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.
Financial Services
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.
Posted inEurope
Commerzbank fine demonstrates danger of AML lapses
The Financial Conduct Authority’s fine of £37.8 million (U.S. $47.5 million) on Commerzbank’s London branch is a reminder that the most fundamental risk-based AML controls are still not being implemented at some financial services firms.
Posted inEthics & Culture
Twitter’s meltdown exposes vulnerability; and credit to Wells Fargo (yes, really)
In this week’s “Nailed It or Failed It?”, we reflect on the most troubling aspect of Wednesday’s giant Twitter hack while giving Wells Fargo a rare kudos for being good corporate citizens.
Posted inFinancial Services
OCIE issues ransomware alert to financial services
The SEC’s Office of Compliance Inspections and Examinations is advising financial firms to beware of a rise in more sophisticated ransomware attacks.
Posted inRisk Management
Analysis: When clean money is used for dirty purposes
There are times when it is a necessary to consider where clean money is going to as much as where dirty money may have come from, writes financial crime expert Martin Woods.
Posted inInternal Controls
What regulators want to know about KYC technology
So, your company has decided to embark on an update of its legacy Know Your Customer system. Hear from experts on how to begin the process of onboarding that tech to the regulators.
Posted inRisk Management
FinCEN issues advisory on coronavirus-related financial scams
The Financial Crimes Enforcement Network has issued an advisory on the types of coronavirus-related scams and schemes that financial institutions should be on alert for—for example, “mule money schemes”—and how and where to report such activity.
