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.
Regulatory Policy
Posted inAML
Judge’s ruling calls FinCEN beneficial ownership registry into question
A federal court judge in Alabama ruled the Corporate Transparency Act was beyond Congress’s power, potentially throwing the effectiveness of the Financial Crimes Enforcement Network beneficial ownership information registry into doubt.
Posted inData Privacy
Biden executive order to target commercial data broker activities
A new executive order seeks to put clamps on the sale of Americans’ personal data by data brokers and other companies to certain countries found to be of national security concern.
Posted inEurope
FCA vows transparency, faster case outcomes in new enforcement strategy
The U.K. Financial Conduct Authority will rein in its enforcement focus and commit to providing more updates on its ongoing investigations as part of a revamped strategy designed to quicken the pace and increase the deterrent impact of its cases.
Posted inEurope
FCA calls attention to continued trade manipulation tactics
Financial firms continue to flout rules designed to protect investors from being misled about the true value of financial products, according to a recent bulletin from the U.K.’s Financial Conduct Authority.
Posted inEurope
New European AML agency to be based in Germany
The European Union’s recently approved Anti-Money Laundering Authority will be based in Frankfurt, Germany, and begin operations in 2025.
Posted inRegulatory Enforcement
CFPB exercises power to supervise installment lender World Acceptance
Installment lender World Acceptance Corp. was the subject of the Consumer Financial Protection Bureau’s first use of a dormant legal provision allowing it to establish supervisory authority over more nonbank financial companies.
Posted inEthics & Culture
CW National 2024 preview: Diana Kelley on AI implications for compliance
Artificial intelligence expert Diana Kelley will discuss what AI means for organizations and explore the technology’s implications for compliance and enterprise risk as part of a keynote address at Compliance Week’s National Conference in Washington, D.C.
Posted inTechnology
DOJ appoints first chief AI officer
On the heels of a warning by the deputy attorney general that the agency will seek stiffer penalties in cases involving the misuse of artificial intelligence, the Department of Justice announced Jonathan Mayer as its first chief AI officer.
Posted inRegulatory Enforcement
Fed upping supervisory pressure as SVB collapse nears 1-year mark
Since the failure of Silicon Valley Bank nearly one year ago, the Federal Reserve Board has revamped its supervisory procedures to respond more quickly and forcefully once it identifies emerging risks at mid-sized and large banks, according to the agency’s vice chair for supervision.
