Banking

March 17 2017
Sharissa Ellyn The saga of the unnamed bank: FinTRAC statement

Canada - Norton Rose Fulbright Canada LLP

In April 2016 the Financial Transactions Reports Analysis Centre (FinTRAC) levied a penalty of over C$1 million against a Canadian bank, but failed to name the bank in question. The director of FinTRAC recently released a statement expressing that the message of deterrence was effective despite the decision not to publicise the bank's name. However, he acknowledged that withholding the name of the bank may not have met public expectations in relation to openness and transparency.

Author: Sharissa Ellyn
Read more
Fredrik Ljungström Joint and several liability between debtors and effect of creditor's actions

Sweden - Advokatfirman Törngren Magnell

The Supreme Court recently clarified how to interpret joint and several liability when the creditor settles with one of the debtors and simultaneously releases that party from any future claims. The court concluded that the foundation of a joint and several liability between debtors is that the debtor that repays more than its pro rata share of a loan has a right to recover and claim the exceeding amount from the other debtor or debtors.

Authors: Fredrik Ljungström, Sara Göthlin
Read more

Recent updates

Léonard Stoyanov May bank refuse to execute client's transfer instructions for tax compliance reasons?

Switzerland - Meyerlustenberger Lachenal

Author: Léonard Stoyanov
Stephan Schmalzl Debt recovery made faster, cheaper and more efficient? EAPOs and their implementation in Austria

Austria - Graf & Pitkowitz

Author: Stephan Schmalzl
Michael E Borden Trump executive actions forecast major potential changes to financial industry regulation

USA - Sidley Austin LLP

Authors: Michael E Borden, William S Eckland, David E Teitelbaum, Beth J Dickstein
Duygu Acar Yucesoy New law on pledges over movable assets in commercial transactions

Turkey - Aykan Acar Ergönen Law Firm

Authors: Duygu Acar Yucesoy, Ömer Faruk Çıkın
Shilpa Mankar Ahluwalia Licences for pre-paid payment instruments temporarily suspended

India - Shardul Amarchand Mangaldas & Co

Authors: Shilpa Mankar Ahluwalia, Suswagata Roy
Sharissa Ellyn Controversial Bank Act amendments delayed

Canada - Norton Rose Fulbright Canada LLP

Author: Sharissa Ellyn

ONLINE MEDIA PARTNERS