Deutsche Bank announced a series of changes to its management board, including the upcoming departure of Chief Risk Officer Stuart Lewis and transition of compliance responsibilities to Chief Administrative Officer Stefan Simon.
Financial Services
Posted inEthics & Culture
Goldman Sachs junior banker scandal puts Wall Street ethics in spotlight
Kyle Brasseur reviews the Goldman Sachs junior banker scandal and whether complaints of employee crunch on Wall Street can lead to change in working conditions. Check out Compliance Week for a closer look at the compliance risks of special purpose acquisition companies (SPACs). For more Nailed It or Failed It, click here.
Posted inInternal Controls
Westpac considering New Zealand unit demerger amid risk review
Westpac is assessing a demerger from its New Zealand business after the Reserve Bank of New Zealand ordered the unit to commission two independent reports concerning the bank’s liquidity and risk governance processes.
Posted inRegulatory Enforcement
Ex-GPB Capital CCO avoids prison in SEC theft case
A former SEC examiner who used insider information about an ongoing fraud investigation to obtain the chief compliance officer job with private equity firm GPB Capital has been sentenced to nine months of home confinement.
Posted inRegulatory Enforcement
CFTC fines Coinbase $6.5M for inaccurate reporting, wash trading
Coinbase agreed to pay a $6.5 million civil penalty to settle charges from the Commodity Futures Trading Commission for reporting violations and improper trading activity by a former employee.
Posted inEurope
ABN AMRO facing new charges in money laundering probe
ABN AMRO is facing new charges from Dutch prosecutors that imply the bank is suspected of knowing of money laundering activities perpetrated by its customers without intervening.
Posted inRegulatory Enforcement
NatWest facing criminal charges in landmark U.K. money laundering case
The U.K. Financial Conduct Authority has brought criminal proceedings against National Westminster Bank concerning alleged violations of the 2007 Money Laundering Regulations—a first for the regulator.
Posted inRegulatory Enforcement
CFPB flips on Trump-era abusive acts stance
The Consumer Financial Protection Bureau reversed a Trump administration policy on how it assesses and punishes abusive practices in the financial services industry.
Posted inRegulatory Enforcement
NYDFS fines mortgage banker $1.5M for cyber-security violations
The New York State Department of Financial Services fined Residential Mortgage Services $1.5 million for violating New York’s cyber-security regulation.
Posted inAML
Ex-undercover agent Robert Mazur to share first-person AML lessons at CW event
Robert Mazur, the famous undercover agent portrayed in the 2016 film “The Infiltrator,” will be the keynote speaker on Day 2 of Compliance Week’s upcoming financial crimes event, to be held virtually March 30-31.
