All Financial Services articles – Page 3
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News BriefFCA warns CEOs over firm AML failings
The U.K. Financial Conduct Authority warned the chief executive officers of approximately 1,000 financial institutions it supervises regarding common failures in anti-money laundering procedures it observed during recent assessments.
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News BriefMetropolitan Commercial Bank adds risk chief, AML officer
Metropolitan Commercial Bank announced the appointments of a chief risk officer and Bank Secrecy Act/anti-money laundering officer to bolster its reporting lines following a $30 million enforcement action from federal and state authorities last year.
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News BriefStruggling NYCB refreshes risk, audit leadership
New York Community Bancorp, a mid-sized bank struggling with precarious commercial loans and troubles with its acquisition of the failed Signature Bank last year, named a new chief risk officer and chief audit executive.
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News BriefHG Vora fined $950K for beneficial ownership disclosure failures
New York-based investment adviser HG Vora Capital Management agreed to pay $950,000 to settle charges levied by the Securities and Exchange Commission alleging failure to report beneficial ownership regarding its stake at trucking transport company Ryder System.
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News BriefSwedbank says Estonia money laundering probe closed
The Estonian branch of Swedbank is no longer under investigation regarding suspected money laundering and other criminal activities.
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News BriefGreen Dot estimates up to $50M in liabilities over proposed Fed order
Financial technology firm Green Dot Corp. estimated a pending consent order with the Federal Reserve Board will require a payment of between $20 million to $50 million.
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News BriefNYDFS fines Gemini $37M over compliance failures
The New York State Department of Financial Services fined cryptocurrency exchange Gemini Trust Company $37 million over alleged compliance failures related to lapses in safety and soundness.
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PremiumFCA vows transparency, faster case outcomes in new enforcement strategy
The U.K. Financial Conduct Authority will rein in its enforcement focus and commit to providing more updates on its ongoing investigations as part of a revamped strategy designed to quicken the pace and increase the deterrent impact of its cases.
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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 BriefTIAA 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.