TD Bank Chief Risk Officer Ajai Bambawale said “procedural weaknesses” in the institution’s U.S. anti-money laundering program allowed bad actors to exploit its network.
Financial Services
Posted inEthics & Culture
Lifetime Achievement: Compliance lessons from a ‘Flea’
Felecia “Flea” Bowers, honored for Lifetime Achievement at the 2024 Excellence in Compliance Awards, shares advice for compliance professionals at every stage of their careers.
Posted inRegulatory Enforcement
Lemont National, Comerica Bank unit avoid penalties in separate OCC deals
The Office of the Comptroller of the Currency reached agreements with Lemont National Bank and Comerica Bank & Trust over concerns related to risk governance practices.
Posted inAccounting & Auditing
Broadway Financial discloses ICFR weaknesses due to training shortfalls
Los Angeles-based bank holding company Broadway Financial Corp. disclosed in a public filing weaknesses discovered in its internal control over financial reporting because of training shortfalls.
Posted inRegulatory Enforcement
JPMorgan will pay additional $100M to CFTC to settle trade surveillance lapses
A subsidiary of JPMorgan Chase will pay an additional $100 million to the Commodity Futures Trading Commission to settle charges it failed to adequately monitor and supervise its trading system.
Posted inEurope
HSBC fined $8M by FCA for mishandling customers in default
The U.K. Financial Conduct Authority fined HSBC nearly £6.3 million (U.S. $8 million) for failing to properly consider the financial position of customers who missed payments.
Posted inRegulatory Enforcement
SEC orders Intercontinental Exchange to pay $10M over Reg SCI violations
Intercontinental Exchange and nine affiliates agreed to pay $10 million for allegedly failing to inform the Securities and Exchange Commission of a cyber intrusion as required by Regulation Systems Compliance and Integrity.
Posted inEurope
N26 fined $9.6M for not timely filing AML reports to BaFin
Germany’s financial supervisory authority issued a fine of €9.2 million euros against mobile bank N26 for “systematically” submitting late anti-money laundering reports.
Posted inEthics & Culture
FDIC chair Gruenberg to resign following report on toxic workplace culture
Martin Gruenberg announced he will step down as chairman of the Federal Deposit Insurance Corporation following the release of an independent review that criticized the agency’s lack of response to employee claims of sexual harassment and discrimination.
Posted inEurope
Survey: Social media remains vexing issue for financial firms
A recent survey by surveillance technology firm SteelEye found most financial institutions do not monitor their employees’ use of social media or factor in market risks exacerbated by social media posts.
