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Washington
Inside Washington (12/16/2011)
  • WASHINGTON (12/19/11)--The Financial Crimes Enforcement Network (FinCEN) will launch a new Money Service Business (MSB) Registration website the week of Jan. 23, to improve the availability of MSB registration information. The site will replace the current MSB Registration List. As part of the Department of Treasury's initiative to go paperless, FinCEN will no longer send acknowledgement letters to MSBs. As part of the conversion to the new site and other FinCEN Bank Secrecy Act information technology modernization efforts, MSBs will not be able to confirm their registration status between Dec. 16  and Jan. 23. During the data transition period, MSBs will not receive acknowledgement letters and cannot request confirmation of their registration status through either FinCEN's Regulatory Helpline or the Internal Revenue Service's Enterprise Computing Center-Detroit Hotline. The latest version of the MSB Registration List will be available for general reference during this period …
  • WASHINGTON (12/19/11)--The Securities and Exchange Commission (SEC) is expected to appeal a U.S. District judge's rejection of a proposed $285 million settlement between the SEC and Citigroup Inc., according to The Wall Street Journal (Dec. 16). U.S. District Court Judge Jed S. Rakoff rebuked the SEC for charging Citigroup with negligence instead of fraud as part of a $285 million proposed settlement that said Citigroup misled investors about an investment tied to the deteriorating housing market in 2007 (News Now Nov. 29).  The SEC could appeal the Nov. 28 ruling to the Second Circuit Court of Appeals. The SEC's five-person commission is expected to vote on a recommendation about an appeal from the agency's enforcement staff soon …


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