NY regulator wants foreign banks' records on dealings with Mossack Fonseca
This article is a summary of reporting by Reuters. Originally published April 21, 2016.
The New York Department of Financial Services ordered 13 foreign banks doing business in the state to disclose comprehensive details about their dealings with Panamanian law firm Mossack Fonseca. Regulators sought communications, wire transactions, and customer records to identify potential sanctions breaches or tax avoidance. The probe formed part of a coordinated international push to tighten oversight and compliance across global banking channels connected to Panama.
AI Summary
New York's financial watchdog demanded records from 13 foreign banks regarding transactions linked to Panamanian offshore entities.
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