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.
The Consumer Financial Protection Bureau says it will provide financial services firms under investigation more detail on what violations prompted the agency’s scrutiny.
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 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 ...
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 ...
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.
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.
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.
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.
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.
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 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, chief compliance officer at the Harvard Management Company, discusses the university’s three-pronged approach to sustainable investment with columnist Tom Fox.
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.
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.
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.
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.
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.
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).
With new leadership, Rep. Maxine Waters (D-Calif.), the House Financial Services Committee is setting its agenda for the new session of Congress.
A new report says despite ongoing efforts to improve conduct and culture deficiencies, the nation’s banks still face serious brand and reputation challenges.
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.