All Banking articles – Page 10
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News BriefEx-Sterling Bank GC cited by OCC over BSA-related failures
The Office of the Comptroller of the Currency issued a cease-and-desist order against the former general counsel at Sterling Bank and Trust for not ensuring the institution’s Bank Secrecy Act compliance and failing to timely file suspicious activity reports.
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Blog
Bank of Sydney names risk chief
Australia-based Bank of Sydney announced the appointment of Kieran McKenna as chief risk officer.
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Blog
State Department Federal Credit Union welcomes risk chief
State Department Federal Credit Union announced the appointment of Nicole Bowen as its new chief risk officer.
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PremiumTable: SEC, CFTC off-channel communications penalties
The Securities and Exchange Commission and Commodity Futures Trading Commission have combined to levy nearly $3.5 billion in penalties (so far) against firms and their affiliates in response to recordkeeping failures regarding employee use of off-channel communications for business purposes.
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Blog
UniBank promotes risk chief to interim CEO
U & I Financial Corp., the holding company of UniBank, announced the board of directors appointed Stephanie Yoon, executive vice president and chief risk officer, to interim chief executive officer.
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Blog
Oliver Wyman adds ex-BNY Mellon CECO as partner
Global management consultancy Oliver Wyman announced Emma Bredin, the former chief compliance and ethics officer at BNY Mellon, will join the firm as a partner in its finance and risk practice and become head of the regulatory compliance practice for the Americas.
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News BriefWestpac ordered to pay $1.2M in insider trading case
Westpac Banking Corp. was assessed a maximum fine of AUS$1.8 million (U.S. $1.2 million) to address charges levied by the Australian Securities and Investments Commission of insider trading related to an interest rate swap transaction.
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Blog
Royal Bank of Canada names ex-Wells Fargo risk chief to board
Royal Bank of Canada announced Amanda Norton, former Wells Fargo executive vice president and chief risk officer, was appointed to its board of directors.
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News BriefFinCEN alert flags Israeli extremists fomenting violence in West Bank
The Financial Crimes Enforcement Network issued an alert addressing the financing of Israeli extremist settler violence against Palestinians in the West Bank.
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Blog
Mountain Commerce Bank adds risk chief to CCO’s title
Mountain Commerce Bank announced Amy Cantrell, who joined as senior vice president and chief compliance officer, will also serve as chief risk officer.
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News BriefCity National Bank ordered to pay $65M over deficient risk, internal controls
The Office of the Comptroller of the Currency levied a $65 million civil penalty against Los Angeles-based City National Bank over alleged risk management and internal control failures.
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News BriefCompliance 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.
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News BriefPRA fines HSBC units $73M over deposit protection failures
The Bank of England’s Prudential Regulation Authority penalized two HSBC units £57.4 million (U.S. $73 million) over historic failures in deposit protection identification and notification.
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News BriefN.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.
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Blog
Saxo Bank appoints chief risk, compliance officer
Denmark-based Saxo Bank announced the appointment of John Carmichael as chief risk and compliance officer.
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Blog
Quintet Private Bank announces risk chief
Luxembourg-based Quintet Private Bank announced the appointment of Christine Lynch as group chief risk officer.
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News BriefOCC 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.
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News BriefTD Bank reportedly facing fine for faulty AML controls
The Financial Transactions and Reports Analysis Centre of Canada is reportedly preparing to issue its largest fine to date against TD Bank for faulty anti-money laundering controls.
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News BriefTreasury 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.
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PremiumFINMA eyeing more power over banks. Will it make a difference?
Bonus clawbacks, more fines, and a senior management regime that clearly identifies individual executives’ responsibilities for key governance areas are all options being considered by the Swiss Financial Market Supervisory Authority in response to the collapse of Credit Suisse.