All Financial Services articles – Page 23
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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.
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News BriefSCOTUS reaffirms whistleblower protections in ruling against UBS
The Supreme Court reaffirmed whistleblower protections guaranteed under the Sarbanes-Oxley Act in a unanimous decision expected to set a precedent that impacts all corporate internal reporting cases.
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News BriefLatest SEC off-channel comms sweep nets $81M in fines against 16 firms
The ongoing off-channel communications sweep by the Securities and Exchange Commission netted 16 more broker-dealers and investment advisers, with the latest wave of fines totaling more than $81 million.
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PremiumTable: SEC, CFTC off-channel communications penalties
The Securities and Exchange Commission and Commodity Futures Trading Commission have combined to levy nearly $3.5 billion in penalties (so far) against firms and their affiliates in response to recordkeeping failures regarding employee use of off-channel communications for business purposes.
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News BriefSEC, CFTC adopt rule for enhanced large hedge fund disclosures
Large hedge fund advisers will be required to disclose more information on their investment strategies, investment exposure, operations, and more as part of a rule change jointly adopted by the Securities and Exchange Commission and Commodity Futures Trading Commission.
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News BriefGoldman Sachs fined $513K by FINRA over faulty surveillance reports
The Financial Industry Regulatory Authority fined Goldman Sachs $512,500 for allegedly failing to properly surveil certain types of securities for potential manipulative trading activity for more than a decade.
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WebcastCPE Webcast: Crafting policies for digital dialogue
This webinar will shed light on the critical need for heightened awareness regarding business communications in the financial sector.
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News BriefWestpac ordered to pay $1.2M in insider trading case
Westpac Banking Corp. was assessed a maximum fine of AUS$1.8 million (U.S. $1.2 million) to address charges levied by the Australian Securities and Investments Commission of insider trading related to an interest rate swap transaction.
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News BriefPaytm denies money laundering claims amid regulatory scrutiny
The Reserve Bank of India ordered a halt to many banking activities of digital payments provider Paytm while the regulator investigates “persistent noncompliances and continued material supervisory concerns.”
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News BriefFinCEN alert flags Israeli extremists fomenting violence in West Bank
The Financial Crimes Enforcement Network issued an alert addressing the financing of Israeli extremist settler violence against Palestinians in the West Bank.
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PremiumACAMS survey: Budget cuts, criminal tech innovation top 2024 threats
Nearly 800 financial crime professionals said the biggest threats to the effectiveness of their anti-money laundering programs are budget cuts and their inability to keep pace with more aggressive and innovative uses of technology by criminals to commit fraud.
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News BriefCity National Bank ordered to pay $65M over deficient risk, internal controls
The Office of the Comptroller of the Currency levied a $65 million civil penalty against Los Angeles-based City National Bank over alleged risk management and internal control failures.
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News BriefCompliance officer BSA case a cautionary tale for small banks
A New York-based Bank Secrecy Act compliance officer facilitated more than $1 billion in high-risk international financial business through an “unsophisticated” institution, according to the Department of Justice and the Financial Crimes Enforcement Network.
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News BriefPRA fines HSBC units $73M over deposit protection failures
The Bank of England’s Prudential Regulation Authority penalized two HSBC units £57.4 million (U.S. $73 million) over historic failures in deposit protection identification and notification.
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News BriefN.Y. sues Citi for lax data security, failing to reimburse fraud victims
Citibank faces a lawsuit from New York Attorney General Letitia James for allegedly failing to protect and reimburse customers who lost thousands of dollars in fraudulent wire transfers.
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News BriefOCC proposes stricter review process for bank mergers
The Office of the Comptroller of the Currency proposed eliminating expedited or streamlined reviews of mergers for national banks and federal savings associations.
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News BriefTD Bank reportedly facing fine for faulty AML controls
The Financial Transactions and Reports Analysis Centre of Canada is reportedly preparing to issue its largest fine to date against TD Bank for faulty anti-money laundering controls.
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News BriefTreasury cites Iraqi bank, owner over terrorist financing concerns
Al-Huda Bank faces severance from the U.S. financial system for being a conduit of terrorist financing, according to the Financial Crimes Enforcement Network, while its owner, Hamad al-Moussawi, was sanctioned by the Office of Foreign Assets Control.
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PremiumThe pros and cons of generative AI in AML compliance
Generative artificial intelligence providers often promote their technologies as revolutionary tools that can enhance anti-money laundering processes. But the issues and shortcomings associated with the technologies must also be acknowledged.
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News BriefAon unit to pay $1.5M for misleading pension fund
Aon Investments USA and its former partner agreed to pay nearly $1.6 million in combined penalties to settle charges by the Securities and Exchange Commission that they misled a Pennsylvania school pension fund.