A damning report by the EU’s securities markets regulator found numerous shortcomings in German authorities’ supervision of Wirecard’s financial reporting leading up to its collapse surrounding a $2 billion accounting scandal.
Financial Services
Posted inAccounting & Auditing
JPMorgan Chase facing potential fine for internal control deficiencies
A subsidiary of JPMorgan Chase is facing a potential civil penalty “related to historical deficiencies in internal controls and internal audit over certain advisory and other activities.”
Posted inInternal Controls
Citigroup chief risk officer to depart amid risk management overhaul
The chief risk officer at Citigroup is set to depart from his role in the wake of a $400 million enforcement action that ordered the firm to overhaul its risk management and compliance programs.
Posted inRisk Management
New bank resiliency guidance tackles cyber-risk, pandemic planning
Federal banking regulators have released new operational resiliency guidance aimed to strengthen risk management around technology-based failures, cyber-incidents, pandemic outbreaks, natural disasters, and more.
Posted inEthics & Culture
CCO Philippe Vollot has a plan for Danske Bank’s compliance reboot
Danske Bank CCO Philippe Vollot knows his journey to build a robust compliance program and culture at the troubled lender is far from over.
Posted inEurope
Study questions effectiveness of U.K. management oversight regime
The U.K.’s financial services regulator is still failing to hold individuals accountable four years after introducing a program to improve oversight and enforcement, according to a new study.
Posted inRisk Management
OCC deems ‘true lenders’ responsible for actions of third-party partners
The Office of the Comptroller of the Currency’s finalized “true lender” rule clarifies how banks are responsible for the compliance obligations and actions of their third-party lending partners.
Posted inBoards & Shareholders
Goldman Sachs board demands accountability with widespread 1MDB clawbacks
The board of directors at Goldman Sachs Group will attempt to claw back approximately $174 million from a dozen current and former executives—one of the largest clawback attempts ever—in the aftermath of the 1MDB scandal.
Posted inAnti-Bribery
Compliance lessons from Goldman Sachs’ $2.9B 1MDB settlement
Jaclyn Jaeger explores compliance takeaways from Goldman Sachs’ $2.9 billion global bribery settlement for its role in the 1MDB scandal.
Posted inInternal Controls
‘FinCEN Files’ reaction poll: Corporate culture blocks AML compliance
In the aftermath of the “FinCEN Files” leak, financial industry practitioners polled by Fenergo say changing the system needs to start within their own institutions.
