UBS Financial Services agreed to pay more than $8 million as part of an SEC settlement for allegedly failing to adopt adequate policies and procedures regarding a certain exchange-traded product.
Financial Services
Posted inEurope
FCA pledge to be more assertive rings hollow amid enforcement drops
A steady decrease in enforcement activity makes it easy to question whether the U.K. Financial Conduct Authority is in position to become the “more innovative, assertive, and adaptive regulator” it pledges to be.
Posted inRegulatory Enforcement
Compliance allegedly ignored in LendingClub $18M FTC settlement
FinTech firm LendingClub has agreed to pay $18 million in a settlement with the Federal Trade Commission for deceiving loan applicants about hidden fees that its compliance department allegedly warned it about.
Posted inRisk Management
New bank guidance expands on advice for handling third parties
Three federal banking regulators are seeking public input on the first comprehensive update to risk management guidance for financial institutions entering into business relationships with third parties since 2013.
Posted inRegulatory Enforcement
TIAA subsidiary to pay $97M over wealth advisory sales practices
A subsidiary of the Teachers Insurance and Annuity Association of America has agreed to pay $97 million to settle charges of inaccurate and misleading statements and failing to adequately disclose conflicts of interest regarding employer-sponsored retirement plans.
Posted inInternal Controls
Credit Suisse creates new risk role to prevent next Archegos
Credit Suisse has named Amélie Perrier to a new senior executive position to track the trading positions of its largest customers after the bank lost $4.7 billion in the aftermath of the collapse of Archegos Capital Management.
Posted inEthics & Culture
Binance enhancing compliance after recent U.K. ban
The CEO of cryptocurrency platform Binance touted the company’s growing commitment to compliance after one of its units was banned from operating in the United Kingdom.
Posted inRegulatory Enforcement
Robinhood Crypto anticipates $10M penalty for cyber, AML failures
Robinhood Markets said its cryptocurrency platform might face a penalty of “at least” $10 million from the New York State Department of Financial Services for anti-money laundering and cyber-security failures.
Posted inRegulatory Enforcement
FinCEN eyes no-action letters as aid for FinTech rollouts
The Financial Crimes Enforcement Network will launch rulemaking for a no-action letter process that would give financial institutions another way to enter dialogue with the regulator about innovative and newly emerging technologies.
Posted inRisk Management
Takeaways from NYDFS ransomware guidance
The New York State Department of Financial Services has issued guidance for regulated entities describing best practices for reducing the risk of a ransomware attack.
