The Financial Industry Regulatory Authority fined Goldman Sachs $512,500 for allegedly failing to properly surveil certain types of securities for potential manipulative trading activity for more than a decade.
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 inBoards & Shareholders
Experts: Good data breach response grounded in preparation
Two chief compliance officers and an attorney discussed preparation for the “when, not if” threat of a data breach during a panel at CW’s Cyber Risk & Data Privacy Summit.
Posted inRegulatory Enforcement
Paytm denies money laundering claims amid regulatory scrutiny
The Reserve Bank of India ordered a halt to many banking activities of digital payments provider Paytm while the regulator investigates “persistent noncompliances and continued material supervisory concerns.”
Posted inRisk Management
ACAMS survey: Budget cuts, criminal tech innovation top 2024 threats
Nearly 800 financial crime professionals said the biggest threats to the effectiveness of their anti-money laundering programs are budget cuts and their inability to keep pace with more aggressive and innovative uses of technology by criminals to commit fraud.
Posted inRegulatory Enforcement
Compliance officer BSA case a cautionary tale for small banks
A New York-based Bank Secrecy Act compliance officer facilitated more than $1 billion in high-risk international financial business through an “unsophisticated” institution, according to the Department of Justice and the Financial Crimes Enforcement Network.
Posted inRisk Management
N.Y. sues Citi for lax data security, failing to reimburse fraud victims
Citibank faces a lawsuit from New York Attorney General Letitia James for allegedly failing to protect and reimburse customers who lost thousands of dollars in fraudulent wire transfers.
Posted inRegulatory Policy
Business groups sue to halt California climate disclosure laws
A coalition of business groups filed a lawsuit opposing two California laws that require large businesses to make climate-related disclosures, calling it a fight against illegal and excessive government overreach.
Posted inRisk Management
OCC proposes stricter review process for bank mergers
The Office of the Comptroller of the Currency proposed eliminating expedited or streamlined reviews of mergers for national banks and federal savings associations.
Posted inRegulatory Enforcement
Treasury cites Iraqi bank, owner over terrorist financing concerns
Al-Huda Bank faces severance from the U.S. financial system for being a conduit of terrorist financing, according to the Financial Crimes Enforcement Network, while its owner, Hamad al-Moussawi, was sanctioned by the Office of Foreign Assets Control.
Posted inRisk Management
DOJ, FTC re-emphasize requirement to retain business communications
The Department of Justice and Federal Trade Commission updated language contained in standard preservation letters regarding the maintaining of business communications made via collaboration tools and ephemeral messaging apps.
