Three federal banking regulators have released guidance offering tips and suggestions to community banks for conducting due diligence on potential FinTech partners.
Financial Services
Posted inEurope
Weathering the storm: Why FinTech compliance failures persist
Experts weigh in with their thoughts on why FinTechs and cryptocurrency firms continue to have a bad reputation in terms of compliance.
Posted inRegulatory Enforcement
OFAC fines Bank of China $2.3M for Sudan sanctions violations
The Office of Foreign Assets Control announced Bank of China’s U.K. arm agreed to pay $2.3 million to settle its potential civil liability for processing transactions in apparent violation of now-repealed Sudan sanctions regulations.
Posted inEurope
What went wrong at Greensill Capital? Former risk chief shares his view
Brett Downes, the chief risk officer at Greensill Capital for five years before the company filed for insolvency, explains what factors he believes led to the supply chain finance startup’s abrupt collapse.
Posted inRegulatory Enforcement
Challenge to SEC’s Bank Secrecy Act authority backed by ex-FinCEN leadership
A brokerage firm petitioning the Supreme Court to review the power of the SEC to enforce the Bank Secrecy Act has received support from two former officials of the primary agency tasked with overseeing the AML law.
Posted inBoards & Shareholders
Rebuilding Credit Suisse nominates risk management veterans to board
In a continuing overhaul of its risk and compliance leadership, Credit Suisse announced the nominations of Axel Lehmann and Juan Colombas to serve as non-executive members of its board.
Posted inRegulatory Enforcement
FINRA notice outlines key areas for supervising third parties
The Financial Industry Regulatory Authority issued a notice on compliance deficiencies arising from firms’ relationships with vendors culled from examination findings.
Posted inRisk Management
ICA roundtable: Five tips for filing more effective SARs
A recent roundtable explored the anxieties compliance officers face in filing suspicious activity reports and offered advice for overcoming such difficulties.
Posted inRegulatory Enforcement
Westpac warned over continued AML failings
The Reserve Bank of New Zealand issued a formal warning to Westpac’s New Zealand branch for failing to report certain transactions as required under local anti-money laundering regulations.
Posted inInternal Controls
Crypto platform BitMEX to pay $100M for registration, AML violations
Cryptocurrency platform BitMEX has agreed to pay $100 million as part of a settlement with the CFTC and FinCEN for multiple violations of the Bank Secrecy Act and other anti-money laundering laws.
