All Banking articles – Page 9
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ArticleSwiss bank ignores compliance officer; pays $10.7M for tax evasion
A Swiss-based private bank reached a $10.7 million settlement and entered into a non-prosecution agreement with the U.S. Department of Justice for committing tax evasion after recommendations made by its compliance officer went ignored.
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FDIC details credit and market risks
The Federal Deposit Insurance Corporation this week published its 2019 Risk Review , an annual publication highlighting emerging risks and exposures that could affect the banking system in the months ahead.
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Agencies exclude community banks from the Volcker Rule
Five federal financial regulatory agencies announced this week they have adopted a final rule to exclude community banks from the Volcker Rule.
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Florida man sentenced for role in collapse of Puerto Rico bank
The CEO of a now-bankrupt pharmaceutical company was sentenced to 30 years in prison for his role in a $100 million plot that triggered Westernbank of Puerto Rico’s collapse.
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Embattled Danske hires HSBC compliance head
Danske Bank, embroiled in a substantial money laundering scandal, has added to its compliance team with the appointment of Simon Kingsbury as head of surveillance investigation.
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Hong Kong’s SFC bans former Goldman Sachs officer for life
Hong Kong’s Securities and Futures Commission has banned Tim Leissner, a former participating managing director at Goldman Sachs (Asia), from re-entering the industry in connection with his crimes relating to 1MDB.
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Study: Financial firms don’t know what they don’t know on climate risks
Financial institutions still struggle with how to manage risks posed by climate change, according to a new report.
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Five ‘essential components’ of a sanctions compliance program
Chief compliance officers got some much-needed guidance on how to build a well-crafted sanctions compliance program thanks to the recent OFAC framework.
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Amid investigation, Nordea names chief compliance officer
Scandinavia’s biggest banking group, Nordea, has appointed Helene Jepson as chief compliance officer and head of group compliance.
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State Street to pay $88.8M for mutual fund overcharges
State Street will pay $88.8 million to resolve charges with the SEC that it overcharged mutual funds and other registered investment company clients for expenses related to the firm’s custody of client assets.
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Yet another misstep by Danske results in firing of interim Danish CEO
Danske Bank has been forced to fire yet another board member—this time for mis-selling thousands of customers a wealth management product that charged excessive fees.
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Nordea raided over ML probe in Denmark
Scandinavian banking giant Nordea revealed its Copenhagen office was raided by Danish police as part of an ongoing investigation into alleged money laundering.
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FCA publishes final report on RBS
The Financial Conduct Authority has concluded its investigation into the Royal Bank of Scotland and published a final report of its findings.
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Standard Chartered Bank (Hong Kong) appoints chief risk officer
Standard Chartered Bank (Hong Kong) has appointed Frenda Li as head of internal audit and Darren Kim as chief risk officer.
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Gateway First Bank names chief compliance officer
Gateway First Bank has appointed Natalia Coen as its new chief compliance officer .
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New bill sits on Senate agenda to block, study CECL
A new bill intended to block CECL is awaiting action in the Senate Banking Committee, much to the delight of big banks.
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GAO suggests supervisory improvements for bank regulators
Is there a better way for bank regulators to conduct their supervisory and remediation processes? Congress’ GAO developed a rundown of suggestions and best practices in a report released this week.
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A new CCO’s Herculean task at Wells Fargo
Compliance Week chats with Wells Fargo CCO Mike Roemer about the challenge of rebuilding trust at a company that’s been the poster child of compliance and risk management gone wrong.
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Inside Wells Fargo’s plan to restore trust
Compliance Week looks at highlights from Wells Fargo’s plan to transform the future.
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Some companies are ready for CECL, some are not
Citigroup raised its expected loan loss reserves under CECL as it prepares for parallel testing of its methodology, but plenty of organizations have barely started.
