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.
Financial Services
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.
Posted inEthics & Culture
Credit Suisse combines risk and compliance, adds sustainable investing unit
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.
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.
