Financial institutions have been hit with $10.4 billion in global fines and penalties related to AML, KYC, data privacy, and MiFID regulations in 2020, according to a recent Fenergo report.
Financial Services
Posted inEurope
Charles Schwab U.K. fined $12M for failing to protect client assets
The U.K. Financial Conduct Authority fined Charles Schwab U.K. approximately £9 million (U.S. $12 million) for compliance failures related to the protection of client assets.
Posted inEurope
OFAC closes investigation into Danske Estonia case
Danske Bank received a no-action letter from the U.S. Department of the Treasury’s Office of Foreign Assets Control regarding an investigation at the bank’s infamous Estonian branch.
Posted inEurope
U.K. court upholds insider trading charges against former UBS compliance officer
A U.K. appeals court upheld five insider trading convictions against a former senior compliance officer at investment bank UBS.
Posted inRegulatory Enforcement
FinTech darling Robinhood fined $65M for misleading customers
Mobile trading app provider Robinhood Financial, which has become a disruptive force in the stock market, has agreed to pay $65 million to the SEC to settle charges of misleading customers about how it makes money and for failing to secure best sale prices.
Posted inEthics & Culture
Barclays fined $34.8M over treatment of cash-strapped customers
The U.K. Financial Conduct Authority fined Barclays Bank and its related units £26 million (U.S. $34.8 million) for poor treatment of consumer credit customers experiencing financial hardship.
Posted inRegulatory Enforcement
SEC charges CCO over illegal security sales practices
A chief compliance officer is one of three individuals on the receiving end of SEC charges for illegally selling securities in unregistered transactions to retail investors while acting as an unregistered broker.
Posted inAML
U.S. beneficial ownership efforts a welcome sight for global AML community
U.S. Congress’ defense spending bill requiring corporations to identify who owns and controls them is a significant milestone in the global effort to put an end to anonymous shell companies, writes Martin Woods.
Posted inAML
Congress passes defense bill with big ramifications for AML, whistleblowers
Congress’ defense spending bill approved Friday includes amendments that could dramatically alter the fight against money laundering, in addition to a new BSA whistleblower program with some kinks to be worked out.
Posted inAML
New FinCEN guidance encourages information sharing among banks
FinCEN Director Kenneth Blanco announced updated guidance to encourage more financial institutions to share information among their peers regarding suspicious transactions.
