The “FinCEN Files” report raises the question: What should banks be doing to address the trillions of dollars’ worth of banking transactions that are facilitating criminal activity every year?
Financial Services
Posted inRisk Management
FinCEN leaks impart key lessons on basics of writing SARs
Martin Woods, who has analyzed many of the suspicious activity reports released as part of the “FinCEN Files,” offers best practices for compliance officers in writing SARs.
Posted inInternal Controls
‘FinCEN Files’ highlight bank leadership flaws, not compliance flaws
Compliance has been taking some heat in the wake of the “FinCEN Files” reports, but it’s banks’ senior leadership that failed, not the folks filing all those SARs.
Posted inRegulatory Enforcement
Three former Wells Fargo execs settle with OCC for fake account scandal roles
Three former senior executives of Wells Fargo Bank must pay a combined total of $1.675 million in civil money penalties in settlements with the OCC for their individual roles in the bank’s now-infamous fake account scandal.
Posted inAML
FinCEN leaks damage trust between banks and regulators, but serve higher purpose
The “FinCEN Files” leaks divided opinions within the community of financial crime compliance officers. Trust has been damaged, writes Martin Woods, but these leaks could facilitate real reform.
Posted inInternal Controls
‘FinCEN Files’ report casts compliance officers in unfair light
The BuzzFeed “FinCEN Files” investigation purportedly uncovered evidence of a catastrophic, international collapse of internal controls within the world banking system. But that argument is misleading, to the point of being disingenuous.
Posted inFinancial Services
Visa appoints new chief compliance officer
Payment services giant Visa this month appointed Obiamaka Madubuko as its new chief compliance officer.
Posted inEurope
Swedbank being investigated for suspected market abuse
Swedbank announced the Swedish Financial Supervisory Authority has opened an investigation into the bank for potential violations of the regulation on market abuse in connection to the disclosure of suspected money laundering.
Posted inInternal Controls
Recent OCC case shows widespread liability when a BSA program fails
Who faces liability when a Bank Secrecy Act program is deemed to be deficient? A series of recent enforcement actions taken by the OCC against individuals at a now-defunct New Jersey bank provides a case study.
Posted inRegulatory Enforcement
CCO for investment firm altered documents to cover compliance failures, SEC says
A New York investment advisor and broker-dealer firm and its former chief compliance officer have been fined and censured for not fixing compliance failures identified by two federal agencies, then altering documents in an attempt to convince investigators the failures had been addressed.
