On July 26, 2023, the U.S. Securities and Exchange Commission (SEC), by a vote of 3-2, adopted rules (the Final Rules) intended to enhance and standardize certain cybersecurity disclosures. The new rules would impose significant new disclosure requirements for U.S. public companies and foreign private issuers (FPI). The key requirements of the Final Rules adopted […]
On July 27, 2023, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively agencies) published the much-anticipated notice of proposed rulemaking (NPR or the Proposal) seeking public comment on substantial revisions to the capital requirements applicable to large banking organizations […]
On April 26, 2023, the Financial Crimes Enforcement Network (“FinCEN”) assessed a $1.5 million civil money penalty on The Kingdom Trust Company (“Kingdom Trust”) for violations of the Bank Secrecy Act of 1970 and its implementing regulations (hereinafter collectively known as “BSA”).[1] Kingdom Trust is the first trust company to receive an enforcement action from […]
