The SEC has charged two subsidiaries of Prudential Financial with failing to disclose conflicts of interest and making misleading disclosures to the boards for 94 funds they advised.
Financial Services
Posted inFinancial Services
What banking CCOs need to know about new terrorist funding order
Impacted financial institutions, including cryptocurrency exchangers, may want to review know-your-customer policies and anti-money laundering compliance in light of President Trump’s executive order.
Posted inFinancial Services
FTI Consulting expands financial services practice
FTI Consulting announced the expansion of its financial services practice within the Forensic and Litigation Consulting segment with the appointment of three professionals in New York.
Posted inEurope
FINMA publishes AML guidance on blockchain
The Swiss Financial Market Supervisory Authority has published new guidance on how it applies AML rules to the financial services providers it supervises in the area of blockchain technology.
Posted inEurope
Danske reported to police over investment mis-selling
Denmark’s financial regulator has filed a criminal complaint against Danske Bank over a mis-selling scandal that saw its former interim chief executive get fired in June this year.
Posted inAML
New FinCEN unit to focus on money laundering threats
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.
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.
