The Treasury Department announced sanctions against Russia implemented under an executive order from President Joe Biden in response to the SolarWinds hack and alleged election interference by the country.
Disgraced financier Bernie Madoff, whose decades-long fraud swindled thousands of investors out of billions of dollars, died in federal prison Wednesday.
The collapse of Archegos Capital Management may go down as yet another episode that champions the importance of the voice of the compliance professional, writes Martin Woods.
There are plenty of unanswered questions following the recent meltdown of family office Archegos Capital Management—and plenty of compliance lessons to be learned, writes Aaron Nicodemus.
Aly McDevitt and Kyle Brasseur assess changes in compliance and risk management functions at Deutsche Bank and Credit Suisse in light of recent scandals at each bank.
Credit Suisse Chief Risk and Compliance Officer Lara Warner has stepped down from her role and left the company following the bank’s loss of an estimated $4.7 billion due to the meltdown of hedge fund Archegos Capital Management.
Kenneth Blanco has been tapped to lead a new financial crimes unit at Citi following his departure as director of the Treasury Department’s Financial Crimes Enforcement Network later this week.
Former federal agent Robert Mazur revealed secrets of the money-laundering trade to attendees of CW’s Financial Crimes virtual event and proposed two solutions for financial institutions in the fight against bad actors.
Five European subsidiaries of Moody’s Corp. have been fined a total of €3.7 million (U.S. $4.4 million) by the European Securities and Markets Authority for violating conflict-of-interest rules.
Companies should prepare for more U.S. sanctions to be levied against China and Russia under the Biden administration, two former financial crime regulators predicted at Compliance Week’s Financial Crimes virtual event.
Former FBI Director James Comey predicted a “time of extraordinary change” is ahead for the compliance profession in the post-pandemic world during a prerecorded video message at Compliance Week’s Financial Crimes virtual event.
Deutsche Bank announced a series of changes to its management board, including the upcoming departure of Chief Risk Officer Stuart Lewis and transition of compliance responsibilities to Chief Administrative Officer Stefan Simon.
Kyle Brasseur reviews the Goldman Sachs junior banker scandal and whether complaints of employee crunch on Wall Street can lead to change in working conditions.
Westpac is assessing a demerger from its New Zealand business after the Reserve Bank of New Zealand ordered the unit to commission two independent reports concerning the bank’s liquidity and risk governance processes.
A former SEC examiner who used insider information about an ongoing fraud investigation to obtain the chief compliance officer job with private equity firm GPB Capital has been sentenced to nine months of home confinement.
Coinbase agreed to pay a $6.5 million civil penalty to settle charges from the Commodity Futures Trading Commission for reporting violations and improper trading activity by a former employee.
ABN AMRO is facing new charges from Dutch prosecutors that imply the bank is suspected of knowing of money laundering activities perpetrated by its customers without intervening.
The U.K. Financial Conduct Authority has brought criminal proceedings against National Westminster Bank concerning alleged violations of the 2007 Money Laundering Regulations—a first for the regulator.
The Consumer Financial Protection Bureau reversed a Trump administration policy on how it assesses and punishes abusive practices in the financial services industry.
Today’s financial services industry operates in an environment characterized by significant regulatory scrutiny. To be compliant, organizations must be aware and adhere to regulations, guidelines, and industry standards as it relates to their vendors, suppliers and third parties.
The New York State Department of Financial Services fined Residential Mortgage Services $1.5 million for violating New York’s cyber-security regulation.
Robert Mazur, the famous undercover agent portrayed in the 2016 film “The Infiltrator,” will be the keynote speaker on Day 2 of Compliance Week’s upcoming financial crimes event, to be held virtually March 30-31.
Aaron Nicodemus acknowledges Google’s decision to stop selling ads based on user browsing history as a good first step, while Kyle Brasseur laments apparent red flags ignored in the seemingly impending collapse of Greensill Capital.
The long-awaited 2021 examination priorities of the Securities and Exchange Commission were released Wednesday, with climate- and ESG-related risks unsurprisingly among areas that will receive enhanced focus.
The SEC over the last month has suspended trading on securities offered by 21 companies in reaction to market volatility caused by “apparent social media attempts to artificially inflate their stock price.” Could the trend lead to further regulation?
Online stock-trading platform Robinhood said it may face at least $26.6 million in costs related to resolving investigations by FINRA concerning its options-trading practices and outages its platform suffered last year.
An increase in the submission of suspicious activity reports for cash values that fall under the mandatory $10,000 transaction reporting threshold last year is a proactive step by banks, but more can always be done, writes Martin Woods.
HSBC announced the promotion of Group Chief Compliance Officer Colin Bell to CEO of HSBC Europe and HSBC Bank amid a flurry of senior management changes.
The Office of Foreign Assets Control reached a $507,375 settlement with digital currency platform BitPay for lapses in its sanctions compliance procedures that led to 2,102 apparent violations of multiple sanctions programs.
Should you consider outsourcing some of your firm’s compliance functions? Perhaps, even, all of them? The answer is complicated and requires a thorough analysis of the risks and rewards.
Join an expert panel for an interactive discussion on what registered investment adviser firms can expect this year in terms of requirements targeted to the financial services industry under the Biden administration.
At the end of the sorry Wirecard saga, James Freis may be one of the very few former senior employees who can hold his head high, writes Martin Woods.
Many compliance professionals in the financial industry believe last year’s leak of 2,100 suspicious activity reports from FinCEN had an overall positive impact on global efforts to fight financial crime, according to an ACAMS survey.
The SEC has requested the appointment of an independent monitor to oversee GPB Capital Holdings amid allegations the asset management firm defrauded more than 17,000 retail investors in a “Ponzi-like” scheme.
The Financial Industry Regulatory Authority has published a new report designed to help inform member firms’ compliance programs by providing annual insights from its examinations and risk monitoring programs.
A key meeting of regulators has determined the recent spike caused by Reddit users for normally tame stocks like GameStop and AMC Entertainment has not had a significant impact on the market, which Treasury Secretary Janet Yellen termed “resilient.”
GPB Capital Holdings allegedly defrauded more than 17,000 retail investors in a Ponzi-like scheme, then attempted to impede an employee from blowing the whistle on the illegal practices, according to the SEC.
As Goldman Sachs cuts the pay of its top executives in response to more than $5 billion in penalties incurred for the 1MDB scandal, Martin Woods once again ponders whether bonuses helped facilitate the improper conduct that took place.
The Federal Deposit Insurance Corporation has fined Apple Bank for Savings $12.5 million for violations of the Bank Secrecy Act related to anti-money laundering controls.
USAA announced the appointment of Neeraj Singh as chief risk officer nearly four months after its federal savings bank was fined $85 million by the OCC for compliance risk management failures.
Continuing fallout from the Wirecard scandal has led Germany’s finance minister to oust the top two officials at the country’s financial regulator, the Federal Financial Supervisory Authority (BaFin).
Companies must make cyber-security a continuous priority as threats evolve, often more quickly than the technology and regulations to counter them. That’s why the New York Department of Financial Services, under Maria Vullo, developed a policy that should act as a model for organizations.
While Kyle Brasseur gives Data Privacy Day the shout-out it deserves, Dave Lefort explains why retail investors, the apps they use, and regulators all “Failed It” in the GameStop stock market craze.
Wall Street has been consumed this week watching a real-time battle unfold between retail investors and hedge funds over formerly moribund stocks like GameStop, AMC Entertainment, and BlackBerry. The compliance lessons lie in the levels of risk.
Actions taken by Robinhood and TD Ameritrade amid the crazy GameStop stock surge can be understood from the perspective of risk management, but who’s watching out for the retail investors? That’s where the real risks lie.
Janet Yellen takes over as leader of a Treasury Department with a lot on its plate, including studying the effects of climate change on the economy, unwinding Trump administration sanctions, revamping the Bank Secrecy Act, and more.
The financial services industry is a leading target for cyber criminals because there’s more than one way one way to profit from an attack.
A new survey by LexisNexis Risk Solutions examines the rising costs and emerging risk areas faced by compliance at U.S. and Canadian financial institutions amid the coronavirus pandemic.
Spain’s data protection authority recently fined CaixaBank €6 million (U.S. $7.3 million) for misuse of customer data, the largest GDPR fine the country has handed out.
Kyle Brasseur explains how Capital One’s $390 million civil penalty for anti-money laundering failures could have been much steeper had it not been for the bank’s significant remediation efforts.