Kathleen A Scott

March 12, 2021 | New York Law Journal

The National Defense Authorization Act became law on Jan. 1, 2021, after the U.S. Congress overrode a presidential veto. Division F of the act is the "Anti-Money Laundering Act of 2020." In her International Banking column, Kathleen Scott highlights a few of the AMLA provisions that may be of interest to international banks.

By Kathleen A. Scott

10 minute read

January 12, 2021 | New York Law Journal

In this edition of her International Banking column, Kathleen A. Scott highlights a few regulatory changes that happened in 2020 affecting international banks operating in the United States and previews a few things of interest for 2021. As she notes, it looks like the year 2021 may be a busy year for bank regulation.

By Kathleen A. Scott

10 minute read

July 17, 2020 | New York Law Journal

In Kathleen A. Scott's International Banking Law column, she discusses some of the final rule's provisions that might be of most interest to non-U.S. banking organizations.

By Kathleen A. Scott  

11 minute read

March 20, 2020 | New York Law Journal

On Feb. 28, 2020, the Federal Reserve Board, the Securities and Exchange Commission, the Office of the Comptroller of the Currency and the Commodity Futures Trading Commission published a Notice of Proposed Rulemaking proposing changes to the "covered funds" prong of the Volcker Rule. In this edition of her International Banking column, Kathleen A. Scott discusses proposals focused on non-U.S. banks with U.S. banking operations.

By Kathleen A. Scott

10 minute read

January 29, 2020 | New York Law Journal

In November 2019, the Basel Committee issued for comment a proposed annex to the AML Risk Management Guidelines on "interaction and cooperation between prudential and AML/CFT supervision." Comments on the proposed Supervision Annex are being accepted through February 6. In this edition of her International Banking column, Kathleen A. Scott discusses some of the main themes set forth in the document.

By Kathleen A. Scott

9 minute read

November 18, 2019 | New York Law Journal

On Nov. 1, 2019, the U.S. federal banking regulators published three final rules for both U.S. banks and non-U.S. banks with banking operations in the United States. In this edition of her International Banking column, Kathleen A. Scott discusses highlights of all three final rules, which all are applicable in some way to non-U.S. banks with banking operations in the United States.

By Kathleen A. Scott

11 minute read

September 09, 2019 | New York Law Journal

In her International Banking column, Kathleen A. Scott discusses the final Volcker Rule, focusing on some of the issues raised by non-U.S. banks in their comments.

By Kathleen A. Scott

11 minute read

July 18, 2019 | New York Law Journal

On June 21, the Financial Action Task Force announced that it had adopted an interpretive note to its recommendation on new technologies to further clarify the applicability of the recommendations to virtual asset activities. It also issued guidance to assist countries and businesses on their AML/CFT obligations regarding virtual asset activities. In her International Banking column, Kathleen Scott discusses some of the major points of the new interpretive note and guidance.

By Kathleen A. Scott

10 minute read

May 07, 2019 | New York Law Journal

International Banking columnist Kathleen A. Scott discusses highlights from two proposals recently issued from the Board of Governors of the Federal Reserve System.

By Kathleen A. Scott

10 minute read

March 12, 2019 | New York Law Journal

International Banking columnist Kathleen A. Scott writes: Non-financial commercial companies often secure their derivatives transactions, such as swaps, with financial institutions in a manner other than posting cash margin, such as by granting liens on the commercial end-user's assets. However, a pending proposal to revise U.S. bank risk-based capital rules regarding derivatives may have the indirect consequence of possibly lessening the ability of commercial end-users to enter into such transactions with U.S. banking organizations. This month's column will discuss this proposal and the concerns commercial end-users have raised about the proposal in its current form.

By Kathleen A. Scott

9 minute read