Charles Schwab disclosed in a regulatory filing it expects to pay $200 million to resolve a Securities and Exchange Commission investigation concerning its robo-advisory business.
Financial Services
Posted inEurope
Credit Suisse entities to pay $1.5M for swap data reporting failures
The Commodity Futures Trading Commission reached a $1.5 million settlement with three entities of Credit Suisse for swap data reporting failures caused by a technical error.
Posted inRegulatory Enforcement
Compliance implications of Robinhood’s record $70M FINRA fine
The Financial Industry Regulatory Authority ordered Robinhood Financial to pay a record-breaking $70 million in penalties, the result of “systemic supervisory failures in several critical parts of its business.” The firm must retain a compliance consultant, among other enhancements.
Posted inRisk Management
FinCEN puts financial institutions on notice with first AML/CFT priorities
The Financial Crimes Enforcement Network tipped its hand at changes ahead for the Bank Secrecy Act in announcing the first government-wide list of priorities for anti-money laundering and countering the financing of terrorism.
Posted inRegulatory Enforcement
JPMorgan subsidiary to pay $2.75M for operating as unregistered broker-dealer
Neovest, a subsidiary of JPMorgan Chase, agreed to pay $2.75 million as part of a settlement with the Securities and Exchange Commission for operating as an unregistered broker-dealer.
Posted inAccounting & Auditing
PwC audit facing scrutiny amid Greensill collapse fallout
Big Four firm PwC is under investigation for its audit of Wyelands Bank as part of a larger U.K. review linked to the recent collapse of Greensill Capital.
Posted inRegulatory Enforcement
CCO charged in credit agency fraud scheme
The former chief compliance officer of New Jersey-based private fund Princeton Alternative Funding is facing SEC charges for his role in a scheme that allegedly duped investors of more than $73 million.
Posted inFinancial Services
Biden signs off on repeal of OCC’s ‘true lender’ rule
President Joe Biden has signed Congress’ repeal of the Office of the Comptroller of the Currency’s “true lender” rule issued last year in the waning months of the Trump administration.
Posted inAnti-Bribery
Ex-Goldman Sachs exec Asante Berko settles FCPA case
The SEC obtained final judgment against a former Goldman Sachs executive charged with violating the FCPA by orchestrating a bribery scheme to help a client win a power plant contract in the Republic of Ghana.
Posted inRisk Management
Embrace of RegTech driving financial services transformation
Large global financial institutions are utilizing advanced technologies like never before to help manage their regulatory compliance needs, driving major efficiencies within compliance, risk, and internal audit functions in the process.
