All Banking articles – Page 22
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ArticleThe importance of quality SARs
Good suspicious activity reports make it easier for financial intelligence units to prioritize and process investigations, enabling better results in the global fight against financial crime.
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PremiumSurvey: U.S. bank failures prompt reassessment of third-party risks
Nearly half the respondents to a Compliance Week and Riskonnect survey regarding the recent U.S. banking crisis said they changed or considered changing their third-party risk management procedures as a result of the turmoil.
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News BriefGerman regulator extends AML order at N26
Germany’s market regulator BaFin announced the extension of mandates it ordered at mobile bank N26 in 2021 to require the bank to address observed weaknesses in its anti-money laundering controls.
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News BriefFed fines Deutsche Bank $186M over historic sanctions, AML lapses
The Federal Reserve Board fined Deutsche Bank $186 million regarding violations of previous consent orders addressing alleged sanctions and anti-money laundering weaknesses and control failures relating to the bank’s relationship with Danske Estonia.
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PremiumFed vice chair: Large banks should expect capital standards to increase
The Federal Reserve Board will propose increasing capital standards for large banks and holding companies to build up the banking system’s resiliency against unanticipated market shocks.
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News BriefBank of America to pay $230M over junk fees, fake accounts
Bank of America agreed to pay approximately $230 million to settle charges levied by the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency over alleged junk fees, withheld credit card rewards, and the opening of fake accounts.
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News BriefMerrill Lynch fined $12M over SARs filing failures
Merrill Lynch was assessed penalties totaling $12 million by the Securities and Exchange Commission and Financial Industry Regulatory Authority for allegedly failing to file nearly 1,500 required suspicious activity reports over the course of a decade.
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Blog
First Hawaiian promotes risk, compliance execs
First Hawaiian, the parent company of First Hawaiian Bank, announced the promotions of its deputy chief risk officer and chief compliance officer.
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PremiumFed’s Powell: Three takeaways from recent bank failures
Federal Reserve Chair Jerome Powell shared in a speech three observations he had regarding the failures of Silicon Valley Bank, Signature Bank, and First Republic Bank earlier this year.
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PremiumKroll survey: Firms rapidly adopting AI tools for financial crime compliance
A new survey of senior leaders and risk professionals from around the world found more than half the respondents have turned to artificial intelligence technology to address a perceived rise in financial crime risks, although most solutions are still rather new.
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PremiumGoogle Cloud touts impact of new AML AI product
Google Cloud launched a new anti-money laundering product for financial institutions that utilizes artificial intelligence and machine learning to replace manually defined rules used to spot suspicious transactions.
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News BriefCiting SVB failure, bill proposes big bank chief risk officer mandates
A bill proposed by a House Democrat would require large banks to have a chief risk officer and notify relevant regulators when the position becomes vacant.
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PremiumFed governor: Increased bank regulation may do more harm than good
Michelle Bowman of the Federal Reserve Board of Governors warned in a speech the agency’s response to the banking crisis might end up hurting the mid-sized financial institutions it is supposed to help.
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PremiumOCC’s Hsu: FIs wise to include risk, compliance in tech product development
As financial institutions mull potential growth opportunities with digital asset and artificial intelligence tools, Acting Comptroller of the Currency Michael Hsu warned against leaving risk and compliance teams out of the loop.
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News BriefOFAC orders Swedbank Latvia to pay $3.4M over Crimea sanctions violations
Swedbank Latvia agreed to pay more than $3.4 million to resolve apparent U.S. sanctions violations in the Crimea region of Ukraine, the Office of Foreign Assets Control announced.
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News BriefOCC: Union Bank fined $15M for ‘deceptive’ account disclosure practices
The Office of the Comptroller of the Currency announced a $15 million civil penalty against MUFG Union Bank for “deceptive practices” caused by alleged weaknesses in execution of internal controls and procedures.
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News BriefOCC to banks: Don’t get complacent on risk monitoring
Banks should still be on guard despite relative calm in the industry compared to where things were three months ago following the collapse of Silicon Valley Bank, the Office of the Comptroller of the Currency warned.
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Blog
Merchants & Marine Bancorp recruits FDIC examiner for chief risk post
Merchants & Marine Bancorp announced the appointment of Antonio Davis as chief risk officer.
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News BriefOCC soliciting input on proposed trust in banking survey
The Office of the Comptroller of the Currency announced a request for information to implement an annual survey aimed at tracking public trust in banking and bank supervision.
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News BriefJPMorgan to pay $290M to settle Jeffrey Epstein class action
JPMorgan Chase announced it reached an agreement in principle to settle claims made in a class-action lawsuit regarding the bank’s ties to convicted sex offender Jeffrey Epstein.