All articles by Kyle Brasseur – Page 11
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News Brief
Metropolitan Commercial Bank fined $30M for third-party oversight failings
New York-based Metropolitan Commercial Bank was assessed nearly $30 million in penalties by federal and state banking regulators for failing to properly oversee a third-party program manager whose prepaid cards were a popular target of fraud during the Covid-19 pandemic.
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News Brief
BaFin dings Deutsche Bank $180K over SARs filing delays
Deutsche Bank was assessed a penalty of €170,000 (U.S. $180,000) by Germany’s financial supervisory authority for failing to timely submit suspicious transaction reports.
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News Brief
Treasury eases Venezuela sanctions amid electoral progress
The U.S. Treasury Department dialed back certain of its sanctions against Venezuela after the latter’s government and an opposition faction agreed to work together toward the prospect of a presidential election in 2024.
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News Brief
CFPB eyes open banking with financial data rights rule proposal
The Consumer Financial Protection Bureau is moving forward its plan to give consumers more control over their personal financial data as part of a new rule proposal.
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News Brief
FinCEN rule proposal labels CVC mixing a primary money laundering concern
The Financial Crimes Enforcement Network might require financial institutions to implement new recordkeeping and reporting requirements regarding convertible virtual currency mixing under a proposed rule.
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Premium
Humans vs. machines, it all comes back to data
A panel of experts discussed trending topics in the compliance space, including the debate over whether humans or machines will lead future efforts to fight financial crime, during the opening keynote at Compliance Week’s Europe conference in London.
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Opinion
‘Ethics & Compliance for Humans’ highlights potential of profession
Adam Balfour’s new book explains the benefits ethics and compliance programs designed with the human experience in mind can have on workplaces, communities, and the world at large.
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News Brief
PCAOB: Auditors ‘falling short’ on engagement quality reviews
A new staff report issued by the Public Company Accounting Oversight Board seeks to provide best practices for auditors amid observations of rising deficiency rates related to engagement quality reviews.
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News Brief
SEC adopts Dodd-Frank rule for short sale transparency
The Securities and Exchange Commission continued its push to get across the finish line the remaining provisions of the Dodd-Frank Act with the adoption of a new rule for institutional investment managers to provide greater transparency regarding short sale data.
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News Brief
EOS Matrix battles back against Croatian DPA in $5.8M GDPR case
Debt collector EOS Matrix said it will challenge a General Data Protection Regulation penalty levied against it by the Croatian data protection authority after finding the data in question in the case does not match the data in its database.
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News Brief
TransUnion settles with CFPB, FTC over tenant screening accuracy
Credit reporting agency TransUnion agreed to pay $23 million total across settlements with the Consumer Financial Protection Bureau and Federal Trade Commission for alleged tenant screening and security freeze deficiencies.
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News Brief
FRC fines KPMG $26M for ‘damning’ Carillion audit failings
KPMG accepted the conclusions and record penalties levied against it by the U.K. Financial Reporting Council for the “exceptional” level of deficiencies found to have taken place during the Big Four audit firm’s work at collapsed construction company Carillion.
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Opinion
Incentive policies suggest calm before storm at DOJ
All the carrots being offered by the Department of Justice in the past year—greater penalty reduction thresholds, relief related to compensation clawbacks, voluntary self-disclosure incentives—are part of a strategy to strengthen the enforcement stick when companies don’t cooperate.
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News Brief
FCA censures London Capital & Finance over misleading promos
Insolvent credit broker London Capital & Finance dodged a “substantial financial penalty” from the U.K. Financial Conduct Authority regarding promotions it used to market minibonds to investors.
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News Brief
Compliance cost concerns raised as California enacts climate disclosure laws
The governor of California signed off on a pair of bills containing requirements for large businesses operating in the state to make disclosures regarding their climate-related risks and impacts, though not without mentioning work to be done on the compliance ramifications associated with each law.
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News Brief
SEC adopts shorter reporting deadlines for beneficial ownership
The Securities and Exchange Commission finalized its rule proposal to cut in half the timeline allowed for market participants to file initial beneficial ownership information with the agency.
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Premium
DOJ floats declinations as incentive under M&A self-disclosure safe harbor
The Department of Justice’s push to incentivize companies to voluntarily self-disclose potential misconduct reached its next stage in the form of a safe harbor policy regarding mergers and acquisitions.
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News Brief
Fidelity unit fined $900K by FINRA for due diligence lapses
Fidelity Brokerage Services agreed to pay a $900,000 penalty levied by the Financial Industry Regulatory Authority regarding alleged due diligence failures caused by errors in the firm’s automated screening system.
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Premium
FinCEN crafting rule proposal for AML and sanctions whistleblower program
Andrea Gacki, the new director at the Financial Crimes Enforcement Network, said the agency is working to issue a notice of proposed rulemaking regarding the establishment of an anti-money laundering and sanctions whistleblower program.
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News Brief
SEC calls out Advisor Resource Council compliance structure in lawsuit
The Securities and Exchange Commission criticized the structure of the compliance program in place at Texas-based investment adviser Advisor Resource Council as part of a lawsuit against the firm and one of its former representatives.