In terms of Know Your Customer, Deutsche Bank knew what it had with Jeffrey Epstein. It just didn’t care enough to do anything about it.
Financial Services
Posted inEthics & Culture
Deutsche Bank dinged $150M for ‘significant compliance failures’ related, in part, to Jeffrey Epstein
Deutsche Bank will pay $150 million in penalties under a consent order with New York State for “significant compliance failures” regarding, in part, its former relationship with accused child sex trafficker Jeffrey Epstein.
Posted inAccounting & Auditing
Wirecard scandal will have cascading impact on Germany’s audit, regulatory landscape
Wirecard already is shaping up to be to Germany what Enron was to the United States: An accounting oversight failure so epic in its scope and scale that its aftermath is likely to forever alter the country’s auditing and accounting profession as it exists today.
Posted inRisk Management
Managing emerging trade-based money laundering risks
Trade-based money laundering was already happening prior to the coronavirus pandemic, but now its nature has shifted. The ICA offers key considerations for managing emerging risks.
Posted inRisk Management
OCC report highlights elevated compliance risks in banking
The Office of the Comptroller of the Currency published a new report describing key issues facing the federal banking system and the effects of the coronavirus pandemic on the banking industry.
Posted inAccounting & Auditing
In time of crisis, Wirecard has turned to its would-be CCO to lead
Reeling from a $2 billion accounting scandal, Wirecard has turned to its would-be chief compliance officer as its interim CEO. It’s the first smart move the company has made in a while, writes Martin Woods.
Posted inRegulatory Enforcement
Supreme Court: CFPB single-director structure unconstitutional
The U.S. Supreme Court ruled the CFPB’s single-director structure violates the separation of powers between the executive and legislative branches and is unconstitutional.
Posted inInternal Controls
Following $107M fine for lax controls, SEB shares AML efforts
Sweden’s financial watchdog was fined SEB $107 million for weak governance practices related to the bank’s anti-money laundering controls in its Baltics subsidiaries.
Posted inFinancial Services
Regs rollback Volcker rule restrictions on bank investments
Despite pushback from some regulators and Democrats in Congress, the newest Volcker rule update will allow banks—in certain circumstances—to invest or sponsor hedge funds and private equity funds.
Posted inAccounting & Auditing
FRC to probe EY, PwC audits of London Capital & Finance
The U.K. Financial Reporting Council has commenced three investigations into the audits of collapsed investment firm London Capital & Finance, including audits carried out by Big Four firms EY and PwC.
