a process for registered security-based swap dealers and major security-based swap ("SBS") participants (collectively, "SBS Entities") to apply for relief from the prohibition in Exchange Act Section 15F(b)(6) on individuals subject to a statutory disqualification from effecting SBS transactions on behalf of SBS Entity. Rule of Practice 194, which was proposed in August 2015: specifies the form and content of applications for SBS Entities to claim an exemption from the statutory disqualification prohibition on behalf of their SBS personnel, and

The SEC approved the MSRB's proposed rule change to amend municipal fund securities reporting requirements under Form G-45. The MSRB requested that the proposed rule change become effective on June 30, 2019. As previously covered, the MSRB seeks to amend Form G-45 to clarify data elements and to require additional data from the underwriters of college savings plans ( i.e., "529 savings plans") and Achieving a Better Life Experience ("ABLE") programs. The proposed amendments would (i) clarify a data element concerning the program management fee assessed by a 529 savings plan or ABLE program,