On Dec. 6, BMA issued suspicious activities reporting requirement. Issued to confirm the reporting requirements for the Dec. 31, 2018 submission. All long-term insurers are required to complete the Schedule of Suspicious Activity Reporting and Sanctions (indicated in the BSCR model as SAR & Sanc.) Insurers that write in force direct long-term business are to…
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SEC International Insider Trading
On Dec. 6, SEC charged insider trading ring across three countries. Rajeshwar Gannamaneni gave information on impending mergers, acquisitions, and tenders to his wife, Deepthi Gandra, and father, Linga Rao Gannamaneni. Alleged Violation Gannamaneni was IT contractor, working at Singapore branch investment bank. Traded in account he controlled that was opened in the name of…
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NYDFS Fine Annuity Switches
On Dec. 5, NYDFS fined National Integrity $240k for annuities. National Integrity Life Insurance Company violation on annuity contract sales. Follows NYDFS Dec. 2016 guide on insurer annuity replacements. Disclosure on Switches Violated NY Insurance Regulations 187 and 60, on replacing annuity contracts. Immediate annuity provide periodic income payments beginning in 13 months. Deferred annuity…
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US IRS New Foreign Tax Credits
On Nov. 28, IRS, Treasury proposed rule on foreign tax credits. Follows 2017 Tax Cuts and Jobs Act (TCJA), legislation passed in December 2017. Foreign Credits Made major changes to internal revenue code, on how US taxes foreign activity. Proposed tax credits for businesses, individuals, to allocate, apportion expenses. Repealed fair market value method of…
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DoJ $73mn 1MDB Bribery in US
On Nov. 30, DoJ issued action in 1MDB bribery of US government. Conspiracy to defraud US banks and launder funds controlled by Jho Taek Low. International conspiracy to defraud US financial institutions and launder funds. Billions of dollars were embezzled from 1Malaysia Development Berhad (1MDB). Action sought forfeit and recovery of $73mn traceable to 1MDB fraud in…
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DoJ $1.5bn Japan and US Ponzi
On Nov. 29, DoJ announced conviction for a $1.5bn Japan Ponzi. MRI investment company CEO, Edwin Fujinaga, solicited fraudulent investments. Medical collection business was located in Las Vegas, Nevada, and Tokyo, Japan. Allegeed Violations Fujinaga solicited $1bn in investments in MRI from over 10,000 Japan residents. Investors wired funds from Japan into accounts in US,…
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