All Financial Services articles – Page 32
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PremiumCFPB’s Chopra teases new rules for data brokers at White House roundtable
The Consumer Financial Protection Bureau is moving forward with plans to propose new rules for data brokers that would regulate their personal data gathering activities under the Fair Credit Reporting Act.
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News Brief
SEC fines Malvern Bank, ex-CFO for material misstatements
Malvern Bancorp and its former chief financial officer agreed to pay a combined $390,000 to settle allegations levied by the Securities and Exchange Commission regarding antifraud, reporting, books and records, and internal accounting control violations.
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News BriefShort seller accuses Freedom Holding Corp. of ‘brazen’ sanctions evasion
Freedom Holding Corp. was accused of “brazen sanctions evasion,” along with openly flouting anti-money laundering and know your customer regulations, as part of an investigative report published by short seller Hindenburg Research.
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News BriefFinCEN alerts banks to payroll tax, workers’ compensation schemes
The Financial Crimes Enforcement Network issued a notice to financial institutions regarding its observations of increasing payroll tax evasion and workers’ compensation fraud taking place in the U.S. residential and commercial real estate construction industries.
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News BriefBittrex, foreign affiliate to pay $24M over unregistered sale of securities
The Securities and Exchange Commission ordered cryptocurrency trading platform Bittrex and its foreign affiliate Bittrex Global to pay $24 million for running an unregistered national securities exchange, broker, and clearing agency.
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News BriefCCPA first state privacy law deemed adequate by Dubai financial hub
The Dubai International Financial Centre announced the California Consumer Privacy Act passes muster, allowing compliant California businesses to be the first permitted to transfer data with the DIFC without additional contractual measures.
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News BriefRobinhood discloses New York AG probe into brokerage execution
Online brokerage Robinhood Markets disclosed in a quarterly filing it is under investigation regarding the quality of its brokerage execution.
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PremiumSEC, CFTC call for self-reporting to reduce off-channel comms backlash
The Securities and Exchange Commission and Commodity Futures Trading Commission have indicated they will be more forgiving to financial services firms that voluntarily self-report recordkeeping violations and take remedial actions before being asked to do so.
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News BriefFund administrator Theorem to pay $122K over missed red flags
The Securities and Exchange Commission ordered Florida-based fund administrator Theorem Fund Services to pay more than $122,000 to settle allegations it missed red flags regarding a $39 million fraud.
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News BriefWells Fargo fined $200M in latest SEC, CFTC off-channel comms sweep
The Securities and Exchange Commission and Commodity Futures Trading Commission continued their crackdown on financial firms’ recordkeeping failures regarding employee use of off-channel communications with $555 million in total fines levied against nine institutions and their affiliates.
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News BriefFed report highlights emerging cyber threats, including generative AI
The Federal Reserve listed the proliferation of generative artificial intelligence tools among areas of emerging cybersecurity threats for banks to monitor as part of its annual resilience report.
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News BriefACI Worldwide to pay $20M in settlement with states over data handling
ACI Worldwide is set to pay $20 million as part of a proposed settlement with states related to lax data handling and erroneous transactions that resulted in previous penalties against the company levied by the Consumer Financial Protection Bureau.
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News BriefDubai financial regulator fines Mirabaud unit $3M for weak AML controls
A Middle Eastern unit of international banking group Mirabaud was ordered to pay a $3 million fine for inadequate anti-money laundering controls by the Dubai Financial Services Authority.
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News BriefFormer NatWest compliance officer awarded $112K in unfair dismissal case
A former risk and compliance officer at National Westminster Bank was awarded nearly £88,000 (U.S. $112,000) after a U.K. employment tribunal found she was unfairly dismissed and discriminated against during her sick leave for colon cancer.
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News BriefSEC risk alert flags staffing, policy weaknesses in AML compliance exams
Broker-dealers complying with anti-money laundering/countering the financing of terrorism requirements put forward by the SEC must be mindful of the resources they are providing for their programs during the current heightened risk environment.
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PremiumCommon sanctions compliance trip points from 2023 enforcement cases
Penalties against companies including British American Tobacco, Wells Fargo, and Microsoft demonstrate the multiple ways in which businesses can run afoul of U.S. sanctions—an area receiving increased scrutiny by regulators.
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News BriefBNP Paribas nearing settlements with SEC, CFTC over off-channel comms
BNP Paribas disclosed it reached proposed settlements with the Securities and Exchange Commission and Commodity Futures Trading Commission regarding alleged use of off-channel communications for business by employees.
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News BriefBanking regs seek enhanced resilience with large bank capital reforms
The Federal Deposit Insurance Corporation, Federal Reserve Board, and Office of the Comptroller of the Currency proposed rulemaking designed to increase capital requirements for large banks and large-scale traders.
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News BriefAmex banking unit fined $15M for poor third-party oversight
American Express National Bank agreed to pay a $15 million penalty levied by the Office of the Comptroller of the Currency for alleged oversight failings regarding a third-party affiliate and its efforts to retain small business customers.
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PremiumSurvey: Financial institutions doing more with less by outsourcing compliance
Respondents to a recent survey conducted by Compliance Week and Guidehouse largely indicated outsourcing improved the effectiveness of their compliance program in fighting financial crime, though limits remain on how much can be outsourced.