All Banking articles – Page 12
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News Brief
New European AML agency nearing adoption
A new agency to supervise high-risk financial institutions across the European Union regarding their anti-money laundering and countering the financing of terrorism activities gained provisional approval.
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Premium
Top ethics and compliance failures of 2023
A virtual currency exchange that sought to mislead regulators, banks failing after ignoring obvious risks, and a manufacturer that sold millions of its products in violation of U.S. export controls are among those that make up CW’s list of the biggest ethics and compliance fails of 2023.
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News Brief
New OFAC sanctions target international Russia supporters
More than 150 new designations implemented by the Office of Foreign Assets Control continue U.S. efforts to crack down on entities and individuals supporting Russia from outside the country.
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News Brief
OCC risk report homes in on AI challenges to banking
Artificial intelligence was highlighted as an emerging risk to the federal banking system as part of the Office of the Comptroller of the Currency’s latest semiannual risk perspective.
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News Brief
FINTRAC fines CIBC $950K over AML lapses
The Canadian Imperial Bank of Commerce received the second penalty for alleged deficiencies regarding suspicious transaction reporting announced this week by Canada’s financial intelligence agency.
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News Brief
Atlantic Union Bank to pay $6.2M in CFPB overdraft case
Atlantic Union Bank agreed to pay $6.2 million as part of a settlement with the Consumer Financial Protection Bureau resolving allegations the bank illegally enrolled and misled customers in its checking account overdraft programs.
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News Brief
OCC offers compliance guidance to banks on ‘buy now, pay later’ loans
New guidance from the Office of the Comptroller of the Currency advises banks to tailor their risk management strategies and lending oversight for “buy now, pay later” plans.
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Premium
Graphics: 2023 CCO/CECO salary trends
Year 5 of our “Inside the Mind of the CCO” survey saw the average salary of responding chief compliance officers and chief ethics and compliance officers decline slightly, while other statistical trends repeated from previous iterations.
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News Brief
Canada’s AML agency fines RBC $5.5M over suspicious transaction reports
Royal Bank of Canada was assessed an administrative penalty of nearly 7.5 million Canadian dollars (then-U.S. $5.5 million) in November by the country’s financial intelligence agency for alleged deficiencies in its suspicious transaction reporting mechanisms.
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Opinion
Book review: Demythologizing money laundering, demystifying AML compliance
Movies and TV shows might have launched a thousand armchair experts on the topic of money laundering, but few can explain how or why it’s done. Ola Tucker’s book, “The Flow of Illicit Funds,” does exactly that.
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Article
Consumer Duty: What are the next steps?
Matti Pekkola of investor services group IQ-EQ identifies key trends from the past year of working with regulated firms on U.K. Consumer Duty compliance.
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Blog
Bogota Financial promotes risk chief to CEO
Bogota Financial Corp., holding company of Bogota Savings Bank, announced Kevin Pace, executive vice president and chief risk officer of parent company MHC, was named president and chief executive officer.
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News Brief
Bank of America unit fined $24M in FINRA spoofing case
Bank of America Securities agreed to pay $24 million in settling with the Financial Industry Regulatory Authority for allegedly failing to supervise the “spoofing” activities of two former traders in U.S. Treasury markets.
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Premium
Compliance officers share lack of faith in off-channel comms monitoring policies
Addressing employee use of off-channel communications for conducting business was clearly on the minds of compliance officers who responded to our “Inside the Mind of the CCO” survey, but their confidence in their related policies and procedures was surprisingly weak.
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News Brief
Bank of America fined $12M over demographic data reporting lapses
Bank of America will pay a $12 million penalty for allegedly reporting false mortgage lending data to the federal government, under a settlement reached with the Consumer Financial Protection Bureau.
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Blog
Wells Fargo adds international sustainability head
Wells Fargo appointed Andrew Bowley to the role of international head of sustainability.
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News Brief
TD Bank unit fined $600K by FINRA over email review lapses
TD Private Client Wealth agreed to pay a $600,000 penalty levied by the Financial Industry Regulatory Authority for allegedly failing to review millions of employee emails as required by the self-regulatory organization’s rules.
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News Brief
Singapore banks say money laundering risks up after $2B scandal
Risks posed by money laundering and the financing of terrorism have dramatically increased in Singapore, according to a recent survey of the city-state’s financial institutions conducted by the Monetary Authority of Singapore.
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Blog
Yes Bank appoints chief risk officer
India-based Yes Bank announced the appointment of Tushar Patankar as chief risk officer.
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Blog
Q2 appoints first chief risk officer
Digital banking and lending solutions provider Q2 Holdings appointed Blair Williams as its first chief risk officer.