All Financial Services articles – Page 18
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PremiumFCA 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.
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PremiumFinCEN head touts compliance through enforcement approach
Andrea Gacki, head of the Financial Crimes Enforcement Network, said recent enforcement actions by the agency have addressed significant gaps in the U.S. anti-money laundering/countering the financing of terrorism regime and exposed specific risk factors, trends, and typologies.
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News BriefNew 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.
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News BriefCFPB 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.
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News BriefLloyds discloses FCA probe into AML controls
Lloyds is the latest U.K. financial institution being probed by the Financial Conduct Authority regarding its anti-money laundering control framework.
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Resourcee-Book: Solving the off-channel communications conundrum
Firms attempting to meet regulatory requirements for monitoring employee use of off-channel communications for business purposes face a bedeviling number of obstacles.
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News BriefBarclays says FCA probe into AML controls closed
Barclays Bank disclosed an investigation by the U.K. Financial Conduct Authority into the bank’s anti-money laundering controls has closed without a penalty.
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News BriefWells Fargo says DOJ, SEC diversity hiring probes closed
Wells Fargo disclosed investigations by the Department of Justice and Securities and Exchange Commission into the bank’s diversity hiring practices concluded without enforcement action.
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PremiumFed 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.
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News BriefJPMorgan bracing for $350M in penalties over trade surveillance
JPMorgan Chase disclosed in a regulatory filing it expects to be penalized approximately $350 million by two unnamed U.S. regulators over lapses in its trading surveillance activities.
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News Brief
TIAA unit to pay $2.2M for Reg BI lapses
A subsidiary of the Teachers Insurance and Annuity Association of America agreed to pay more than $2.2 million as part of a settlement with the Securities and Exchange Commission for not acting in the best interest of its retail customers regarding their retirement accounts.
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News BriefVanEck fined $1.8M over influencer promo nondisclosure
Van Eck Associates agreed to pay $1.75 million as part of a settlement with the Securities and Exchange Commission regarding its alleged failure to properly disclose the planned involvement of a social media influencer in the launch of an exchange-traded fund.
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News BriefMorgan Stanley fined $1.6M by FINRA over municipal securities closeouts
Morgan Stanley will pay a $1.6 million fine levied by the Financial Industry Regulatory Authority for failing to close out certain municipal securities transactions over a five-year period.
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News BriefEx-Sterling Bank GC cited by OCC over BSA-related failures
The Office of the Comptroller of the Currency issued a cease-and-desist order against the former general counsel at Sterling Bank and Trust for not ensuring the institution’s Bank Secrecy Act compliance and failing to timely file suspicious activity reports.
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News BriefFinCEN: BSA data shows spike in crypto-financed human trafficking
Bank Secrecy Act reporting data disclosed by the Financial Crimes Enforcement Network revealed a significant spike in the use of cryptocurrency to finance human trafficking.
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PremiumFinCEN to propose applying BSA requirements to investment advisers
The Financial Crimes Enforcement Network will propose categorizing investment advisers as financial institutions that must comply with the Bank Secrecy Act, including having an anti-money laundering program.
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News BriefFCA fines, bans ex-London Capital & Finance compliance head over promos
The U.K. Financial Conduct Authority issued a fine of £31,800 (U.S. $40,000) against a former compliance director at London Capital & Finance for allegedly approving misleading promotions that led to investor deception.
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PremiumExperts: SCOTUS ruling shifts onus to employers in whistleblower cases
The Supreme Court’s unanimous decision to reaffirm whistleblower protections under the Sarbanes-Oxley Act in a case involving UBS has wide ramifications in many other industries beyond financial services, according to legal experts.
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News BriefInsurance broker Gallagher off hook in DOJ FCPA probe
Arthur J. Gallagher disclosed the Department of Justice ended an investigation into the insurance broker’s business in Ecuador for potential violations of the Foreign Corrupt Practices Act.