All Financial Services articles – Page 81
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ArticleICBC to pay more than $42M for improper handling of ADRs
Industrial and Commercial Bank of China Financial Services will pay more than $42 million to settle charges with both the Securities and Exchange Commission and the Department of Justice for the improper handling of “pre-released” American Depositary Receipts.
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FCA publishes final report on RBS
The Financial Conduct Authority has concluded its investigation into the Royal Bank of Scotland and published a final report of its findings.
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ArticleReps continue push for big bank diversity data
Members of the House Financial Services Committee have sent letters to 37 bank holding companies requesting their diversity and inclusion data.
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Report says more companies address climate change, struggle with disclosures
A task force on climate-related financial disclosures found “encouraging progress” in its latest report, though there’s still work to be done when considering financial risks.
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New bill sits on Senate agenda to block, study CECL
A new bill intended to block CECL is awaiting action in the Senate Banking Committee, much to the delight of big banks.
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ArticleU.S., U.K. launch Financial Innovation Partnership
A newly formalized partnership between the United States and United Kingdom aims to embolden innovation in financial services.
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ArticleFSB continues push for Legal Entity Identifiers
The United States is among the laggards when it comes to international identifying codes for financial entities.
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ArticleFinCEN to financial institutions: Beware of Venezuelan money laundering
FinCEN recently alerted financial institutions of continued widespread public corruption in Venezuela and the methods Venezuelan senior political figures and their associates may use to move and hide proceeds of their corruption.
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Inside Wells Fargo’s plan to restore trust
Compliance Week looks at highlights from Wells Fargo’s plan to transform the future.
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ArticleCFPB to provide more information to firms under investigation
The Consumer Financial Protection Bureau says it will provide financial services firms under investigation more detail on what violations prompted the agency’s scrutiny.
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ArticleFCA data shows firms with most consumer credit complaints
The U.K. Financial Conduct Authority published its latest complaints figures for regulated firms for the second half of 2018, revealing how some financial services firms are receiving significantly more complaints than others.
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FTI Consulting appoints bank regulation co-leader
FTI Consulting announced the appointment of Senior Managing Director Stella Mendes as co-leader of the financial services bank regulation and governance practice within the firm’s Forensic & Litigation Consulting segment.
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UniCredit Group Banks to pay $1.3B for sanctions violations
UniCredit Group Banks will pay total financial penalties of approximately $1.3 billion for processing hundreds of millions of dollars of transactions through the U.S. financial system on behalf of an entity designated as a weapons of mass destruction proliferator and other Iranian entities subject to U.S. economic sanctions, the Department ...
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TigerWit appoints new chief compliance officer
TigerWit Limited, a U.K.-headquartered global financial technology company, appointed Gareth Derbyshire as chief compliance officer.
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ArticleFCA fines Goldman Sachs £34.3M for transaction reporting failures
Compliance officers in the financial services industry can learn a lot from the failings of Goldman Sachs, which was fined £34.3 million (U.S. $45 million) by the U.K. Financial Conduct Authority for failing to provide accurate and timely reporting relating to 220 million transaction reports over a period of a ...
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ArticleTroika Laundromat reveals the gaps in AML compliance
A recent report from several investigative journalists details the AML scandal behind Troika Dialog, once Russia’s largest private investment bank, and is just one small look into the much bigger problem of corruption across the globe.
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Merrill Lynch to pay $8M for improper handling of ADRs
The Securities and Exchange Commission on March 22 announced that Merrill Lynch, Pierce, Fenner & Smith will pay over $8 million to settle charges of improper handling of “pre-released” American Depositary Receipts.
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ArticleBanks, central banks warned of crypto-currency risks and pitfalls
Despite failures, plummeting prices, and a plethora of risks, financial institutions and central banks are cautiously looking at ways to use virtual currencies. International regulators are warning them that doing so haphazardly could be disastrous.
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New Duff & Phelps director to aid expansion
Finance services firm Duff & Phelps announced the hiring of Adam August as a director in the Compliance and Regulatory Consulting practice. August will lead the expansion of the CRC offering to the Texas area.
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ArticleRegulators’ top risk cop assailed by reform-bent critics
The Financial Stability Oversight Council was created to expose and mitigate systemic risks to the U.S. financial system. Its critics are winning the long-simmering battle to redefine its efforts.