Financial Services


FinCEN to financial institutions: Beware of Venezuelan money laundering


FinCEN recently alerted financial institutions of continued widespread public corruption in Venezuela and the methods Venezuelan senior political figures and their associates may use to move and hide proceeds of their corruption.


CFPB to provide more information to firms under investigation


The Consumer Financial Protection Bureau says it will provide financial services firms under investigation more detail on what violations prompted the agency’s scrutiny.


FCA data shows firms with most consumer credit complaints


The U.K. Financial Conduct Authority published its latest complaints figures for regulated firms for the second half of 2018, revealing how some financial services firms are receiving significantly more complaints than others.


UniCredit Group Banks to pay $1.3B for sanctions violations


UniCredit Group Banks will pay total financial penalties of approximately $1.3 billion for processing hundreds of millions of dollars of transactions through the U.S. financial system on behalf of an entity designated as a weapons of mass destruction proliferator and other Iranian entities subject to U.S. economic sanctions, the Department ...


FCA fines Goldman Sachs £34.3M for transaction reporting failures


Compliance officers in the financial services industry can learn a lot from the failings of Goldman Sachs, which was fined £34.3 million (U.S. $45 million) by the U.K. Financial Conduct Authority for failing to provide accurate and timely reporting relating to 220 million transaction reports over a period of a ...


Troika Laundromat reveals the gaps in AML compliance


A recent report from several investigative journalists details the AML scandal behind Troika Dialog, once Russia’s largest private investment bank, and is just one small look into the much bigger problem of corruption across the globe.


Merrill Lynch to pay $8M for improper handling of ADRs


The Securities and Exchange Commission on March 22 announced that Merrill Lynch, Pierce, Fenner & Smith will pay over $8 million to settle charges of improper handling of “pre-released” American Depositary Receipts.


Banks, central banks warned of crypto-currency risks and pitfalls


Despite failures, plummeting prices, and a plethora of risks, financial institutions and central banks are cautiously looking at ways to use virtual currencies. International regulators are warning them that doing so haphazardly could be disastrous.


Regulators’ top risk cop assailed by reform-bent critics


The Financial Stability Oversight Council was created to expose and mitigate systemic risks to the U.S. financial system. Its critics are winning the long-simmering battle to redefine its efforts.


FCA fines UBS £27.6M for transaction reporting failures


The U.K. Financial Conduct Authority has fined UBS £27.6 million (U.S. $36.6 million) for failings relating to 135.8 million transaction reports.


Critics scrutinize plans for revised Volcker Rule


Proposed rulemaking to ease the compliance burden of the Dodd-Frank Act’s controversial Volcker Rule might not be enough to appease everyone.


BB&T Securities to pay $5.7M for misleading clients


BB&T Securities has reached a $5.7 million settlement with the Securities and Exchange Commission to settle charges that a firm it acquired misled its advisory clients.


Kate Murtagh on sustainable investment


Kate Murtagh, chief compliance officer at the Harvard Management Company, discusses the university’s three-pronged approach to sustainable investment with columnist Tom Fox.


FSOC seeks changes to nonbank designation guidance


The FSOC has released proposed interpretive guidance regarding nonbank financial firm SIFI designations. It would implement an “activities-based approach” to identifying potential risks to financial stability and provide an “off-ramp” to designated firms.


FTC proposes consumer data rule changes for financial institutions


The Federal Trade Commission is seeking public comment on proposed amendments to rules under the Gramm-Leach-Bliley Act that protect the privacy and security of customer information held by financial institutions.


Deloitte: financial institutions reengineer risk management


Financial institutions are beginning new efforts to reengineer their risk management programs and tap into emerging technologies, according to a survey conducted by Deloitte Global.


Q&A: A view of bank risk from the battlefield


Compliance Week talked with Stuart Brock, director of Seal Software, about the risks faced by banks—not the least of which is third-party due diligence.


Banks less anxious about risk, but should they be?


Wolters Kluwer’s “Regulatory & Risk Management Indicator” says two-thirds of financial institution executives continue to describe high levels of compliance-related regulatory risk, even if their level of anxiety over those risks has decreased.


Preparing for new credit loss rules

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Banks and other financial institutions have a lot of work ahead of them as they prepare to adopt the new standard on reflecting credit losses in financial instruments (the so-called CECL standard).


Waters builds new agenda for Financial Services Committee


With new leadership, Rep. Maxine Waters (D-Calif.), the House Financial Services Committee is setting its agenda for the new session of Congress.


Bank culture improved since recession, but challenges remain


A new report says despite ongoing efforts to improve conduct and culture deficiencies, the nation’s banks still face serious brand and reputation challenges.


New Fed risk report finds corporate debt concerns, Brexit fallout


On Nov. 28, the Federal Reserve’s Board of Governors released its first-ever Financial Stability Report. Among the risks: increasing levels of corporate leverage and international instability.