All Financial Services articles – Page 47
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ArticleSEC joins DOJ in probe of Wells Fargo diversity hiring practices
The news for Wells Fargo related to alleged sham interviews of minority job candidates continues to worsen, with the bank disclosing the Securities and Exchange Commission has joined federal prosecutors in examining the issue.
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ArticleCFPB outlines rule mandating FIs provide customers their data
The Consumer Financial Protection Bureau initiated rulemaking that would require banks and other financial institutions to make a consumer’s personal financial data available to them upon request.
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ArticleDanske Bank projects $2.1B settlement for Estonia money laundering probes
Danske Bank expects to pay a total of 15.5 billion Danish kroner (U.S. $2.1 billion) to U.S. and Danish authorities to settle allegations it overlooked more than $200 billion in dirty money laundered through its former Estonia branch.
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ArticleAutomation can improve AML compliance but won’t replace human touch
While automation has the potential to transform anti-money laundering compliance, it will not replace the human practitioners relied upon to get investigations to the finish line, experts discussed at the ACAMS annual conference in Las Vegas.
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ArticleCredit Suisse names new CCO, plans strategic overhaul
Credit Suisse announced sweeping changes to its strategy that includes selling off parts of its investment banking portfolio and shrinking its global headcount—an attempt to pivot from risky investment ventures and back toward its historic specialty of wealth management.
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ArticleNew OCC office to supervise fintechs
The Office of the Comptroller of the Currency will heighten its focus on the financial technology space with the creation of a new department in early 2023.
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ArticleFormer JPMorgan compliance exec settles with bank over SOX whistleblower suit
Shaquala Williams, a compliance executive who sued JPMorgan Chase after she said she was fired for blowing the whistle on deficiencies in the bank’s anti-money laundering compliance program, agreed to settle her case.
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ArticleICICI Bank cited by OCC for BSA/AML compliance failures
The Office of the Comptroller of the Currency ordered the New York branch of ICICI Bank to implement sweeping changes to its anti-money laundering and Bank Secrecy Act compliance programs but will not fine the bank if the improvements are completed.
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ArticleCetera affiliates fined $1M each over conflicts of interest
A pair of investment advisers owned by Cetera Financial Group must pay a total of more than $8.6 million as part of a final judgment obtained by the Securities and Exchange Commission alleging the defrauding of Cetera advisory clients.
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ArticleCFPB facing ‘existential threat’ following appeals court funding ruling
An appeals court’s finding the Consumer Financial Protection Bureau’s funding mechanism to be unconstitutional could affect a multitude of lawsuits filed against the agency, according to legal experts.
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ArticleBarclays facing $56M fine over Qatari investor disclosures
The U.K. Financial Conduct Authority provisionally notified Barclays it intends to fine the bank £50 million (U.S. $56 million) for failing to properly disclose financial arrangements made with Qatari investors in 2008.
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ArticleMS Amlin Underwriting fined $11M over risk, governance lapses
The U.K.’s Prudential Regulation Authority fined specialty insurer MS Amlin Underwriting nearly £9.7 million (U.S. $10.9 million) for risk management and governance failings over a five-year period.
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ArticleCFIUS issues first-ever enforcement and penalty guidelines
The Committee on Foreign Investment in the United States issued its first-ever enforcement and penalty guidelines for entities that violate mitigation agreements with CFIUS or otherwise run afoul of the Defense Production Act of 1950.
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ArticleGatehouse Bank fined $1.77M for inadequate customer due diligence
Gatehouse Bank was fined £1.58 million (U.S. $1.77 million) by the U.K. Financial Conduct Authority for failing to address “significant weakness” in AML checks the bank conducted on customers who posed a higher risk of committing financial crime.
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ArticleEx-CCO sentenced to 6-plus years in prison for role in Ponzi scheme
Vania May Bell, the former chief compliance officer and comptroller at Executive Compensation Planners, was sentenced to more than six years in prison for her role in a Ponzi scheme that defrauded clients of more than $11 million.
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ArticleBittrex to pay $29M for BSA violations in landmark FinCEN, OFAC case
Virtual currency trading platform Bittrex agreed to pay more than $29 million for violations of the Bank Secrecy Act and other foreign asset restrictions by regularly allowing transactions with customers in Iran, Syria, and other U.S.-sanctioned nations.
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ArticleState Street recruits global CCO from Google
State Street Corp. hired Yvette Hollingsworth Clark to be its global chief compliance officer and executive vice president. Hollingsworth Clark joins from Google, where she served as head of compliance for the consumer trust business.
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ArticleEffective collaboration key to fight against financial crime
The Fintel Alliance—a partnership involving AML regulator AUSTRAC, Western Australia Police, and analysts from a handful of large banks—provides an example of the positive outcomes of collaboration in fighting financial crime.
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ArticleFCA faults board oversight of compliance in fining Sigma Broking $589K
London-based brokerage firm Sigma Broking was fined £531,000 (U.S. $589,000) for failing to report certain transactions to the U.K. Financial Conduct Authority.
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ArticleCFTC commissioner says Cantor Fitzgerald unit’s $1.9M fine too lenient
Christy Goldsmith Romero believes the Commodity Futures Trading Commission let a swap execution facility affiliate of financial services firm Cantor Fitzgerald off easy when it was fined $1.9 million.