By
Aaron Nicodemus2024-08-28T17:50:00
BNY, formerly BNY Mellon, will pay a $5 million fine to the Commodity Futures Trading Commission (CFTC) for “significant reporting failures” related to its swap dealer business.
From 2018-23, BNY “repeatedly” failed to properly report the associated persons connected to five million swap transactions to a registered swap dealer repository, according to the CFTC’s order published Monday.
The bank also failed to properly supervise its swap dealer business, as it had no written policies or procedures to monitor the voice communications of associated persons of swap transactions, or to monitor the e-communications of its associated persons communicating in languages other than English, the CFTC said.
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The Commodity Futures Trading Commission fined a Nasdaq subsidiary $22 million over allegedly misleading the public, regulators, and its own compliance staff about the details of a trader incentive program.
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Caroline Pham, a commissioner on the Commodity Futures Trading Commission, criticized the agency’s policy on credit for self-reporting violations as a “bait-and-switch.”
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Senate Democrats warned OMB Director Russell Vought Tuesday that it would be illegal for the Trump administration to shut down the Consumer Financial Protection Bureau, citing a recent court decision barring actions that could severely harm the agency.
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It has been nearly six months now since the Department of Justice’s (DOJ) Criminal Division released its memorandum on the selection of compliance monitors. This article provides a critical analysis of the monitorships that received early terminations, those that remain in place, and the broader compliance lessons they impart.
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The founder of crypto exchange Binance, Changpeng Zhao, received a pardon from President Donald Trump. This pardon comes almost two years after Zhao signed a plea agreement and was sentenced to a four-month prison sentence.
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