Deutsche Bank and Bank of America took years to report more than $420 million in suspicious transactions connected to Jeffrey Epstein, according to a new report from Sen. Ron Wyden (D-Ore.), ranking member of the Senate Finance Committee.
Banking
Posted inFinancial Services
UBS hit with record $125M civil penalty for ‘willful’ BSA violations
UBS Financial Services was slapped with a record $125 million joint civil penalty by four regulatory agencies for willful violations of the Bank Secrecy Act, including a failure to implement and maintain an anti-money laundering compliance program and failure to file suspicious activity reports.
Posted inBanking
ECB wants top bank CEOs to set out plans for AI-related cyber risks
The European Central Bank has written to the CEOs of Europe’s top banks to ask what plans they have in place to deal with potential AI-related cybersecurity threats.
Posted inArtificial Intelligence
Asia-Pacific central banks weigh AI governance to safeguard financial stability
Central banks in the Asia-Pacific (APAC) countries are taking steps to develop artificial intelligence governance frameworks for financial institutions, as regulators are seeking to balance innovation with emerging risks and safeguard financial stability.
Posted inOpinion
Chris Clarke, CCO at Bloomsbury Money, explains why asset tokenization and risk-based compliance are key FS trends
An early role in AML and due diligence in a client-facing role gave Chris Clarke his first taste of compliance. His background in Jersey, an international financial center that services global markets, made financial services an obvious choice.
Posted inBanking
Banks gave $39M in loans to construction fraudster
A California man was sentenced Tuesday to more than six years in prison for fraudulently obtaining about $39 million in business loans from seven banks, which were tricked into believing the loans were for construction equipment, the DOJ said.
Posted inRegulatory Enforcement
U.K. regulator forces third FS firm to pay $42M for financial crime failures related to wealth management company collapse
The U.K. banking regulator has censured asset servicing bank CACEIS UK for failing to operate adequate financial crime controls. The bank agreed to pay $41.9 million in compensation to clients.
Posted inCryptocurrency and Digital Assets
Bank of England changes stance on stablecoins after cumbersome compliance complaints
The Bank of England has revealed that it is reconsidering two of the more contentious aspects of its proposed stablecoin framework after pressure from many in the crypto asset sector. Crypto companies have complained that the proposed regulations would be too restrictive and would hold back the industry in the U.K. in comparison with other global financial markets.
Posted inRegulatory Enforcement
Australian regulator calls $24.6 million HSBC Australia fine a world first for customer fraud protection
HSBC Australia has been fined nearly $25 million for failing to protect customers from financial scammers. The bank must also publish adverse publicity orders on its website, its app, and in letters to affected customers.
Posted inFinancial Services
U.K. financial regulators pare down rules for senior managers
The U.K.’s key financial regulators have pared down the compliance requirements that hold senior managers accountable as part of the government’s drive to reduce undue regulation by half and boost investment.
