Among the enforcement actions issued by the Treasury Department’s Office of the Comptroller of the Currency in August, two banks were separately penalized for deficiencies in anti-money laundering and Bank Secrecy Act compliance and board oversight.
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 inRegulatory Enforcement
American Portfolios agrees to $225K settlement with FINRA over AML failings
Broker-dealer American Portfolios will pay a $225,000 fine to the Financial Industry Regulatory Authority (FINRA) over alleged deficiencies in its anti-money laundering program.
Posted inRisk Management
Federal judge overturns FTC’s ban on noncompete clauses
A federal judge struck down the ban on noncompete clauses by the Federal Trade Commission that was set to take effect in September.
Posted inRegulatory Enforcement
’Bait-and-switch’: Pham critical of CFTC self-reporting policy
Caroline Pham, a commissioner on the Commodity Futures Trading Commission, criticized the agency’s policy on credit for self-reporting violations as a “bait-and-switch.”
Posted inRegulatory Enforcement
CFTC, ICE Futures fine Brazil-based Raizen Energia $850K over wash trading
Brazilian energy and sugar company Raizen Energia SA and its Swiss trading subsidiary will pay $850,000 in fines to settle charges that they engaged in illegal noncompetitive transactions.
Posted inEurope
All hands on deck needed to get ESG disclosures right, report finds
Multiple emerging environmental, social, and governance and disclosure standards pose legal and operational risks to many companies, but also opportunities to improve reporting and get ahead of requirements, a new report found.
Posted inRisk Management
Examining potential uses for GenAI in banking, financial services
The American Bankers Association sent a letter to the Treasury Department asking questions on the ethical application of generative AI in banking and finance, with an IBM report published the same day describing potential future uses of GenAI tools in finance.
Posted inRegulatory Enforcement
Latest off-channel comms sweep nets SEC, CFTC $477M in fines
Two regulators doled out more than $477 million in fines on a new group of broker-dealers, investment advisers, and swaps dealers that failed to maintain and preserve the electronic communications of their employees, bringing total such fines issued since 2021 to $3.2 billion.
Posted inSurveys & Benchmarking
Compensation survey pegs annual pay at $419K for public company CCOs
Annual pay and bonus compensation for chief compliance officers at public companies jumped to $419,000 since 2023, while CCOs at private companies saw a slight decrease to nearly $300,000, according to a new compensation survey.
Posted inRegulatory Enforcement
FCA fines Cyprus trading company $355K for unfair customer treatment
The U.K. Financial Conduct Authority fined a Cyprus-based trading company more than 276,000 pounds (U.S. $354,000) for unfair customer treatment and providing unauthorized investment advice.
