A recent raid by German prosecutors of the country’s finance and justice ministries has once again put a spotlight on Germany’s apparent failings in tackling financial crime.
Financial Services
Posted inRisk Management
Elizabeth Warren urges Fed break up ‘ungovernable’ Wells Fargo
Sen. Elizabeth Warren has called for federal banking regulators to break up Wells Fargo, saying “every new report of scandal and ongoing noncompliance” proves the bank is “ungovernable.”
Posted inFinancial Services
Bank of America names compliance head amid leadership shakeup
As part of a host of senior management changes, Bank of America has named Amy Littman to be its new head of global compliance and operational risk.
Posted inRegulatory Enforcement
OCC fines Wells Fargo $250M for continued risk management failings
Wells Fargo Bank has been ordered to pay $250 million related to deficiencies in its home lending loss mitigation program in addition to violations of a 2018 consent order, the Office of the Comptroller of the Currency announced.
Posted inRisk Management
Survey: New SEC marketing rule leads investment adviser compliance concerns
Implementing the SEC’s new “marketing rule” for investment advisers tops the list of concerns among chief compliance officers in the industry, according to new research.
Posted inEurope
Credit Suisse appoints Rafael Lopez Lorenzo as chief compliance officer
Credit Suisse has named Rafael Lopez Lorenzo as its chief compliance officer, five months removed from his predecessor stepping down in the wake of massive losses caused by the collapses of Archegos Capital Management and Greensill Capital.
Posted inRegulatory Enforcement
Hedge fund manager/CCO sentenced 4 years for ‘Ponzi-like’ scheme
Jason Rhodes, the co-founder and chief risk and compliance officer of a Connecticut-based investment fund, was sentenced to 48 months in prison and ordered to pay more than $25 million in restitution for his role in a “Ponzi-like” scheme.
Posted inFinancial Services
Adrienne Harris nominated to lead NYDFS
The new head of New York’s Department of Financial Services is expected to be Adrienne Harris, who was nominated to the post by Gov. Kathy Hochul.
Posted inRegulatory Enforcement
SEC sanctions 8 over email breaches
The Securities and Exchange Commission penalized eight firms across three separate actions for breaches of employee email accounts that exposed the personal information of thousands of customers in each case.
Posted inRegulatory Enforcement
Romanian bank penalized over Iran and Syria sanctions lapses
The Office of Foreign Assets Control fined Romania-based First Bank and its U.S. parent company JC Flowers & Co. $862,318 as part of a settlement for First Bank’s processing of transactions in apparent violation of Iran and Syria sanctions.
