All Banking articles – Page 36
-
ArticleECB questions AMLA’s effectiveness over scope, resource concerns
The European Central Bank believes the European Union’s proposed new anti-money laundering agency needs to have a wider scope of direct supervision and more staff if it is going to be effective.
-
ArticleBarclays fined $1.05M for Premier FX oversight failures
The U.K. Financial Conduct Authority fined Barclays Bank £783,800 (U.S. $1.05 million) for “oversight failings” in its relationship with collapsed money remittance firm Premier FX.
-
ArticleLawsuit by BitMEX co-founder could test GDPR’s reach over SARs
Ben Delo, co-founder of cryptocurrency exchange BitMEX, filed a complaint against Wise Payments after the company allegedly refused his requests under the General Data Protection Regulation to provide him with personal information it submitted via suspicious activity reports.
-
ArticleNational Bank of Pakistan to pay $55.4M for AML compliance lapses
The National Bank of Pakistan and its New York branch must pay $55.4 million in total penalties in settlements with two U.S. regulators for deficiencies in the bank’s risk management and anti-money laundering compliance program.
-
ArticleU.S. turns up heat on Russian banking system with new sanctions
The U.S. Department of the Treasury announced expanded sanctions against Russia affecting 80 percent of all banking assets in the country following its further invasion of Ukraine.
-
ArticleWhat sanctions on Russia mean for U.S. companies
The first wave of sanctions imposed on Russia and its financial sector aren’t expected to result in any immediate implications for U.S. companies or their global supply chains. With matters escalating, that could quickly change, according to sanctions experts.
-
ArticleCredit Suisse leak alleges corrupt customers, poor compliance practices
Credit Suisse engaged in business dealings with some of the most notorious criminals in the world, according to a consortium of media outlets that spent months parsing through the leaked records of more than 18,000 of the Swiss bank’s accounts.
-
Article
First Financial Bankshares tabs chief accounting officer
First Financial Bankshares has promoted J. Kyle McVey to executive vice president, chief accounting officer.
-
ArticleComerica discloses CFPB investigation
Financial services firm Comerica disclosed in a regulatory filing the Consumer Financial Protection Bureau is investigating certain of its business practices.
-
ArticleMaking the transition to net zero in the United Kingdom
As the United Kingdom aims to become “the world’s first net zero-aligned financial center,” financial institutions are being required to have “a robust firm-level transition plan setting out how they will decarbonize.” Where should they start?
-
ArticleBanks, small firms wary of compliance costs of FinCEN beneficial ownership rule
Comment letters submitted to the Financial Crimes Enforcement Network regarding its proposed beneficial ownership registry rule express concerns related to compliance costs, implementation timelines, and more.
-
Article
Trustmark adds chief risk officer
Trustmark Corp. announced the hiring of Michael Carlson as executive vice president and chief risk officer of Trustmark National Bank.
-
ArticleWestpac combines risk, compliance leadership; hires Ryan Zanin as chief risk officer
Australian bank Westpac announced it will combine the leadership of its risk and compliance divisions into one position under Ryan Zanin, who joins after most recently serving as executive vice president, chief risk officer at Fannie Mae.
-
ArticleFinCEN readying rule for banks to prove AML/CFT programs ‘reasonably designed’
The Financial Crimes Enforcement Network will likely require banks and other financial institutions to assess their anti-money laundering and countering the financing of terrorism programs to ensure they are “effective and reasonably designed.”
-
ArticleAdrienne Harris confirmed to lead NYDFS
Former U.S. Treasury official Adrienne Harris was confirmed to be the first Black woman to officially lead the New York State Department of Financial Services.
-
ArticleFinCEN seeking input on SARs-sharing program with foreign branches
The Financial Crimes Enforcement Network is requesting comment on a pilot program that would allow financial institutions to share suspicious activity reports with foreign branches, subsidiaries, and affiliates.
-
ArticleCredit Suisse unit fined $9M for conflict of interest, recordkeeping lapses
Credit Suisse Securities agreed to pay a $9 million fine levied by FINRA for failing to comply with securities laws and rules involving potential conflicts of interest and the safeguarding of customer securities.
-
ArticleSwedbank names Britta Hjorth-Larsen as chief compliance officer
Swedbank announced the appointment of Britta Hjorth-Larsen as its new chief compliance officer. She will take over her new duties by Aug. 1 at the latest and join the bank’s group executive committee.
-
Article
Nordea names chief risk officer
Nordea Bank announced the appointment of Mark Kandborg as chief risk officer and a member of the group leadership team.
-
ArticleReport: Financial crime fines down in 2021; AML penalties drop 78 percent
Fines for corporate crimes last year fell by more than half to 8.7 billion euros (U.S. $9.9 billion) from 2020’s total of €20 billion (U.S. $22.6 billion), according to a report released by research firm AML Intelligence.