All Financial Services articles
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ArticleVolkswagen completes monitorship; Deloitte family leave policy too good to be true?
Volkswagen gets a nod this week for successfully completing its 3-year compliance monitorship related to Dieselgate. Deloitte, on the other hand, lands on the wrong side of our list.
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Assessing the fallout from coronavirus relief loan frauds
In both the U.S. and U.K., millions (perhaps billions) of dollars of coronavirus relief loans intended for small businesses is believed to have been misused. Legitimate businesses have been hurt as a result, writes Martin Woods.
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A step toward managing climate risk in U.S. financial system
A nearly 200-page report on managing climate risk in the U.S. financial system is comprehensively assembled by a group spearheaded by CFTC Commissioner Rostin Behnam, but the real work comes in its implementation.
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EY chairman: Auditors should work harder to find fraud
The chairman and chief executive of Big Four auditing firm EY says auditors should do more to uncover fraud while conducting external audits, a topic the industry has historically been reluctant to tackle.
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Former Goldman Sachs chief risk officer leaves for BNY Mellon
BNY Mellon poached from a competitor when it announced the hiring of former Goldman Sachs Chief Risk Officer Robin Vince as vice chair and CEO of Global Market Infrastructure.
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Credit to JPMorgan Chase in this week’s banking-themed naughty/nice list
JPMorgan Chase, Danske Bank, Deutsche Bank, and Bank of America all either “Nailed It” or “Failed It” this week.
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Deutsche Bank Trust to pay $583K in Ukraine sanctions settlements
Deutsche Bank Trust Company Americas has reached a pair of settlements with the Office of Foreign Assets Control totaling $583,100 for apparent violations of Ukraine-related sanctions.
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FINRA sanctions Wells Fargo $2M over variable annuity switches
Two Wells Fargo subsidiaries were ordered to pay more than $2 million due to supervisory failures regarding the switching of customers’ variable annuities, the Financial Industry Regulatory Authority announced.
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AIG whistleblower claims in lawsuit he was fired for uncovering fraud
A former attorney for AIG has alleged in a federal whistleblower lawsuit that he was fired after he complained about fraudulent activity related to an attempt to spin off a separate legal services company.
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Forget the status quo: Proactive AML is the path forward
The AML community is guilty of tolerating the failing status quo, and very few have dared to confront, challenge, and disrupt the inefficient and ineffective practices. A proactive approach could be the solution, writes Martin Woods.
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Credit social media giants for prepping for election chaos
Silicon Valley’s social media heavyweights deserve a nod for “war-gaming” potential misinformation scenarios in advance of November’s elections, while McDonald’s again finds itself on our “Not Lovin’ It” list.
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Credit Suisse faces FINMA enforcement in corporate espionage case
Credit Suisse is learning the hard way that spying on former colleagues is frowned upon, following announcement of an enforcement proceeding against the Zurich-based bank by the Swiss Financial Market Supervisory Authority.
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With CFPB in ‘retreat,’ California eyes state consumer finance agency
California wants to create its own state consumer finance protection agency because the federal Consumer Financial Protection Bureau is in “retreat,” Democratic Gov. Gavin Newsom says.
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Best practices KYC: What to do when your client is in the headlines
How do we, as AML professionals, assess negative media alerts? It should start with a conversation with the client relationship manager, but it shouldn’t end there, writes Martin Woods.
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Robinhood adds two CCOs amid reported SEC probe
Online stock trading platform Robinhood last week announced the appointment of two chief compliance officers as it reportedly faces scrutiny from the SEC and FINRA regarding its March system outages.
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What the Wirecard story tells us about red flags, healthy skepticism
How we came to learn about the fraud allegedly perpetrated by Wirecard offers important lessons in compliance and corporate governance, writes financial crime expert Martin Woods.
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Credit to KPMG for shining a light on fraud at Wirecard
A scathing report on the extensive fraud at German payment giant Wirecard had a compliance silver lining: KPMG’s by-the-books, transparent approach to a special audit helped bring that fraud to light.
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PCAOB study: Improved quality control needed in broker-dealer audits
Modest improvements in the audits of broker-dealers do little to absolve the need for firms to evaluate how they can enhance their systems of quality control, according to the latest figures from the PCAOB.
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We’re losing the war on AML, and big consultancies aren’t helping
Financial crimes expert Martin Woods writes that, in his experience, the big consultancy firms have made a substantial negative contribution to global AML endeavors.
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Banking regs reemphasize rules for monitoring accounts of foreign officials
Five federal regulatory agencies issued a reminder to banks and financial institutions that they should continually monitor risks associated with the accounts of foreign officials.
