The Federal Reserve Board will require more than 30 of country’s largest banks to maintain a minimum percentage of capital in reserve, a percentage which the Fed calculated based on their complexity and whether they are considered a global systemically important bank.
Aaron Nicodemus
Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass.
Email: aaron.nicodemus@complianceweek.com
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Posted inAML
FinCEN finalizes AML rules for investment advisers, cash real estate transactions
The Treasury Department’s Financial Crimes Enforcement Network released new anti-money laundering requirements for U.S. investment advisers and real estate professionals that attempt to close loopholes that criminals and kleptocrats have long exploited.
Posted inRegulatory Enforcement
Nasdaq unit reaches $22M settlement with CFTC over supervision failures
The Commodity Futures Trading Commission fined a Nasdaq subsidiary $22 million over allegedly misleading the public, regulators, and its own compliance staff about the details of a trader incentive program.
Posted inRegulatory Enforcement
CFTC orders BNY to pay $5M over reporting failures
BNY, formerly BNY Mellon, will pay a $5 million fine to the Commodity Futures Trading Commission for “significant reporting failures” related to its swap dealer business.
Posted inRegulatory Enforcement
Nordea Bank to pay $35M to resolve NYDFS probe into AML shortcomings
Finland-based Nordea Bank will pay $35 million to resolve an investigation by the New York Department of Financial Services into “significant compliance failures” in its anti-money laundering and Bank Secrecy Act program.
Posted inAccounting & Auditing
Austal reaches $49M deal with DOJ, SEC over accounting, securities fraud, false claims
The U.S.-based subsidiary of Australian defense contractor Austal will pay $48.8 million in fines and restitution to settle allegations that it committed accounting and securities fraud, misled federal auditors, and violated the False Claims Act.
Posted inInternal Controls
SEC fines Sound Point Capital $1.8M over policy failures
Investment adviser Sound Point Capital Management will pay a $1.8 million fine to the Securities and Exchange Commission for failing to have written compliance procedures on handling material nonpublic information.
Posted inData Privacy
Dutch DPA fines Uber $324M over transferring driver data to U.S.
The Dutch Data Protection Authority fined Uber 290 million euros (U.S. $323.7 million) for illegally transferring data on European drivers to American servers and failing to appropriately safeguard the transfers.
Posted inInternal Controls
TD Bank discloses liabilities over AML probes in U.S. balloon to $2.6B
TD Bank has set aside $2.6 billion to settle allegations made by U.S. regulators that deficiencies in its anti-money laundering program allowed fentanyl traffickers to launder money on its platform.
Posted inRegulatory Enforcement
DOJ joins compliance officers in lawsuit over Georgia Tech cyber lapses
The Department of Justice joined a whistleblower lawsuit filed by two former Georgia Tech compliance officers who alleged that the institute violated the False Claims Act by knowingly failing to meet cybersecurity requirements in a Department of Defense contract.
