All Banking articles – Page 42
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ArticleEU guidance seeks to clarify role of AML/CFT compliance officers
The European Banking Authority is seeking comment on new draft guidelines that set clear expectations regarding the appointment, role, tasks, and responsibilities of anti-money laundering and countering the financing of terrorism compliance officers.
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ArticleThe importance of transaction monitoring, and the cost of getting it wrong
Transaction monitoring has evolved to the point where the emphasis is now on the requirement firms carry out ongoing monitoring of client relationships. Recent enforcement actions provide lessons on pitfalls to avoid.
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ArticleReport: Deficient risk culture at Credit Suisse contributed to Archegos collapse
An independent report commissioned by Credit Suisse to examine the bank’s failures that led to $5.5 billion in losses when Archegos Capital Management collapsed this year concluded a series of missteps by risk and compliance failed to escalate numerous red flags.
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ArticleOCC appoints first climate change risk officer
The Office of the Comptroller of the Currency has appointed Darrin Benhart as its first climate change risk officer—a move in line with the agency’s plans to better develop effective climate risk management practices at banks.
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ArticleCredit Suisse hires Goldman Sachs veteran as chief risk officer
Credit Suisse Group has appointed longtime Goldman Sachs risk management expert David Wildermuth as its chief risk officer.
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ArticleUBS unit to pay $8M for ETP compliance failures
UBS Financial Services agreed to pay more than $8 million as part of an SEC settlement for allegedly failing to adopt adequate policies and procedures regarding a certain exchange-traded product.
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ArticleFCA pledge to be more assertive rings hollow amid enforcement drops
A steady decrease in enforcement activity makes it easy to question whether the U.K. Financial Conduct Authority is in position to become the “more innovative, assertive, and adaptive regulator” it pledges to be.
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ArticleNew bank guidance expands on advice for handling third parties
Three federal banking regulators are seeking public input on the first comprehensive update to risk management guidance for financial institutions entering into business relationships with third parties since 2013.
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ArticleCredit Suisse creates new risk role to prevent next Archegos
Credit Suisse has named Amélie Perrier to a new senior executive position to track the trading positions of its largest customers after the bank lost $4.7 billion in the aftermath of the collapse of Archegos Capital Management.
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ArticleFinCEN eyes no-action letters as aid for FinTech rollouts
The Financial Crimes Enforcement Network will launch rulemaking for a no-action letter process that would give financial institutions another way to enter dialogue with the regulator about innovative and newly emerging technologies.
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ArticleTakeaways from NYDFS ransomware guidance
The New York State Department of Financial Services has issued guidance for regulated entities describing best practices for reducing the risk of a ransomware attack.
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ArticleCredit Suisse entities to pay $1.5M for swap data reporting failures
The Commodity Futures Trading Commission reached a $1.5 million settlement with three entities of Credit Suisse for swap data reporting failures caused by a technical error.
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ArticleFinCEN puts financial institutions on notice with first AML/CFT priorities
The Financial Crimes Enforcement Network tipped its hand at changes ahead for the Bank Secrecy Act in announcing the first government-wide list of priorities for anti-money laundering and countering the financing of terrorism.
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ArticleBiden signs off on repeal of OCC’s ‘true lender’ rule
President Joe Biden has signed Congress’ repeal of the Office of the Comptroller of the Currency’s “true lender” rule issued last year in the waning months of the Trump administration.
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ArticleEx-Goldman Sachs exec Asante Berko settles FCPA case
The SEC obtained final judgment against a former Goldman Sachs executive charged with violating the FCPA by orchestrating a bribery scheme to help a client win a power plant contract in the Republic of Ghana.
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ArticleEmbrace of RegTech driving financial services transformation
Large global financial institutions are utilizing advanced technologies like never before to help manage their regulatory compliance needs, driving major efficiencies within compliance, risk, and internal audit functions in the process.
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ArticleEx-Deutsche Bank traders imprisoned for ‘spoofing’ roles
James Vorley and Cedric Chanu, former precious metals traders at Deutsche Bank, were each sentenced to one year and one day in prison for their respective roles in a scheme to manipulate the precious metals markets with fraudulent trades.
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ArticleEmbattled Deutsche Bank to overhaul anti-financial crime controls
Deutsche Bank is planning to shake up its internal structure around anti-financial crime efforts in the wake of criticism from multiple regulators.
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PacWest Bancorp adds general counsel
Bank holding company PacWest Bancorp has appointed Angela Kelley as executive vice president, general counsel and corporate secretary.
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Treasury Prime names general counsel, chief compliance officer
Banking as a service company Treasury Prime announced the appointment of Marty Roberts as general counsel and chief compliance officer.