The Financial Crimes Enforcement Network has issued what it says is the first of several advisories concerning financial crimes related to the COVID-19 pandemic.
Amid a money-laundering investigation and faced with allegations of facilitating child exploitation in the Philippines and Southeast Asia, Westpac has appointed a new head of financial crime compliance.
A federal appeals court ordered two federal agencies to review the whistleblower claims of a former Royal Bank of Scotland employee who is seeking a slice of a nearly $5 billion settlement.
You can’t hide behind the numbers, as numerous banks, including Bank Hapoalim, found out recently when rampant tax evasion took hold in Switzerland.
If a bank or a firm cannot execute on the simple things, such as cash transaction reporting, there is little reason to be confident of compliance in other more complex and challenging areas.
Israel’s largest bank and its Swiss subsidiary will pay a total of $904 million in separate DOJ settlements related to (1) a massive tax-evasion scheme and (2) its role in a money-laundering conspiracy with FIFA.
The Industrial Bank of Korea and its New York branch will pay a total of $86 million to resolve charges for systemic sanctions compliance failures that allowed more than $1 billion to be illegally transferred to the government of Iran.
Westpac has set aside AUS$900 million (U.S. $570 million) for a potential fine with Australian enforcement authorities related to a money laundering scandal and for allegations of facilitating child exploitation in the Philippines and Southeast Asia.
The SEC announced charges against a former Goldman Sachs exec for violating the anti-bribery provisions of the FCPA, but the firm was not charged in the case because of the due diligence measures it took.
A global pandemic, an unprecedented flow of government money, and a weakening of lending controls could create a perfect storm of opportunity for fraudsters.
An asset cap imposed on Wells Fargo in response to systemic failures at the bank in recent years has been temporarily modified to reduce limitations on its ability to distribute loans amid the coronavirus pandemic.
Two federal agencies that oversee Bank Secrecy Act requirements have notified financial institutions they will agree to “reasonable delays” in the filing of required reports if institutions can show the delays are necessary due to the coronavirus pandemic.
A new report found financial institutions spent $181 billion on financial crime compliance worldwide last year, with European firms spending three to four times more than their counterparts in North America.
The U.K. Office of Financial Sanctions Implementation hit Standard Chartered Bank for a record fine relating to loans the bank made to Russian financial institutions in violation of the EU’s sanction regime.
FASB’s controversial standard on credit losses was dealt two significant blows Friday as the U.S. government scrambles to respond to the financial impact of the escalating coronavirus pandemic.
Sweden’s financial regulator announced it will wait until June to conclude its money laundering investigation into Scandinavian Enskilda Banken AB (SEB) due to the coronavirus pandemic.
The pace of technological change can be overwhelming, and in-house legal and compliance teams are yet to lead the charge. This needs to change if businesses are to secure the potential competitive advantages offered by new tech.
Swedbank has canceled the severance pay of its former CEO and accepted a record fine of 4 billion Swedish Krona (U.S. $390 million) in the wake of the findings of an independent investigation into its anti-money laundering deficiencies.
Swedbank AB has been issued a record 4 billion Swedish Krona (U.S. $390 million) administrative fine for what Sweden’s financial watchdog called “serious deficiencies in its management of the risk of money laundering in its Baltic operations.”
Research by consultancy firm Accenture shows companies in financial services are more concerned with guarding themselves against the impact of a data breach than realizing any financial benefits of using the data.
Swedbank announced the appointment of Rolf Marquardt as chief risk officer just over a week prior to the expected announcement of the findings of a probe into its AML shortcomings conducted by law firm Clifford Chance.
The potential for the coronavirus outbreak to lead to a global recession topped the list of concerns among finance leaders based in the United States and Mexico, according to a new survey released by PwC.
Swedbank announced it has reported approximately $4.8 million worth of transactions that might be subject to U.S. sanctions to the Treasury Department’s Office of Foreign Assets Control.
Wells Fargo capped a tumultuous week Friday when it announced the appointment of Ellen Patterson as its new senior executive vice president and general counsel.
Elizabeth Duke and James Quigley remained unwavering about accepting any sort of accountability in their oversight roles as former board members of Wells Fargo at a tense Congressional hearing Wednesday.
Wells Fargo CEO Charlie Scharf, who has led the scandal-plagued megabank for four months, was upfront about the bank’s failure to stem abuses in its banking, lending, and auto insurance divisions when he testified at a Congressional hearing Tuesday.
Fifth Third Bank, National Association could potentially be in as much legal and regulatory trouble as Wells Fargo if allegations of unauthorized account opening brought by the CFPB hold true.
Two Wells Fargo board members who were scheduled to testify at a congressional hearing this week in the aftermath of the financial institution’s fake account scandal have resigned.
The long-serving ethics officer for the National Credit Union Administration retired late last year after admitting to visiting strip clubs and drinking on the job, according to an internal investigation.
A scathing report on Wells Fargo published by the House Financial Services Committee majority tells the story of a recidivist megabank whose senior management and board of directors refuse to take compliance seriously and the unresponsive financial regulators who let it all slide.
The former chief operational risk officer at U.S. Bank has agreed to pay a $450,000 penalty for his role in the bank failing to implement and maintain an effective anti-money laundering compliance program.
The Serious Fraud Office suffered another major setback in the U.K.’s first trial against bank executives for misconduct during the 2008 financial crisis, after three former executives of Barclays were acquitted of fraud charges.
Two more settlements reached by Wells Fargo with regulators in the span of a week impart yet more “what not to do” ethics and compliance lessons.
Already reeling from last week’s $3 billion penalty related to its fake accounts scandal, Wells Fargo took another hit Thursday in the form of a $35 million SEC settlement related to poor supervision of investment recommendation practices.
Compliance Week discusses with Shannon Duncan, CCO and director of operations at registered investment adviser Blooom, the many unique challenges of doing compliance in the complex, ever-evolving FinTech space.
Wells Fargo will pay $3 billion to resolve civil and criminal penalties with the DOJ and SEC related to its long-running fake accounts scandal, but the embattled bank—and its former executives—are far from out of the woods.
The Department of Justice and Securities and Exchange Commission on Friday assessed total civil and criminal penalties of $3 billion against Wells Fargo & Co. and its subsidiary, Wells Fargo Bank, in the aftermath of its fake account scandal.
Federal Reserve Chair Jerome Powell told Congress he does not expect federal legislation will be needed to address the demise of the London Interbank Offered Rate, which is set to expire in 2021.
Global fines and penalties against financial institutions hit $36 billion last year, as ramifications from the financial crisis continue to reverberate throughout the financial services industry, according to a new report.
The wheels to the United Kingdom’s exit from the European Union are finally in motion, but the hard work still remains as to what kind of future trading relationship the country has with the single market.
A new report published by the Department of the Treasury cites compliance weaknesses among the most significant illicit finance threats and vulnerabilities facing the U.S. financial system.
Five federal agencies agreed that now would be a good time to ease restrictions on bank investments in hedge funds or private equity funds, triggering concern by some that the deregulation could be harmful. But is apprehension over the proposed Volcker rule relaxation overblown?
Compliance officers in the financial services industry face “unnecessary risks” that undermine effectiveness and regulatory goals, according to a new report by the Compliance Committee of the New York City Bar Association.
A recent court ruling tells the story of a former chief compliance officer that “literally had no idea what he was doing or what he was getting himself into” when he took the position at an investment advisory firm.
Former Wells Fargo Bank CEO John Stumpf was disciplined by the OCC on Thursday, but is the ban of someone in his mid-60s with tens of millions of dollars in net worth really more than a wrist slap?
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Thomas Wan of the International Compliance Training Academy outlines strategies for navigating the dynamic terrain of FinTech adoption within the banking industry.
Environmental, social, and governance factors are increasingly playing an influential role in the underwriting processes of global banks, according to a new report released by Fitch Ratings.
Financial services giant Wells Fargo announced Price Sloan will join the company as chief strategic enterprise risk officer.
UK Finance, the U.K. regulator responsible for the financial services sector, is offering recommendations to curb the abundance of intersecting rules in FS.