Credit Suisse has combined separate risk and compliance heads into one board-level position, part of a shakeup of the bank’s corporate structure that includes a renewed emphasis on sustainable investing.
Financial Services
Posted inRisk Management
While compliance is in vogue, let masks be a symbol of safety in all situations
Now is the time to market compliance practices to customers who wear masks within our premises but drop the masks—and their guards—when answering calls and emails from the privacy of their own homes, writes Martin Woods.
Posted inRisk Management
SARs overload slowing efforts to combat financial crime
For the global AML community, there is a need to recognize too much valuable time is spent filing too many low-value suspicious activity reports that will never become the subject of any law enforcement action, writes Martin Woods.
Posted inInternal Controls
The problem with ‘ghost CCOs’ and the haunting consequences
If you’re a small investment firm owner acting as your firm’s chief compliance officer, here are some scary stories that might keep you up at night.
Posted inRegulatory Enforcement
Goldman Sachs reaches $4B 1MDB settlement with Malaysia
Goldman Sachs reached a nearly $4 billion agreement in principle with the Government of Malaysia to resolve all criminal and regulatory proceedings related to three 1MDB bond transactions.
Posted inAccounting & Auditing
FASB proposes new chapter for financial reporting framework
The Financial Accounting Standards Board has proposed a new chapter to Concepts Statement No. 8 that would define 10 elements of financial statements.
Posted inRegulatory Enforcement
First American first charged with NYDFS cyber-regulation abuses
First American Title Insurance Company has become the first firm to face charges alleging violations of the New York State Department of Financial Services’ Cybersecurity Regulation.
Posted inEurope
U.K.’s Russia report underscores need to question big money
The U.K.’s long-awaited report on Russian interference in the country stresses the importance for big money to be subject to enhanced levels of due diligence, writes financial crime expert Martin Woods.
Posted inRegulatory Enforcement
SEC fines UBS $10M over municipal bond offerings
UBS Financial Services has agreed to pay more than $10 million to resolve SEC charges that it circumvented the priority given to retail investors in certain municipal bond offerings.
Posted inFinancial Services
OCC proposal seeks to clarify when banks are ‘true lender’
The Office of the Comptroller of the Currency has proposed a rule meant to eliminate ambiguity in federal banking regulations regarding loans made by national banks and their third-party partners.
