All Financial Services articles
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ArticleMassMutual $4M fine a lesson in trader conduct oversight
A subsidiary of Massachusetts Mutual Life Insurance agreed to pay $4 million after apparently missing nearly two years’ worth of red flags by one of its broker-dealers that turned out to be a driving force behind the GameStop stock trading craze.
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German AML deficiencies in spotlight ahead of election
A recent raid by German prosecutors of the country’s finance and justice ministries has once again put a spotlight on Germany’s apparent failings in tackling financial crime.
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Elizabeth Warren urges Fed break up ‘ungovernable’ Wells Fargo
Sen. Elizabeth Warren has called for federal banking regulators to break up Wells Fargo, saying “every new report of scandal and ongoing noncompliance” proves the bank is “ungovernable.”
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Bank of America names compliance head amid leadership shakeup
As part of a host of senior management changes, Bank of America has named Amy Littman to be its new head of global compliance and operational risk.
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OCC fines Wells Fargo $250M for continued risk management failings
Wells Fargo Bank has been ordered to pay $250 million related to deficiencies in its home lending loss mitigation program in addition to violations of a 2018 consent order, the Office of the Comptroller of the Currency announced.
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Survey: New SEC marketing rule leads investment adviser compliance concerns
Implementing the SEC’s new “marketing rule” for investment advisers tops the list of concerns among chief compliance officers in the industry, according to new research.
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Credit Suisse appoints Rafael Lopez Lorenzo as chief compliance officer
Credit Suisse has named Rafael Lopez Lorenzo as its chief compliance officer, five months removed from his predecessor stepping down in the wake of massive losses caused by the collapses of Archegos Capital Management and Greensill Capital.
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Hedge fund manager/CCO sentenced 4 years for ‘Ponzi-like’ scheme
Jason Rhodes, the co-founder and chief risk and compliance officer of a Connecticut-based investment fund, was sentenced to 48 months in prison and ordered to pay more than $25 million in restitution for his role in a “Ponzi-like” scheme.
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Adrienne Harris nominated to lead NYDFS
The new head of New York’s Department of Financial Services is expected to be Adrienne Harris, who was nominated to the post by Gov. Kathy Hochul.
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SEC sanctions 8 over email breaches
The Securities and Exchange Commission penalized eight firms across three separate actions for breaches of employee email accounts that exposed the personal information of thousands of customers in each case.
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Romanian bank penalized over Iran and Syria sanctions lapses
The Office of Foreign Assets Control fined Romania-based First Bank and its U.S. parent company JC Flowers & Co. $862,318 as part of a settlement for First Bank’s processing of transactions in apparent violation of Iran and Syria sanctions.
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Banking guidance: Six key areas of FinTech due diligence
Three federal banking regulators have released guidance offering tips and suggestions to community banks for conducting due diligence on potential FinTech partners.
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Weathering the storm: Why FinTech compliance failures persist
Experts weigh in with their thoughts on why FinTechs and cryptocurrency firms continue to have a bad reputation in terms of compliance.
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OFAC fines Bank of China $2.3M for Sudan sanctions violations
The Office of Foreign Assets Control announced Bank of China’s U.K. arm agreed to pay $2.3 million to settle its potential civil liability for processing transactions in apparent violation of now-repealed Sudan sanctions regulations.
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What went wrong at Greensill Capital? Former risk chief shares his view
Brett Downes, the chief risk officer at Greensill Capital for five years before the company filed for insolvency, explains what factors he believes led to the supply chain finance startup’s abrupt collapse.
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Challenge to SEC’s Bank Secrecy Act authority backed by ex-FinCEN leadership
A brokerage firm petitioning the Supreme Court to review the power of the SEC to enforce the Bank Secrecy Act has received support from two former officials of the primary agency tasked with overseeing the AML law.
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Rebuilding Credit Suisse nominates risk management veterans to board
In a continuing overhaul of its risk and compliance leadership, Credit Suisse announced the nominations of Axel Lehmann and Juan Colombas to serve as non-executive members of its board.
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FINRA notice outlines key areas for supervising third parties
The Financial Industry Regulatory Authority issued a notice on compliance deficiencies arising from firms’ relationships with vendors culled from examination findings.
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ICA roundtable: Five tips for filing more effective SARs
A recent roundtable explored the anxieties compliance officers face in filing suspicious activity reports and offered advice for overcoming such difficulties.
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Westpac warned over continued AML failings
The Reserve Bank of New Zealand issued a formal warning to Westpac’s New Zealand branch for failing to report certain transactions as required under local anti-money laundering regulations.
