Wells Fargo is now operating under a different regime, but what have the billions of dollars the bank has spent in attending to the compliance failures that arose out of its fake account scandal delivered? Not enough, posits Martin Woods.
Financial Services
Posted inRegulatory Enforcement
Federal banking regulators clarify BSA/AML compliance violation response
Two strikes and you’re out, say four federal agencies to repeat violators of Bank Secrecy Act/anti-money laundering compliance requirements.
Posted inInternal Controls
Wells Fargo CCO Roemer to depart amid new risk hirings
Wells Fargo announced Chief Compliance Officer Mike Roemer will depart two years after taking on the daunting task of transforming the troubled bank’s compliance and risk management efforts. Paula Dominick will succeed him as CCO.
Posted inRisk Management
OCIE risk alert offers coronavirus-related advice to investment, brokerage firms
Many of the coronavirus-related risks recently highlighted by the Office of Compliance Inspections and Examinations are well-known, but the agency made a point of mentioning fees and expenses.
Posted inRisk Management
Basel Committee issues final AML risk management guidance
The Basel Committee on Banking Supervision recently issued an updated version of its guidelines on sound management of risks related to anti-money laundering and combating the financing of terrorism.
Posted inRisk Management
Basel Committee seeks comment on principles for operational resilience
The Basel Committee on Banking Supervision is seeking comment from the financial services industry on its proposed principles for operational resilience that aim to enhance banks’ ability to withstand, adapt to, and recover from potentially severe adverse events.
Posted inInternal Controls
OCC fines Capital One $80M over 2019 data breach
Capital One and Capital One Bank (USA) were fined $80 million for failing to establish sound risk management processes and internal controls related to the company’s data breach last year.
Posted inRisk Management
Common-sense KYC: Customers should supply the knowledge
No one knows a customer better than the customer. As such, financial crime expert Martin Woods believes the onus should be on the customer to provide the required data to keep KYC logs up to date.
Posted inEthics & Culture
Firms must apply contact tracing rules to bank relationships
In order to prevent debacles like the one Deutsche Bank is embroiled in, there is a need to combine the processes of “know your employee” and “know your customer,” writes Martin Woods.
Posted inRegulatory Enforcement
Conn. investment firm fined $100K for trading, compliance failures
A small Connecticut investment firm has agreed to pay a $100,000 fine to settle charges levied by the Securities and Exchange Commission regarding unfair trade allocation and accompanying compliance failures.
