Webull Financial failed to have reasonably designed programs for AML and identity theft protection and will pay a $4.2 million fine, FINRA alleged Thursday.
Financial Services
Posted inArtificial Intelligence
Financial Stability Board sets out 12 ‘sound practices’ for FS firms’ AI adoption
The Financial Stability Board has issued a report outlining 12 “sound practices” financial institutions should consider for responsible AI adoption.
Posted inBanking
Banking experts see Trump’s fingerprints on OCC’s ‘debanking’ report, call reputation risk very real
Experts see political motivations in an Office of the Comptroller of the Currency report finding the nine largest US banks denied services over reputation risk.
Posted inRegulatory Policy
Conflicts of interest controls failing to keep up with private markets complexity, says UK financial regulator
UK private markets firms are managing conflicts of interest inconsistently and need to prove they are treating investors fairly, according to a new report from the UK Financial Conduct Authority.
Posted inRegulatory Policy
Compliance takeaways from the SEC’s new examination handbook
The SEC’s new exam handbook spells out what to expect at every stage, from the first call to the deficiency letter. Here’s how to prepare.
Posted inBanking
Bank reports help FinCEN identify $270M in possible student aid schemes
Reports from banks and other financial institutions have helped identify about $270 million in federal aid funds linked to suspicious financial activity, the US Treasury Department said Monday.
Posted inCryptocurrency and Digital Assets
Banks entering crypto must close transaction monitoring gaps, experts say
Although the crypto industry’s legitimization took a hit on Sept. 15 when the CLARITY Act failed to advance in the Senate, the industry still exists, and banks must find ways to remain in regulatory compliance.
Posted inBanking
OCC report on ‘debanking’ at nine largest US banks claims reputation risk policies result in denial of services
A report by the Office of the Comptroller of the Currency (OCC) finds that the nine largest US banks it oversees have used reputation risk policies to deny services to businesses and individuals based on social, political, and religious views as well as lawful banking activities.
Posted inBanking
UK financial regulator proposes economy-linked regulatory threshold to cut firms’ compliance costs
The UK’s financial services supervisor wants to scrap “nominal” regulatory thresholds to make compliance costs “proportionate” and prevent more financial firms from falling under rules simply because they have grown in size rather than risk.
Posted inBanking
CFPB targets debanking practices after OCC report
After an Office of the Comptroller of the Currency report found the nine largest national banks maintained debanking policies, the Consumer Financial Protection Bureau is taking action against them in one of its few moves under the current Trump administration.