All Banking articles – Page 18
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ArticleWells Fargo names diversity head as probes mount
Wells Fargo announced the appointment of Kristy Fercho as head of diverse segments, representation, and inclusion. She takes up the role as the Department of Justice and Securities and Exchange Commission investigate the bank’s diversity hiring practices.
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Arvest Bank appoints DEI officer
Arvest Bank announced the appointment of Cinthya Allen as diversity, equity, and inclusion officer.
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ArticleCFPB probes U.S. Bank over its handling of unemployment benefit payments
U.S. Bank disclosed the Consumer Financial Protection Bureau launched an investigation into the bank’s administration of unemployment benefits during the Covid-19 pandemic.
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ArticleFinCEN: U.S. banks paid $1.2B to ransomware criminals last year
Banks reported paying a record $1.2 billion to ransomware criminals in 2021, the Financial Crimes Enforcement Network announced.
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ArticleSEC joins DOJ in probe of Wells Fargo diversity hiring practices
The news for Wells Fargo related to alleged sham interviews of minority job candidates continues to worsen, with the bank disclosing the Securities and Exchange Commission has joined federal prosecutors in examining the issue.
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ArticleCFPB outlines rule mandating FIs provide customers their data
The Consumer Financial Protection Bureau initiated rulemaking that would require banks and other financial institutions to make a consumer’s personal financial data available to them upon request.
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ArticleDanske Bank projects $2.1B settlement for Estonia money laundering probes
Danske Bank expects to pay a total of 15.5 billion Danish kroner (U.S. $2.1 billion) to U.S. and Danish authorities to settle allegations it overlooked more than $200 billion in dirty money laundered through its former Estonia branch.
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ArticleAutomation can improve AML compliance but won’t replace human touch
While automation has the potential to transform anti-money laundering compliance, it will not replace the human practitioners relied upon to get investigations to the finish line, experts discussed at the ACAMS annual conference in Las Vegas.
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First Farmers names chief compliance officer
First Farmers and Merchants Corp., the holding company for First Farmers and Merchants Bank, announced Darcy Wagner has been promoted to chief compliance officer and member of the administration team.
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ArticleCredit Suisse names new CCO, plans strategic overhaul
Credit Suisse announced sweeping changes to its strategy that includes selling off parts of its investment banking portfolio and shrinking its global headcount—an attempt to pivot from risky investment ventures and back toward its historic specialty of wealth management.
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ArticleNew OCC office to supervise fintechs
The Office of the Comptroller of the Currency will heighten its focus on the financial technology space with the creation of a new department in early 2023.
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ArticleFormer JPMorgan compliance exec settles with bank over SOX whistleblower suit
Shaquala Williams, a compliance executive who sued JPMorgan Chase after she said she was fired for blowing the whistle on deficiencies in the bank’s anti-money laundering compliance program, agreed to settle her case.
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ArticleICICI Bank cited by OCC for BSA/AML compliance failures
The Office of the Comptroller of the Currency ordered the New York branch of ICICI Bank to implement sweeping changes to its anti-money laundering and Bank Secrecy Act compliance programs but will not fine the bank if the improvements are completed.
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ArticleCFPB facing ‘existential threat’ following appeals court funding ruling
An appeals court’s finding the Consumer Financial Protection Bureau’s funding mechanism to be unconstitutional could affect a multitude of lawsuits filed against the agency, according to legal experts.
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ArticleBarclays facing $56M fine over Qatari investor disclosures
The U.K. Financial Conduct Authority provisionally notified Barclays it intends to fine the bank £50 million (U.S. $56 million) for failing to properly disclose financial arrangements made with Qatari investors in 2008.
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ArticleCFIUS issues first-ever enforcement and penalty guidelines
The Committee on Foreign Investment in the United States issued its first-ever enforcement and penalty guidelines for entities that violate mitigation agreements with CFIUS or otherwise run afoul of the Defense Production Act of 1950.
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ArticleNodusBank avoids fine in OFAC case over Venezuela sanctions violations
Nodus International Bank was found to have violated U.S. sanctions against Venezuela by the Office of Foreign Assets Control for allowing three unlicensed transactions on a blocked account.
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ArticleGatehouse Bank fined $1.77M for inadequate customer due diligence
Gatehouse Bank was fined £1.58 million (U.S. $1.77 million) by the U.K. Financial Conduct Authority for failing to address “significant weakness” in AML checks the bank conducted on customers who posed a higher risk of committing financial crime.
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ArticleState Street recruits global CCO from Google
State Street Corp. hired Yvette Hollingsworth Clark to be its global chief compliance officer and executive vice president. Hollingsworth Clark joins from Google, where she served as head of compliance for the consumer trust business.
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ArticleEffective collaboration key to fight against financial crime
The Fintel Alliance—a partnership involving AML regulator AUSTRAC, Western Australia Police, and analysts from a handful of large banks—provides an example of the positive outcomes of collaboration in fighting financial crime.