JPMorgan Chase will pay $348.2 million in fines to settle allegations laid by two federal banking regulators that it failed to adequately monitor trading and order activity.
Financial Services
Posted inRisk Management
U.S. banking regs mulling enhanced operational resiliency frameworks
Acting Comptroller of the Currency Michael Hsu said federal banking agencies are considering enhancements to their operational resiliency requirements for member banks.
Posted inRegulatory Enforcement
Argus to pay $37M in DOJ case over misused regulator data
Economic data and research firm Argus Information and Advisory Services agreed to pay $37 million to settle charges from the Department of Justice alleging misuse of data obtained through federal regulatory contracts.
Posted inEurope
FCA fines financial adviser $1.1M over British Steel advice, oversight lapses
The U.K. Financial Conduct Authority fined Inspirational Financial Management nearly £900,000 (U.S. $1.1 million) regarding alleged failures in advice and oversight provided to customers who were primarily members of the British Steel Pension Scheme.
Posted inRisk Management
New Zealand banks to report material cyber incidents within 72 hours
The Reserve Bank of New Zealand added new reporting requirements for its member banks to follow if they suffer a material cyber incident and for all types of cyberattacks.
Posted inEurope
Italian DPA fines UniCredit $3M over data breach GDPR lapses
The Italian data protection authority announced a fine of €2.8 million (U.S. $3 million) against UniCredit for alleged violations of the General Data Protection Regulation regarding insufficient security measures the bank had in place during a cyberattack.
Posted inFinancial Services
SEC expands scope of order execution disclosure rule
Lost in the shuffle of the approval of its controversial climate-related disclosure rule, the Securities and Exchange Commission also adopted amendments to its rule for order executions in national market system stocks.
Posted inRegulatory Enforcement
Ameriprise expecting $50M SEC fine over off-channel comms
Ameriprise Financial disclosed it recorded a $50 million accrual related to the resolution of a Securities and Exchange Commission probe into use of off-channel communications by its employees for conducting business.
Posted inEurope
FCA warns CEOs over firm AML failings
The U.K. Financial Conduct Authority warned the chief executive officers of approximately 1,000 financial institutions it supervises regarding common failures in anti-money laundering procedures it observed during recent assessments.
Posted inRisk Management
Metropolitan Commercial Bank adds risk chief, AML officer
Metropolitan Commercial Bank announced the appointments of a chief risk officer and Bank Secrecy Act/anti-money laundering officer to bolster its reporting lines following a $30 million enforcement action from federal and state authorities last year.
