Deutsche Bank and Bank of America took years to report more than $420 million in suspicious transactions connected to Jeffrey Epstein, according to a new report from Sen. Ron Wyden (D-Ore.), ranking member of the Senate Finance Committee.
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Posted inFinancial Services
UBS hit with record $125M civil penalty for ‘willful’ BSA violations
UBS Financial Services was slapped with a record $125 million joint civil penalty by four regulatory agencies for willful violations of the Bank Secrecy Act, including a failure to implement and maintain an anti-money laundering compliance program and failure to file suspicious activity reports.
Posted inBanking
ECB wants top bank CEOs to set out plans for AI-related cyber risks
The European Central Bank has written to the CEOs of Europe’s top banks to ask what plans they have in place to deal with potential AI-related cybersecurity threats.
Posted inOpinion
Malta AML expert discusses how country is staying ahead of EU AML rules
Elena Tabone of Malta’s FIAU discusses AML/CFT supervision priorities as the unit prepares for AMLA’s 2028 rollout, new EU rules in 2027, a MONEYVAL evaluation, and rising AI-enabled fraud risks.
Posted inFinancial Services
Streamlined reporting rules will save U.K. financial services industry $145.3 million per year, says FCA
The U.K.’s financial regulator has simplified the requirements around transaction reporting—which helps detect market abuse and other financial crimes—as part of a drive to cut “duplicative or low-value reporting.”
Posted inAccounting & Auditing
AI hallucinations and global business deals in PwC report highlight compliance risks
Big Four consultancy PwC is reassessing four recent “thought-leadership” reports after an investigation found multiple AI-generated hallucinations and errors. The case highlights the need for human oversight of AI-written content and for AI governance to be integrated with compliance programs.
Posted inRegulatory Enforcement
SEC targets RIA’s failure to deduct broker-dealer compensation from client advisory fees
The Securities and Exchange Commission (SEC) has highlighted a compliance failure in a New York registered investment adviser’s handling of client advisory fees that its affiliated broker-dealer received from third-party private fund managers. From 2019 to January 2022, Papamarkou Wellner Asset Management, a New York registered investment adviser with $358 million in assets under management, […]
Posted inRegulatory Enforcement
New York is the latest state to sue Kalshi for hosting an illegal gambling operation
New York Attorney General Letitia James sued prediction market platform Kalshi on July 31, alleging the company has been operating an unlicensed gambling business in violation of state law. The lawsuit is the latest legal challenge facing Kalshi, which is already battling several other states as courts determine what regulations, if any, the company must follow.
Posted inArtificial Intelligence
Asia-Pacific central banks weigh AI governance to safeguard financial stability
Central banks in the Asia-Pacific (APAC) countries are taking steps to develop artificial intelligence governance frameworks for financial institutions, as regulators are seeking to balance innovation with emerging risks and safeguard financial stability.
Posted inOpinion
Opinion: SCOTUS slaughtered federal agency independence: What it means for compliance officers
One ruling is all it took for the U.S. Supreme Court to slaughter the independent, bipartisan operations of a federal agency and introduce significantly more regulatory upheaval for the compliance profession.
