The National Society of Compliance Professionals has drafted a framework that urges regulators to consider chief compliance officer liability more holistically, in the context of the compliance culture within a CCO’s firm.
Financial Services
Posted inData Privacy
Report: Financial services fines drop 49 percent in 2021
The value of penalties against global financial services firms in 2021 dropped to half the total levied in 2020, according to research by compliance technology provider Fenergo.
Posted inRisk Management
Wells Fargo chief risk officer to retire
Amanda Norton, Wells Fargo’s chief risk officer since 2018, will retire at the end of June, according to a memo from CEO Charlie Scharf distributed internally.
Posted inEurope
Former Swedbank CEO Birgitte Bonnesen charged with fraud
The Swedish Economic Crime Authority announced charges against Birgitte Bonnesen, Swedbank’s former chief executive officer, for fraud and market manipulation regarding the bank’s money laundering scandal.
Posted inRisk Management
Morgan Stanley agrees to $60M settlement over compromised personal data
Morgan Stanley has agreed to establish a $60 million fund to settle a class-action lawsuit filed by nearly a dozen customers regarding personal data that was compromised when the bank decommissioned two wealth management centers.
Posted inEurope
Deutsche Bank fined $9.8M for Euribor control weaknesses
Germany’s market regulator BaFin imposed an administrative fine of 8.66 million euros (U.S. $9.8 million) on Deutsche Bank for breaches of the European Union’s Benchmarks Regulation.
Posted inAML, Financial Services, Risk Management
Financial crime risk management: Old crimes, new methods
Times and technologies change, but the fundamental means by which criminals attempt to launder money and carry out their nefarious acts are still rooted in the same criminal process.
Posted inRegulatory Enforcement
SEC charges Medallion Financial with fraud, illegal touting
The SEC charged New York City taxi medallion loan company Medallion Financial with participating in two illegal schemes to pump up the declining value of its stock. Also charged was California-based media strategy company Ichabod’s Cranium.
Posted inRegulatory Enforcement
TD Bank fined $105K for North Korea sanctions violations
TD Bank, N.A. agreed to pay approximately $105,000 as part of a settlement with OFAC for “multiple sanctions compliance breakdowns” that contributed to more than 1,000 apparent violations of North Korean sanctions regulations.
Posted inEurope
BlueCrest facing $55.5M fine for failing to manage fairly a conflict of interest
The U.K. Financial Conduct Authority announced its intention to fine hedge fund BlueCrest Capital Management £40,806,700 (U.S. $55.5 million) for failing to manage fairly a conflict of interest. BlueCrest has challenged the decision.
