Financial Services


Federal banking regs ease hemp reporting requirements


New interagency guidance issued this week brings good news for compliance officers of banking institutions with hemp-related customers.


Westpac accused of 23M violations of Australian AML rules


Australia’s financial crime regulator has accused Westpac Banking of committing over 23 million breaches of the country’s anti-money laundering and counter-terrorism financing rules.

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White paper: A Guide to Financial Close Management

2019-11-14T09:00:00+00:00Provided by

Learn how to undergo a digital transformation (in 3 easy steps) that will help you to optimize your financial close process.


IBM, BoA collaborate on financial services-ready public cloud


IBM announced it has designed the world’s first financial services-ready public cloud and is welcoming financial services institutions and their suppliers to join. Bank of America is already on board.


Data protection compliance lessons from UniCredit breach


UniCredit announced its cyber-security team has identified a data breach that compromised the personal records of approximately three million clients in Italy, highlighting critical compliance lessons for those in the financial services industry.


Mastercard encourages unity with data privacy initiative


Mastercard is inviting other companies to join it in addressing individuals’ privacy rights with the launch of its Data Responsibility Imperative.


Despite reputation, CFPB not toothless under new leadership


Mounting criticism for going too soft on the financial services industry under Trump has not stopped new CFPB Director Kathleen Kraninger from putting her own stamp on the agency. The latest enforcement actions offer valuable insights for compliance officers and corporate counsel.


Key U.S. regulators join global financial network


The SEC, CFTC, FDIC, and OCC have joined a group of 50 financial authorities from around the world that comprise the Global Financial Innovation Network.


Ask Amii mailbag: Using compliance skill sets to influence operations


In this “Ask Amii” mailbag, executive coach and former Chief Compliance Officer Amii Barnard-Bahn discusses the pros and cons of outsourcing compliance, breaking tough news to business partners, and how to transfer compliance skills out of finance.

SFO building

SFO closes long-running LIBOR manipulation investigation


The U.K. Serious Fraud Office has closed its investigation into manipulation of the London Interbank Offered Rate (LIBOR), ending a probe that began more than seven years ago.

Federal Reserve

Fed rule tailors bank regulations to link requirements to risk


The Federal Reserve Board of Governors approved final rules that tailor its regulations for domestic and foreign banks to more closely link regulatory requirements to the institutions’ risk profiles.

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White paper: Best practices for Audio Recording Supervision

2019-10-10T03:09:00+01:00Provided by

Best practices for using AI & ML to enhance audio recording supervision programs.


OCC eases stress-testing requirements for banks


New OCC requirements mean national banks and federal savings associations with assets under $250 billion will no longer have to self-administer stress tests annually.


Compliance takeaways from Barclays’ $6.3M FCPA settlement


Barclays joins a growing list of financial institutions to pay a penalty for violations of the books and records and internal accounting controls provisions of the FCPA due to questionable hiring practices.


BMO firms to pay $37M for misleading clients


Two BMO advisory firms have agreed to pay over $37 million in a settlement with the SEC for misleading clients on aspects of their retail investment advisory program.


FCA fines Prudential $26.4M in misselling scandal


The U.K. Financial Conduct Authority has hit Prudential with a £23.8 million (U.S. $26.4 million) fine for misleading 17,000 customers into accepting a deal with the insurance firm when they might have done better on the open market.


SEC revisiting decades-old bank disclosure guide


The SEC is seeking public comment on proposed updates to statistical disclosures for bank and savings and loan registrants.


Two broker-dealers to pay $4.65M for providing deficient ‘blue sheet data’


Two broker-dealers must pay a combined $4.65 million in penalties for providing incomplete and inaccurate securities trading information to the SEC. Prudent compliance officers might want to take a page from their remedial efforts.


Prudential subsidiaries to pay $33M for misleading disclosures


The SEC has charged two subsidiaries of Prudential Financial with failing to disclose conflicts of interest and making misleading disclosures to the boards for 94 funds they advised.


What banking CCOs need to know about new terrorist funding order


Impacted financial institutions, including cryptocurrency exchangers, may want to review know-your-customer policies and anti-money laundering compliance in light of President Trump’s executive order.


FINMA publishes AML guidance on blockchain


The Swiss Financial Market Supervisory Authority has published new guidance on how it applies AML rules to the financial services providers it supervises in the area of blockchain technology.


Danske reported to police over investment mis-selling


Denmark’s financial regulator has filed a criminal complaint against Danske Bank over a mis-selling scandal that saw its former interim chief executive get fired in June this year.

Money laundering

New FinCEN unit to focus on money laundering threats


FinCEN announced the launch of its newly created Global Investigations Division, with responsibility for targeting terrorist financing and money laundering threats, both domestically and internationally.

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e-Book: CECL: Don’t get left behind on FASB’s credit loss standard

2019-08-29T12:22:00+01:00Provided by

The Financial Accounting Standards Board has approved delays for its credit loss standard, a.k.a. CECL, but companies—especially financial institutions—still have a long way to go.


Deutsche Bank to pay $16M in FCPA case over hiring practices


Deutsche Bank has become the latest financial institution to pay a penalty for violations of the Foreign Corrupt Practices Act over questionable hiring practices, showcasing a litany of compliance failures.


Cantor Fitzgerald, BMO Capital to pay $4.5M for mishandling ADRs


Brokers Cantor Fitzgerald and BMO Capital Markets will combine to pay more than $4.5 million to settle charges of improper handling of “pre-released” American Depositary Receipts.


Fed wants real-time payments, settlements


The Federal Reserve is making an effort to develop a round-the-clock real-time payment and settlement service.


Swiss bank ignores compliance officer; pays $10.7M for tax evasion


A Swiss-based private bank reached a $10.7 million settlement and entered into a non-prosecution agreement with the U.S. Department of Justice for committing tax evasion after recommendations made by its compliance officer went ignored.


FDIC details credit and market risks


The Federal Deposit Insurance Corporation this week published its 2019 Risk Review, an annual publication highlighting emerging risks and exposures that could affect the banking system in the months ahead.


Capital One announces massive data breach


Capital One Financial announced a hacker obtained the personal information of approximately 100 million individuals in the United States and approximately six million individuals in Canada.

Federal Reserve

SEC: Transition from LIBOR has taken on ‘urgency’


Regulators are starting to freak out a little over what will happen in U.S. financial markets in 2021 when a major benchmark interest rate is expected to vanish.


FINRA issues clarifying guidance on ‘extraordinary cooperation’ credit


The Financial Industry Regulatory Authority has issued supplemental guidance clarifying how companies and individuals that demonstrate “extraordinary cooperation” in investigations can receive enforcement credit.


Agencies exclude community banks from the Volcker Rule


Five federal financial regulatory agencies announced this week they have adopted a final rule to exclude community banks from the Volcker Rule.


FDIC report: Five common consumer compliance issues


The FDIC recently issued the first edition of its “Consumer Compliance Supervisory Highlights” report, intended to enhance transparency around consumer compliance supervisory activities.


Hong Kong’s SFC bans former Goldman Sachs officer for life


Hong Kong’s Securities and Futures Commission has banned Tim Leissner, a former participating managing director at Goldman Sachs (Asia), from re-entering the industry in connection with his crimes relating to 1MDB.


Study: Financial firms don’t know what they don’t know on climate risks


Financial institutions still struggle with how to manage risks posed by climate change, according to a new report.


Five ‘essential components’ of a sanctions compliance program


Chief compliance officers got some much-needed guidance on how to build a well-crafted sanctions compliance program thanks to the recent OFAC framework.


CECL in summer: Get ready for models, data, auditors


It may be summertime, but the living is not so easy for corporate finance staff preparing for CECL—a major change to the reporting of credit losses.

State Street

State Street to pay $88.8M for mutual fund overcharges


State Street will pay $88.8 million to resolve charges with the SEC that it overcharged mutual funds and other registered investment company clients for expenses related to the firm’s custody of client assets.


UBS compliance officer convicted of insider trading


A London Southwark Crown Court jury on June 27 convicted two individuals—a senior compliance officer of UBS and a day trader of financial securities—and sentenced them to three years’ imprisonment for insider trading.


FCA fines BOS over failure to report fraud suspicions


Bank of Scotland (BOS) has been slammed with a £45.5 million (U.S. $57.8 million) fine by the Financial Conduct Authority for failing to inform authorities of its suspicions that a BOS turnaround unit was committing fraud.


Wedbush to pay more than $8.1M for improper handling of ADRs


Wedbush Securities will pay more than $8.1 million to settle charges for the improper handling of “pre-released” American Depositary Receipts.


ICBC to pay more than $42M for improper handling of ADRs


Industrial and Commercial Bank of China Financial Services will pay more than $42 million to settle charges with both the Securities and Exchange Commission and the Department of Justice for the improper handling of “pre-released” American Depositary Receipts.


FCA publishes final report on RBS


The Financial Conduct Authority has concluded its investigation into the Royal Bank of Scotland and published a final report of its findings.