All Banking articles – Page 6
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News BriefDubai financial regulator fines Mirabaud unit $3M for weak AML controls
A Middle Eastern unit of international banking group Mirabaud was ordered to pay a $3 million fine for inadequate anti-money laundering controls by the Dubai Financial Services Authority.
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News BriefFormer NatWest compliance officer awarded $112K in unfair dismissal case
A former risk and compliance officer at National Westminster Bank was awarded nearly £88,000 (U.S. $112,000) after a U.K. employment tribunal found she was unfairly dismissed and discriminated against during her sick leave for colon cancer.
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PremiumCommon sanctions compliance trip points from 2023 enforcement cases
Penalties against companies including British American Tobacco, Wells Fargo, and Microsoft demonstrate the multiple ways in which businesses can run afoul of U.S. sanctions—an area receiving increased scrutiny by regulators.
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News BriefBNP Paribas nearing settlements with SEC, CFTC over off-channel comms
BNP Paribas disclosed it reached proposed settlements with the Securities and Exchange Commission and Commodity Futures Trading Commission regarding alleged use of off-channel communications for business by employees.
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News BriefBanking regs seek enhanced resilience with large bank capital reforms
The Federal Deposit Insurance Corporation, Federal Reserve Board, and Office of the Comptroller of the Currency proposed rulemaking designed to increase capital requirements for large banks and large-scale traders.
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Blog
Provident Bank recruits CCO from HSBC
Provident Bank announced the appointment of Mary Brown as senior vice president, chief compliance officer and Community Reinvestment Act officer.
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News BriefAmex banking unit fined $15M for poor third-party oversight
American Express National Bank agreed to pay a $15 million penalty levied by the Office of the Comptroller of the Currency for alleged oversight failings regarding a third-party affiliate and its efforts to retain small business customers.
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PremiumSurvey: Financial institutions doing more with less by outsourcing compliance
Respondents to a recent survey conducted by Compliance Week and Guidehouse largely indicated outsourcing improved the effectiveness of their compliance program in fighting financial crime, though limits remain on how much can be outsourced.
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PremiumInvestor lawsuit targets Bank of America over off-channel comms fines
Stockholder lawsuits have emerged as the latest aftershock from the regulatory crackdown against banks and financial services firms for allowing off-channel business communications by their employees.
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Blog
N26 names chief risk officer
German digital bank N26 announced the appointment of Carina Kozole as chief risk officer and managing director, effective later this year.
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News BriefFed fines UBS $269M for Credit Suisse’s Archegos failures
The Federal Reserve Board fined UBS $268.5 million regarding recent acquisition Credit Suisse’s credit risk management failures at collapsed U.S. hedge fund Archegos Capital Management. UBS also settled matters with U.K. and Swiss authorities.
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Blog
Five Star Bank promotes tech services director to CISO
Financial Institutions, the parent company of Five Star Bank, announced the promotion of Senior Vice President and Technology Services Director Scott Bader to senior vice president and chief information security officer.
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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.