Despite repeated interventions, fines, and negative publicity, money laundering is rife in U.K. financial services firms, according to Deputy Foreign Secretary Andrew Mitchell.
Financial Services
Posted inFinancial Services
Court overturns SEC private fund adviser rule, calls out agency overreach
A federal appeals court struck down the Securities and Exchange Commission’s private fund adviser rule, agreeing with industry advocates that the agency overstepped its authority.
Posted inAccounting & Auditing
Epoch Times CFO charged in $67M money laundering scheme
The chief financial officer of the Epoch Times was charged with laundering at least $67 million in illegally obtained funds to bolster the fortunes of the newspaper and himself.
Posted inFinancial Services
CFPB to require nonbanks to register outside enforcement orders
The Consumer Financial Protection Bureau passed a new rule requiring nonbank financial companies to register consumer protection orders filed against them by other federal agencies, courts, or states.
Posted inEurope
Big Tech data for finance: Will FCA plans set trend?
Plans in the United Kingdom to share Big Tech data with financial services firms could prompt other industry regulators to follow suit or result in “unintended consequences” that see Meta, Google, and others growing market share.
Posted inRegulatory Enforcement
Podcast: SEC Commissioner Hester Peirce on regulatory demands, CCO input
Compliance Week’s Aaron Nicodemus sat down for an exclusive chat with SEC Commissioner Hester Peirce covering the flood of new regulation emanating from the agency, stresses on compliance at smaller firms, CCO liability, and more.
Posted inRegulatory Enforcement
FINRA dings Bank of America unit over notification lapses
The Financial Industry Regulatory Authority fined a Bank of America subsidiary $90,080 for filing untimely or inaccurate notifications related to security distributions and failing to adopt an adequate supervisory system.
Posted inEurope
BaFin relaxes growth restrictions on N26 following AML improvements
German financial regulatory authority BaFin lifted growth restrictions on N26, after the digital bank made improvements to its anti-money laundering program.
Posted inRisk Management
OCC’s Hsu advocates requiring mid-sized banks create ‘robust’ recovery plans
Acting Comptroller of the Currency Michael Hsu said he favors requiring more mid-sized U.S. banks to conduct the same rigorous recovery planning as the largest banks, part of a lesson learned from the collapse of three mid-sized banks in 2023.
Posted inRegulatory Enforcement
Mass Ave Global fined $350K for compliance, communication lapses
Mass Ave Global agreed to pay $350,000 for alleged failures that led the investment adviser to make false and misleading statements to investors, according to the Securities and Exchange Commission.
