Compliance Financial News

Grant Martin, the former Chief Compliance and Ethics Officer at the Federal Reserve Bank of New York, is joining the board of Binance.US, the crypto exchange announced in a Tuesday blog post. 

Apple proposal would comply with their order to let Spotify and other music streaming services inform users of payment options outside its App Store, the European Commission said on Monday. The iPhone maker risks antitrust charges and fresh fines if its proposal announced last Friday fails to satisfy the EU competition enforcer, which issued its order together with a 1.84 billion euro ($2 billion) fine last month

Sebi) has proposed that certain changes in private placement memorandum (PPM) of alternative investment funds (AIFs) can be submitted directly to it rather than through a merchant banker. The move is aimed to rationalise cost of compliance for AIFs and also facilitate ease of doing business. At present, AIFs have to intimate any change in the terms of PPM through a merchant banker to Sebi, along with a due diligence certificate from them. It has to be done on a consolidated basis within one month of the end of each financial year.

The compliance function in banks is the nerve-centre that performs a vital role in preserving organizational resilience and stability. Equate it to our cardiovascular system. Just as a weak heart can debilitate the body, even result in a sudden demise, so can inept and deficient compliance take a toll on a bank’s health, with serious implications for the entity as well as the financial sector.

Google will continue to defend the way it complies with the Digital Markets Act in the coming months, the Alphabet unit said on Monday, after EU antitrust regulators started an investigation into potential breaches of the EU tech rules. «To comply with the Digital Markets Act, we have made significant changes to the way our services operate in Europe,» Google's competition director Oliver Bethell said in an email.

I am planning to buy a residential property from a person who is a resident of Australia for ₹75 lakh. I understand that since the sale consideration exceeds 50 lakhs I have to deduct tax at 1% of the sale consideration. Is my understanding correct? What are the other formalities that I need to comply with while deducting tax at source? The provision of Section 194IA requires a buyer of immovable property, other than agricultural land, to deduct tax at source @ 1% of the sale consideration if the sale consideration exceeds fifty lakh rupees.

AIS (Annual Information Statement) compliance portal, as it has been showing highly inflated data for certain specific types of transactions. The Central Board of Direct Taxes (CBDT) has said on its website that the inconsistent data(s) have been fixed and now the correct data has been updated as of March 15, 2024. «You are also requested to compute your Advance Tax liability and pay the same on/before 15th March 2024. Data pertaining to Information categories 'Sale of securities and units of mutual fund', 'Purchase of securities and units of mutual funds', 'Off market credit transactions' & 'Off market debit transactions' has been updated, kindly check the same in AIS. Taxpayers are recommended to verify the correctness of the information displayed in AIS by providing the feedback,» said CBDT on their website as of March 15, 2024, 4pm. Also read: How selling equities before March 31 can help you save income tax.

advance tax payment liabilities have been facing problems of wrong or inflated incomes being shown in their Annual Information Statements (AIS). Taking cognisance of this issue, the Central Board of Direct Taxes (CBDT) has asked the taxpayers to wait for the updated data to be reflected on its 'AIS Compliance Portal' as certain financial data related to stock market and mutual fund transactions are being updated. «Data pertaining to Information categories 'Sale of securities and units of mutual fund', 'Purchase of securities and units of mutual funds', 'Off market credit transactions' & 'Off market debit transactions' is being updated. Kindly wait for the updated data to be reflected on the portal,» CBDT stated on the AIS Compliance Portal website. Since the fourth instalment of advance tax for individuals is due on March 15, 2024 for FY 2023-24, many individuals might be worried if they would be penalised if there is a discrepancy. Experts suggest that there is no need to be anxious about paying advance tax on such inflated/wrong transaction value data on AIS.

There have been mixed reports of bonuses at Bank of America. While some people there were pleasantly surprised, others are said to have had aCiti-esque shock. At the top of the investment bank, however, all was well.

Crypto trading platform Bakkt received a warning from the New York Stock Exchange regarding compliance with stock price requirements, it said Wednesday. Its stock price traded below $1.00 per share for 30 consecutive days as of March 12, triggering the NYSE’s compliance concerns.

Also Read: SBI electoral bonds data submitted to Election Commission a day after Supreme Court rebuke “In compliance of the Hon'ble Supreme Court's directions to the SBI, contained in its order dated Feb 15 & March 11, 2024 (in the matter of WPC NO.880 of 2017), data on electoral bonds has been supplied by the State Bank of India to the Election Commission of India, today, March 12, 2024," the poll panel had said. Also Read: SC Bar Association writes to President Murmu, says ‘if donors are singled out …’ The SC had instructed SBI to provide information to EC following the correlation of donor data with political party affiliations.

By David Shepardson

It’s almost impossible to remain anonymous in the traditional financial world because banks and other financial institutions will always demand some form of identity before they do business with anyone. That’s in stark contrast to crypto and decentralized finance, where users interact via their wallets and never need to reveal anything about them.

income tax return (ITR) filed by taxpayers. These mismatches are relating to financial year 2021-22 and 2022-23. It is important to fix these mismatches as tax experts say that if an individual is unable to explain the reason behind the mismatch, they may get an income tax notice. To help individuals find the mismatch and then take action, a new on-screen online functionality has been made available on the income tax portal at https://eportal.incometax.gov.in by the Central Board of Direct Taxes (CBDT). The name of this web portal is 'Compliance portal' and the scheme is being called 'E-Verification Scheme 2021'. «In some cases of Income Tax Returns (ITRs) filed for A.Y. 2021-22 (F.Y. 2020-21), a ‘mismatch’ has been identified, between the information filed in the ITR vis-à-vis information of specified financial transactions, as available with the Department. In cases where ITRs for A.Y. 2021-22 have not been filed and, the Department is in possession of information of specified high value financial transactions, the same also needs to be examined,» said the Income-tax department in a press release dated March 4, 2024.

The NAO report, published today (4 March), revealed the number of compliance breaches at the central bank has remained high, with 628 minor and 28 major breaches of staff policy reported in the year to August 2023. The report was set up following two high profile incidents in 2017 and 2019. In 2017, Charlotte Hogg, one of the BoE's deputy governors, was forced to resign after she failed to formally declare a conflict of interest arising from her brother working for Barclays, which is regulated by the BoE. Then in 2019 the central bank identified weakness in its procurement and technol...

diamond houses in India were alerted over the weekend that missing paper trails and sloppy records would land them in trouble under the new sanctions regime that began on March 1 to block Russian gems from the affluent western markets. The discreet, quaint world of diamonds, where close-knit jewellers and diamantaires cut deals in old-fashioned ways, is scanning a new, unfamiliar compliance mechanism that could change the way they have been doing business for ages. If local firms, which cut and polish eight out of 10 diamonds mined in the world, fail to generate and safekeep documentary evidence that the rough stones and jewellery did not originate in Russia, they could come under serious scrutiny. Cautioning them about the pitfalls, the apex trade body has circulated the various guidelines and formats of self-declarations that diamond firms shipping to the US and EU must share with their buyers to avoid trouble.

Google has started de-listing some of the apps in India alleging that they were non-compliant with its Play Store policies, ET has learnt. Murugavel Janakiraman, founder and MD of Matrimony.com, which operates portals including BharatMatrimony said that Google took down five to six of its apps on Friday.

Cloud computing has made a massive impact in today’s business landscape by making it easier for employees to collaborate and share company data seamlessly. It has made businesses more productive and is responsible for an increase in revenue in some cases. However, operating a business on the cloud comes with security risks that cybersecurity professionals have to contend with.

Remaining compliant with the regulations on financial crime are increasingly costly for financial institutions in the US and Canada, according to a new report. 

In the first half of 2023, the investment team of the firm's Ireland-domiciled €565mn Gold & Silver fund, managed by Ned Naylor-Leyland, Joe Lunna and Chris Mahoney, bought into 21Shares' Ripple XRP ETP for £2,571,504. The asset manager's compliance department picked up the holding through a «regular oversight process», and the managers then sold it for $2,570,670 at a loss of $834. A Jupiter spokesperson told the FT the fund has since «made up the difference». Retail access to crypto ETFs to face Consumer Duty hurdles even if 'unlikely' UK approval granted «There was no regulatory...

The BFSI sector has grown by leaps and bounds, transitioning India from a primarily cash-driven economy to one that is now highly digitised. Fintech, today, has entered the mainstream, focusing on increasing profitability and curtailing risk. The fintech ecosystem has witnessed tremendous technological advancements and is projected to grow sixfold from $245 billion to $1.5 trillion by 2030. The Asia-Pacific region is expected to outpace the US and climb up the ranks to become the world’s leading fintech market by 2030.