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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Neil Hodge2023-04-12T14:55:00
The recent case of a bank heavily reliant on business coming from the group of companies that owned it raises questions about the risks such exposure causes to financial institutions, their customers, and the sector at large.
On April 4, the Bank of England’s enforcement arm, the Prudential Regulation Authority (PRA), censured Wyelands Bank for “wide-ranging” and “significant” regulatory failings that took place between December 2016 and May 2020.
Wyelands became the first financial institution to prompt the regulator to act against it for flouting rules regarding large capital exposure limits and failing to act in a prudent manner. Other serious breaches cited in the PRA’s final notice related to capital reporting, risk and governance controls, and poor retention of WhatsApp messages.
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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
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2023-04-13T13:48:00Z By Aaron Nicodemus
The collapse of Silicon Valley Bank highlighted for the Federal Deposit Insurance Corporation some of the impediments to a quick bank sale, including failing to provide rapid access to quality financial data and lists of key employees.
2023-03-30T14:40:00Z By Neil Hodge
Except for Credit Suisse’s demise, Europe has so far largely patted itself on the back for preventing further contagion in the banking sector following the failures of Silicon Valley Bank, Silvergate Bank, and Signature Bank in the United States.
2023-03-28T20:26:00Z By Aaron Nicodemus
Banking regulators defended their supervisory actions and pledged to find answers as to what went wrong when discussing the factors leading to the failures of Silicon Valley Bank and Signature Bank before the Senate Banking Committee.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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