All Financial Services articles – Page 9
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Opinion
No time like present to tackle thorny problem of off-channel comms
The new messaging on use off-channel communications for business should be clear: What was done before is no more. It cannot continue. The stakes are too high.
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News Brief
Morgan Stanley settles with states for $6.5M over mishandled data
Morgan Stanley agreed to pay $6.5 million as part of a settlement with six states requiring the firm to strengthen its data security after actions it took compromised the personal data of millions of customers.
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News Brief
French high court orders new trial into $2B fine against UBS
France’s top court struck down a fine of €1.8 billion (U.S. $2 billion) imposed on UBS in 2021 by a lower court, despite upholding a guilty verdict related to money laundering and tax fraud in the Swiss bank’s cross-border activities.
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News Brief
CFPB fines Enova $15M, orders exec compensation tied to compliance
The Consumer Financial Protection Bureau levied a $15 million fine against nonbank online lender Enova International for “widespread illegal conduct” that violated a previous agency order.
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News Brief
SEC adopts Dodd-Frank rule on clearing agency conflicts of interest
The Securities and Exchange Commission continued its recent run of pushing through remaining regulations under the Dodd-Frank Act of 2010 by adopting new rules to mitigate conflicts of interest for security-based swap clearing agencies.
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Premium
How technology can help track off-channel communications use
Establishing a set of policies and procedures to prevent employee use of nonauthorized electronic communications to conduct business is relatively straightforward. The hard part is monitoring compliance.
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Premium
Experts: ICO apology to ex-CEO does not absolve NatWest of GDPR liability
Just because Alison Rose received a public apology from the U.K. Information Commissioner’s Office regarding the suggestion she might have violated the General Data Protection Regulation doesn’t mean NatWest could avoid sanction.
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Premium
Solving the off-channel communications conundrum
Firms monitoring employee use of off-channel communications for business purposes face numerous obstacles. How much is enough, in the opinion of regulators? How much is too much, in the eyes of employees? Determinations must be made as regulators crack down.
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News Brief
Merged UBS, AI on FINMA’s risk radar
A year of significant change in the Swiss banking sector, including the acquisition of Credit Suisse by UBS, has the country’s financial regulator prioritizing new risk areas on its radar.
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Premium
KPMG report forecasts heighted risk standards for banks in 2024
A new report from KPMG predicted the banking and financial services industries will be hit with unprecedented regulatory intensity in 2024, with regulators expecting compliance deficiencies to be addressed more thoroughly and quicker than ever before.
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News Brief
Report: Morgan Stanley AML controls draw Fed scrutiny
The wealth management arm of Morgan Stanley is being probed by the Federal Reserve regarding the controls it has in place to prevent wealthy foreign customers from laundering money, according to a report from the Wall Street Journal.
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News Brief
CFPB: Citi to pay $26M over Armenian American discrimination
Citi agreed to pay $25.9 million in fines and redress as part of a settlement with the Consumer Financial Protection Bureau addressing allegations the bank discriminated against credit card applicants identified as Armenian American.
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Premium
N.Y. law to pose hurdle for RIA’s off-channel comms supervision efforts
A New York state law that takes effect next year will make it more difficult for registered investment advisers in the state to conduct proactive testing for violations of their firms’ off-channel communication policies.
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News Brief
FCA review finds fraud victim support lacking
Payment service providers could do more to support victims of fraud, including through better communication procedures, a review by the U.K. Financial Conduct Authority found.
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News Brief
CFPB proposes expanded oversight of nonbank companies
The Consumer Financial Protection Bureau is seeking greater authority to supervise the activities of companies that offer services like digital wallets and payment apps on par with how the agency oversees large banks, credit unions, and other financial institutions.
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News Brief
CFTC touts record digital asset results in FY23 enforcement recap
The Commodity Futures Trading Commission solidified its view that it should be a primary regulator of cryptocurrencies with a record amount of cases regarding the digital asset space in fiscal year 2023.
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Podcast
Digital Transformation of Compliance podcast: CW Advisory Board member Stan Yakoff
In this episode of the Digital Transformation of Compliance podcast series, Stan Yakoff, a CW Advisory Board member and Fordham Law professor, shares his perspectives on sourcing new technologies, data measurement, and areas where tech can make the biggest impact.
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News Brief
DaVinci Payments to pay $206K over OFAC sanctions lapses
DaVinci Payments, a financial services firm which manages prepaid reward card programs, agreed to pay approximately $206,000 as part of a settlement with the Office of Foreign Assets Control addressing alleged sanctions violations across four countries.
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News Brief
FSOC framework details considerations of financial stability risks
A new analytic framework approved by the Financial Stability Oversight Council seeks to provide further clarity into how the U.S. financial system is monitored for potential financial stability risks.
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News Brief
Singapore bank DBS says $74M exposure from money laundering scandal
The chief executive officer of DBS, Singapore’s largest bank, acknowledged exposure of about 100 million Singapore dollars (U.S. $74 million) related to the city-state’s money laundering scandal.