- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jeff Dale2024-02-01T18:32:00
The Treasury Department’s Office of the Comptroller of the Currency (OCC) levied a $65 million civil penalty against Los Angeles-based City National Bank over alleged risk management and internal control failures.
City National failed to comply with heightened standards for certain large insured national banks and violated the Bank Secrecy Act (BSA), the OCC said in a press release Wednesday.
As part of the settlement, the bank agreed to a cease-and-desist order requiring broad and comprehensive corrective actions to improve its strategic plan, operational risk management, internal controls, and compliance risk management. The OCC’s consent order requires the bank’s board appoint a compliance committee.
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2024-11-26T19:59:00Z By Jeff Dale
The U.K. Financial Conduct Authority fined the London branch of Australian-based Macquarie Bank Limited more than 13 million pounds (U.S. $16.3 million) for “serious control failures” that allowed a trader to conceal hundreds of fictitious trades over a 20-month period.
2024-02-15T21:00:00Z By Jeff Dale
The Office of the Comptroller of the Currency issued a cease-and-desist order against the former general counsel at Sterling Bank and Trust for not ensuring the institution’s Bank Secrecy Act compliance and failing to timely file suspicious activity reports.
2024-02-05T21:28:00Z By Aaron Nicodemus
The Reserve Bank of India ordered a halt to many banking activities of digital payments provider Paytm while the regulator investigates “persistent noncompliances and continued material supervisory concerns.”
2025-05-22T14:37:00Z By Aaron Nicodemus
The Federal Trade Commission has ordered web hosting company GoDaddy to implement a “robust” information security program following at least three data breaches that the agency said were aided by lax cybersecurity measures.
2025-05-20T12:30:00Z By Oscar Gonzalez
The U.S. Federal Trade Commission (FTC) took action against a pair of student loan debt relief companies for allegedly deceiving borrowers. The move came despite the Trump administration’s broader efforts to roll back enforcement actions against businesses since taking office.
2025-05-16T19:24:00Z By Oscar Gonzalez
After dismissing its lawsuit against the crypto exchange Coinbase in March, a second investigation into the exchange by the Securities and Exchange Commission has surfaced, according to a report from the New York Times. This comes as a bit of a surprise after the Trump administration has been scaling down ...
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