Merrill Lynch will pay more than $7.2 million in restitution and interest to customers who incurred unnecessary sales charges and paid excess fees in connection with mutual fund transactions, FINRA announced.
Financial Services
Posted inEurope
Danske faces criminal complaint over market abuse violations
Denmark’s financial regulator has filed a criminal complaint against Danske Bank for violating market abuse regulations concerning inadequate market monitoring and opposite trades.
Posted inInternal Controls
Westpac outlines compliance failures that led to AML breaches
An internal report outlining compliance failures by Australia-based financial institution Westpac that led to 23 million breaches of the country’s AML/CTF laws concluded “a mix of technology and human error” were to blame.
Posted inRegulatory Enforcement
USBI to pay $16M for breaches of fiduciary duty
U.S. Bancorp Investments, a dually registered investment adviser and broker-dealer, has agreed to pay $16 million to settle SEC charges for breaches of fiduciary duty arising out of its mutual fund share-class selection practices.
Posted inRisk Management
Wells Fargo appoints new risk leaders, enhances risk model
Still trying to polish its tarnished reputation, Wells Fargo announced the appointment of two new corporate risk leaders and an enhanced organizational structure “designed to provide greater oversight of all risk-taking activities.”
Posted inAccounting & Auditing
Investigation into EY’s audit of Danske Bank dropped
Denmark’s state prosecutor has dropped its investigation into whether Big Four firm EY violated anti-money laundering laws in connection with its audit of Danske Bank.
Posted inInternal Controls
FinCEN advisory details coronavirus risks for financial industry
The Financial Crimes Enforcement Network has issued what it says is the first of several advisories concerning financial crimes related to the COVID-19 pandemic.
Posted inAML
Westpac announces more executive changes amid investigation
Amid a money-laundering investigation and faced with allegations of facilitating child exploitation in the Philippines and Southeast Asia, Westpac has appointed a new head of financial crime compliance.
Posted inRegulatory Enforcement
SEC, DOJ ordered to review RBS whistleblower’s claim on $4.9B settlement
A federal appeals court ordered two federal agencies to review the whistleblower claims of a former Royal Bank of Scotland employee who is seeking a slice of a nearly $5 billion settlement.
Posted inEthics & Culture
Analysis: The problem with keeping a secret
You can’t hide behind the numbers, as numerous banks, including Bank Hapoalim, found out recently when rampant tax evasion took hold in Switzerland.
