The pace of technological change can be overwhelming, and in-house legal and compliance teams are yet to lead the charge. This needs to change if businesses are to secure the potential competitive advantages offered by new tech.
Financial Services
Posted inEurope
Swedbank cuts ex-CEO’s severance following AML probe
Swedbank has canceled the severance pay of its former CEO and accepted a record fine of 4 billion Swedish Krona (U.S. $390 million) in the wake of the findings of an independent investigation into its anti-money laundering deficiencies.
Posted inEurope
Swedish regulator fines Swedbank record $390M for AML deficiencies
Swedbank AB has been issued a record 4 billion Swedish Krona (U.S. $390 million) administrative fine for what Sweden’s financial watchdog called “serious deficiencies in its management of the risk of money laundering in its Baltic operations.”
Posted inEurope
Study: Fear of data breaches stifling bank innovation
Research by consultancy firm Accenture shows companies in financial services are more concerned with guarding themselves against the impact of a data breach than realizing any financial benefits of using the data.
Posted inEurope
Swedbank announces new risk chief as probe nears end
Swedbank announced the appointment of Rolf Marquardt as chief risk officer just over a week prior to the expected announcement of the findings of a probe into its AML shortcomings conducted by law firm Clifford Chance.
Posted inAccounting & Auditing
PwC survey: Finance leaders worried about global recession
The potential for the coronavirus outbreak to lead to a global recession topped the list of concerns among finance leaders based in the United States and Mexico, according to a new survey released by PwC.
Posted inEurope
Swedbank notifies OFAC of potential sanctions violations
Swedbank announced it has reported approximately $4.8 million worth of transactions that might be subject to U.S. sanctions to the Treasury Department’s Office of Foreign Assets Control.
Posted inFinancial Services
Wells Fargo ends wild week with new general counsel appointment
Wells Fargo capped a tumultuous week Friday when it announced the appointment of Ellen Patterson as its new senior executive vice president and general counsel.
Posted inBoards & Shareholders
Wells Fargo former board chairs hesitant to accept accountability
Elizabeth Duke and James Quigley remained unwavering about accepting any sort of accountability in their oversight roles as former board members of Wells Fargo at a tense Congressional hearing Wednesday.
Posted inEthics & Culture
Wells Fargo CEO says bank’s past behavior ‘deeply disturbing,’ vows change
Wells Fargo CEO Charlie Scharf, who has led the scandal-plagued megabank for four months, was upfront about the bank’s failure to stem abuses in its banking, lending, and auto insurance divisions when he testified at a Congressional hearing Tuesday.