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.
Finance
Posted inOpinion
Malta AML expert discusses how country is staying ahead of EU AML rules
Elena Tabone of Malta’s FIAU discusses AML/CFT supervision priorities as the unit prepares for AMLA’s 2028 rollout, new EU rules in 2027, a MONEYVAL evaluation, and rising AI-enabled fraud risks.
Posted inFinancial Services
Review into EU fund managers highlights compliance, internal audit ‘vulnerabilities’
Feedback from regulators across the EU has found that some fund managers’ compliance and internal audit functions could be sidelined, under-resourced, and lack independence.
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 inFinancial Services
Lawyers warn U.K. financial firms to prepare for faster regulatory changes with less consultation
The U.K. government is giving the financial and banking regulators more flexibility to make regulations without submitting these to a full consultation process.
Posted inArtificial Intelligence
No new rules as U.K. financial services sector champions AI
There are no new rules on the horizon as U.K. financial services firms embrace “AI-enabled, continuous and delegated services,” but a report warns that the technology could reshape the sector by 2030 in terms of how firms operate, consumers make decisions, markets compete, and risks emerge.
Posted inRegulatory Enforcement
Merrill Lynch to pay $7.5M for failure to file Suspicious Activity Reports
Bank of America’s Merrill Lynch brokerage unit has agreed to pay $7.5 million to settle SEC charges that it failed to file numerous Suspicious Activity Reports between April 2020 and September 2024 due to gaps in its transaction monitoring threshold.
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
Experts weigh up challenges for firms, FCA under U.K. plan to regulate crypto
The U.K. has set itself a path to regulate crypto from the end of next year that is different to the rest of Europe. While the EU has created sector-specific rules for the industry under the Markets in Crypto Assets Regulation, the U.K. will instead make crypto firms subject to the same rules as every other financial services provider.
Posted inRegulatory Enforcement
Hedge fund founder faces five years in prison for extensive market spoofing scheme
A California day trader and founder of a hedge fund faces up to five years in prison after pleading guilty to manipulating stock prices through buy and sell “spoofing” schemes.
