BNY Mellon Settles FX Charges, Will Pay $714 Million
Bank of New York Mellon has agreed to pay $714 million in a series of settlements related to accusations it fraudulently overcharged clients on foreign exchange currency transactions. The settlements stem from long-running lawsuits by Manhattan U.S. Attorney Preet Bharara and New York’s Attorney General.
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State Street to pay $382 million for foreign currency exchange fraud
State Street Bank and Trust Company has agreed to pay a total of $382.4 million to the United States to resolve allegations that it deceived some of its custody clients when providing them with indirect foreign currency exchange (FX) services. Jaclyn Jaeger reports.
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WebcastOct 14 | CPE Webcast: Navigating Evolving Banking Regulations in the U.S. and Canada
U.S. Banking regulators have moved to loosen traditional regulation and supervision in areas like capital requirements, stress testing and liquidity, while also being more receptive to innovation in areas including Artificial Intelligence and digital assets.
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ArticleFormer startup CEO gets 7 years in prison for $175M fraud against JPMorgan Chase
Charlie Javice, a former CEO who duped JPMorgan Chase into purchasing her start up company for $175 million, has been ordered to forfeit more than $22 million by the Department of Justice (DOJ) and to spend 7 years in jail.