All Finance articles
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ArticleStudy: Financial crime compliance costs climb 18 percent in 2020
Projected costs for financial crime compliance among financial services companies worldwide reached nearly $214 billion last year, according to the latest survey from LexisNexis Risk Solutions.
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Loomis adds chief risk officer
Cash handling company Loomis Group announced the appointment of Stellan Abrahamsson as chief risk officer, effective March 1, 2022.
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‘Cost of Compliance’ survey reflects post-COVID landscape
A year removed from the start of the pandemic, the long-term effects the shift in work culture will have on the compliance profession have become more apparent. The “Cost of Compliance Report 2021” by Thomson Reuters reflects these changes.
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Options Clearing Corp. appoints chief risk officer
The Options Clearing Corporation, a derivatives clearing organization, announced the appointment of David Ye as chief risk officer and a member of its management committee.
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CCO settles SEC charges of causing firm to breach fiduciary duties
The SEC announced settled charges with the chief compliance officer of investment adviser VII Peaks Capital for her alleged role in causing the firm to breach fiduciary duties.
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NYC Bar framework seeks clarity on when CCOs face SEC charges
The New York City Bar Association has proposed a framework for regulators like the SEC to use when considering charging chief compliance officers for misconduct that occurs on their watch.
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SEC, CFTC charge LJM for mishandling $1B in assets; chief risk officer settles
The SEC and CFTC filed charges against investment management firm LJM and two portfolio managers for misleading investors about the company’s risk management practices. Each agency separately reached settlements with LJM’s chief risk officer for his role in the alleged scheme.
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Report: DOJ launches investigation into Archegos collapse
The Department of Justice has reportedly launched an investigation into the collapse of Archegos Capital Management, which cost multiple big banks billions of dollars.
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AML culture is in need of a revamp
Bank culture continues to be a problem following the 2008 financial crisis, and strategies formed to prevent money laundering haven’t fared much better. It’s time for a new approach, writes Martin Woods.
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Melio hires former Amex exec as chief compliance officer
B2B payments company Melio announced the appointment of former American Express executive Jonathan Polk as general counsel and chief compliance officer.
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Tiedemann appoints chief compliance officer
Independent investment and wealth advisor Tiedemann Advisors announced the appointment of Whitney Fogle Lewis as chief compliance officer and deputy general counsel.
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Newbridge Financial Services names chief compliance officer
Newbridge Financial Services Group, an affiliate of Newbridge Financial, announced the promotion of Jennifer Dorfman to chief compliance officer.
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GSR adds chief risk officer
Digital asset trading platform GSR announced the appointment of Jon Loflin as chief risk officer and managing director.
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Circle appoints chief compliance and risk officer
Circle, a global financial technology firm, announced the appointment of Mandeep Walia as chief compliance and risk officer.
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U.K. regulatory system also at fault in Greensill collapse
The collapse of Greensill Capital has led to investigations into how the company got into the financial mess it did and why alarm bells didn’t ring. But one investigation is noticeably conspicuous by its absence—why the company wasn’t properly regulated in the first place.
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State Street to pay $115M for mutual fund overcharges
State Street will pay a $115 million criminal penalty and enter into a deferred prosecution agreement with the Department of Justice for mutual fund and expenses overcharges.
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Combating terrorist financing: Coordination and the ‘human element’
Fundamental differences in ideology and motivation differentiate a terrorist from organized criminal groups. However, a debate rages over the connection between transnational organized crime and terrorist financing.
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SEC fines broker-dealer $1.5M for SARs filing failures
GWFS Equities will pay $1.5 million as part of a settlement with the SEC for lapses in the filing of suspicious activity reports related to the threat of cyber-breaches.
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SEC awards $22M to two whistleblowers in contentious case
Two whistleblowers sought to undermine each other in vying for the majority of a $22 million award issued by the SEC regarding malfeasance reported at a financial services firm.
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Monitor certifies MoneyGram’s AML program after lengthy DPA
MoneyGram International stated in a regulatory filing it has fulfilled its obligations under a DPA it entered with the Department of Justice eight years ago, and its AML program was given a thumbs-up by its compliance monitor.
