FinCEN announced the launch of its newly created Global Investigations Division, with responsibility for targeting terrorist financing and money laundering threats, both domestically and internationally.
Financial Services
Posted inRegulatory Enforcement
Deutsche Bank to pay $16M in FCPA case over hiring practices
Deutsche Bank has become the latest financial institution to pay a penalty for violations of the Foreign Corrupt Practices Act over questionable hiring practices, showcasing a litany of compliance failures.
Posted inRegulatory Enforcement
Cantor Fitzgerald, BMO Capital to pay $4.5M for mishandling ADRs
Brokers Cantor Fitzgerald and BMO Capital Markets will combine to pay more than $4.5 million to settle charges of improper handling of “pre-released” American Depositary Receipts.
Posted inFinancial Services
Fed wants real-time payments, settlements
The Federal Reserve is making an effort to develop a round-the-clock real-time payment and settlement service.
Posted inRegulatory Enforcement
Swiss bank ignores compliance officer; pays $10.7M for tax evasion
A Swiss-based private bank reached a $10.7 million settlement and entered into a non-prosecution agreement with the U.S. Department of Justice for committing tax evasion after recommendations made by its compliance officer went ignored.
Posted inRisk Management
FDIC details credit and market risks
The Federal Deposit Insurance Corporation this week published its 2019 Risk Review, an annual publication highlighting emerging risks and exposures that could affect the banking system in the months ahead.
Posted inData Privacy
Capital One announces massive data breach
Capital One Financial announced a hacker obtained the personal information of approximately 100 million individuals in the United States and approximately six million individuals in Canada.
Posted inAccounting & Auditing
SEC: Transition from LIBOR has taken on ‘urgency’
Regulators are starting to freak out a little over what will happen in U.S. financial markets in 2021 when a major benchmark interest rate is expected to vanish. The Securities and Exchange Commission recently issued guidance to registrants telling them preparing for new reference rates to underpin trillions of dollars in financial contracts is becoming […]
Posted inFinancial Services
InvestEdge updates compliance monitoring system
InvestEdge, a provider of financial advisory solutions, announced the release of Compliance Middle Office Management as a new addition to its compliance monitoring system.
Posted inFinancial Services
FINRA issues clarifying guidance on ‘extraordinary cooperation’ credit
The Financial Industry Regulatory Authority has issued supplemental guidance clarifying how companies and individuals that demonstrate “extraordinary cooperation” in investigations can receive enforcement credit.
