A former Deutsche Bank trader convicted of wire fraud in the U.S. is suing the bank for $16.2 million for training him to break the rules. James Vorley, who worked in DB’s London office, claims senior managers at the bank instructed him to use a trading strategy that resulted in his prosecution.
Financial Services
Posted inAML
New AML investigation into Wise adds pressure on compliance in rapid growth fintechs and challenger banks
Belgian authorities are investigating money-transfer fintech Wise for its controls around suspicious transactions worth over $577 million across 30 European countries. The current investigation only concerns the fintech’s EU operations, but the company has a history of fines for weak financial controls in several regions, including the U.S. and the Middle East.
Posted inRegulatory Enforcement
FCA sets sights on digital payment competition as it opens investigation into PayPal, Visa, and Mastercard
The U.K. financial regulator is investigating PayPal, Visa, and Mastercard for suspected anti-competitive practices in the “funding and usage” of PayPal’s digital wallet.
Posted inAccounting & Auditing
Control failures cost U.K. financial firms over $1.35B in five years – and the compliance risks are rising
The U.K.’s financial regulator has issued over £1 billion ($1.35 billion) of fines for regulated firms’ basic internal control failures in the past five years. This accounted for more than half of the total fines issued to financial services firms in the period.
Posted inFinancial Services
U.K. slashes FS rules, seeks closer EU regulation ties to boost growth
The U.K. government has announced a raft of legislation that will drastically cut compliance requirements in the financial services sector, as well as aim to bring the United Kingdom more in line with the EU to simplify customs regulations and boost trade.
Posted inOpinion
A compliance farewell to Barney Frank
Barney Frank died Tuesday at the age of 86. Few Congressmen’s names are associated with generational financial reform, and Barney Frank is one of them.
Posted inThird Party Risk
U.K. financial firms urged to prepare for operational and third-party incident reporting changes
Financial services firms in the U.K. must prepare now for new reporting rules aimed to promote operational resilience in the face of increasing global threats.
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.
Posted inBanking
U.K. tightens debanking rules as compliance teams in banks walk a regulatory tightrope
Closing a U.K. bank account against the wishes of the customer has just got more complicated. From April 28, banks and payment service providers must comply with new rules governing when and how they close an existing customer’s account.
Posted inESG/Social Responsibility
CW National: Peirce confirms SEC climate rule rescission proposal being reviewed
Commissioner Hester Peirce had raised concerns about the rule and views the U.S.’s pullback on ESG regulations as a competitive edge over other countries.
