All Banking articles – Page 7
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ArticleFinCEN launches rulemaking on no-action letter process
The Financial Crimes Enforcement Network launched rulemaking for a no-action letter process, which the agency said might help spur innovation in financial services for anti-money laundering/countering the financing of terrorism and compliance functions.
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Former Danske Bank CCO Philippe Vollot resigns
Danske Bank Chief Administrative Officer Philippe Vollot, who was promoted to the position from chief compliance officer in November, has resigned, the Danish bank announced.
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Deutsche Bank asset management head resigns amid greenwashing probe
Asoka Woehrmann, chief executive of DWS Group, has resigned amid an investigation by German officials into allegations of greenwashing within the asset management unit’s investment portfolio.
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Banco Popular to pay $255K for violating Venezuela sanctions
Banco Popular de Puerto Rico has agreed to pay more than $255,000 as part of a settlement with the Office of Foreign Assets Control to resolve its civil liability for 337 transactions processed in violation of U.S. sanctions.
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Report: Westpac New Zealand progressing on risk culture improvements
An independent report ordered by the Reserve Bank of New Zealand into Westpac New Zealand has found the bank is “moving in the right direction” in addressing risk culture deficiencies.
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Best practices, common pitfalls in working in high-risk countries
A panel of compliance professionals discussed the increasingly relevant topic of working in high-risk countries, sharing their experiences and lessons learned at Compliance Week’s National Conference in Washington, D.C.
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BNY Mellon fined $1.5M by SEC for misstatements on ESG mutual funds
BNY Mellon Investment Adviser has agreed to pay a $1.5 million fine to the Securities and Exchange Commission for making “misstatements and omissions” on environmental, social, and governance mutual funds it managed over three years.
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Wells Fargo unit fined $7M for AML transaction monitoring failures
For the second time in five years, a subsidiary of Wells Fargo has been charged by the Securities and Exchange Commission with failing to file suspicious activity reports in a timely manner due to deficiencies in the system it used to flag transactions.
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Citi names Tom Anderson as new chief compliance officer
Tom Anderson will be the next chief compliance officer at Citi, effective June 1. His appointment comes two months after Mary McNiff stepped down from the role.
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OLB promotes general manager to chief risk officer
Oldenburgische Landesbank, a private financial institution headquartered in Germany, announced the appointment of Chris Eggert as chief risk officer.
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New sanctions add ban on U.S. accounting, management consulting work in Russia
The Treasury Department unveiled a host of new sanctions against Russian and Belarusian individuals and banks, in addition to a ban on U.S.-based accounting, management consulting, and trust and corporate formation services to any person located in the Russian Federation.
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A look inside USAA’s ‘catastrophically mismanaged’ compliance culture
In exclusive interviews with Compliance Week, former USAA insiders describe a risk and compliance culture in which numerous individuals either were given the axe or quit because the problems were so endemic.
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Whistleblower: USAA ‘actively lying to regulators for years’ regarding violations of law
Senior executives at USAA ignored warnings from compliance staff and consultants for years regarding violations of U.S. federal banking laws and hid from regulators the scope of the company’s illegal practices, a former USAA director of compliance turned whistleblower told Compliance Week.
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Whistleblower to OCC: USAA had 400,000 undisclosed Military Lending Act violations
USAA Bank engaged in an estimated 400,000 violations of the Military Lending Act, a former director of compliance within the bank reported to the Office of the Comptroller of the Currency in documents seen by Compliance Week.
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Wells Fargo in resolution negotiations regarding potential OFAC violations
Wells Fargo disclosed in a regulatory filing it has entered resolution discussions with a U.S. authority or authorities regarding potential sanctions violations it voluntarily self-disclosed to the Treasury Department’s Office of Foreign Assets Control.
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CFPB fines Bank of America $10M over deficient garnishment protocols
The Consumer Financial Protection Bureau fined Bank of America $10 million for processing “unlawful” garnishments of customer accounts dating back to 2011.
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Deutsche Bank confirms AML raid at German headquarters
Deutsche Bank confirmed its Frankfurt headquarters were raided by German prosecutors in relation to a money laundering probe regarding suspicious activity reports filed by the bank.
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Danske Bank, authorities in ‘initial discussions’ regarding AML scandal resolution
Danske Bank has entered “initial discussions” with U.S. and Danish authorities on resolution regarding one of the world’s largest money laundering scandals that took place at its Estonia branch.
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Credit Suisse continues executive shakeup with new general counsel
Credit Suisse announced its latest series of executive-level changes, including the appointment of UBS veteran Markus Diethelm as its new group general counsel.
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Webcast Q&A: Managing correspondent banking relationships
Correspondent banking is a vital part of the global economy, but when incorrectly managed can present considerable financial crime risks.
