Financial Services

ESG money

News Brief

ESMA guidelines tackle greenwashing via fund names


The European Securities and Markets Authority published its final report containing guidance for the use of environmental, social, and governance- and sustainability-related terminology in fund names.

Blockchain concept


Fed governor: Regs should engage with industry on safe DLT use in banking


Federal Reserve Board Governor Michelle Bowman argued banking regulators should move from their current reactive posture on banking innovation to a position that actively encourages new technologies, business models, and ideas to solve age-old problems.


News Brief

Treasury says closing AML regulation loopholes top priority


The Treasury Department’s efforts to eliminate regulation loopholes that help enable money laundering in the U.S. financial system will remain a top priority as part of the agency’s 2024 national illicit finance strategy.


News Brief

Supreme Court rules CFPB funding structure constitutional


The Supreme Court rejected a claim that the Consumer Financial Protection Bureau’s funding mechanism is unconstitutional, removing a legal challenge that had the potential to overturn all the agency’s regulations and enforcement actions.


News Brief

SEC amends Reg S-P to require data breach notification within 30 days


The Securities and Exchange Commission will require broker-dealers and registered investment advisers to adopt written policies and procedures for handling data breaches of customer data and notify affected customers within 30 days.



Binance CEO got 4 months in prison. FTX’s got 25 years. Was compliance the difference?


Why the wild disparity in the sentences of Binance’s Changpeng Zhao and FTX’s Sam Bankman-Fried? Aaron Nicodemus argues the performance of the compliance teams at the two cryptocurrency exchanges was as big a contrast as the penalties earned by their respective founders.

TD Bank

News Brief

Canadian parliament adds to TD Bank AML scrutiny


Canadian lawmakers will come together to discuss TD Bank’s reported failure to prevent drug traffickers from laundering proceeds of fentanyl sales on its platform.

New York cyber-security

News Brief

NYDFS offers cyber rule compliance template for small businesses


The New York State Department of Financial Services issued guidance for small businesses attempting to comply with its cybersecurity regulations.

SEC office

News Brief

SEC, FinCEN propose customer ID program for investment advisers


The Securities and Exchange Commission and Financial Crimes Enforcement Network proposed a rule requiring registered investment advisers to implement customer identification programs, another facet of a coordinated attempt to close an apparent loophole in federal AML regulations.

Real estate accounting

News Brief

FSOC warns on liquidity risk by nonbank mortgage servicers


A new report by the Financial Stability Oversight Council recommended state regulators and Congress take steps to minimize “significant liquidity risk” posed by the nonbank mortgage servicing industry.


News Brief

FINTRAC fines Binance $4.4M over AML/CFT violations


The Financial Transactions and Reports Analysis Centre of Canada imposed a penalty of approximately CAD$6 million (U.S. $4.4 million) against crypto platform Binance over alleged noncompliance with the country’s anti-money laundering/countering the financing of terrorism law.

Federal Reserve

News Brief

Fed-led climate scenario analysis highlights data gaps, insurance costs


The Federal Reserve Board and six large American banks released the results of a pilot climate scenario analysis that explored how resilient the banks’ business models were to climate-related financial risks.


News Brief

​FINRA fines Merrill Lynch $825K over order execution supervision lapses


Merrill Lynch was assessed an $825,000 penalty by the Financial Industry Regulatory Authority for alleged supervision failures regarding the execution of marketable equity orders entered into its electronic order systems.

FINRA New York

News Brief

FINRA enforcement roundup: Three firms fined for trade compliance lapses


The Financial Industry Regulatory Authority fined three firms—M1 Finance, Mizuho Securities, and Oppenheimer—between $250,000 and $500,000 across separate actions for failing to properly implement, monitor, and supervise internal systems that led to compliance failures.



Five reasons I’m excited for CW’s Financial Crimes Summit


Compliance Week’s Financial Crimes and Regulatory Compliance Summit will feature more than 50 prominent speakers representing government agencies, regulators, banks, investment advisers, and more tackling the top-of-mind risk areas facing the financial services industry.


News Brief

FinCEN warns financial institutions on Iran-backed terrorist organizations


The Financial Crimes Enforcement Network advised financial institutions in detecting illicit transactions related to Iran-backed terrorist organizations.

SEC building

News Brief

SEC faults former IA Gainvest for nontailored compliance manual


A Securities and Exchange Commission action against former registered investment adviser Gainvest Legal Corp. yielded a notable takeaway for others in the industry engaging consultants for compliance program support.



CW2024 panel: TPRM board buy-in earned through impact, activity


Identifying critical measures for third-party risk management has become vitally important as risk professionals face an uphill battle in fighting for resources, experts discussed at Compliance Week’s 2024 National Conference.

Bank BW

News Brief

Regs move forward Dodd-Frank rule on risk considerations in bank exec pay


Federal regulators adopted a notice of proposed rulemaking on incentive-based compensation requiring large banks to make their executive compensation arrangements “more sensitive to risk.”

London business district

News Brief

FRC fines PwC, EY for London Capital & Finance audit failings


Big Four firms PwC and EY were each penalized by the Financial Reporting Council for alleged shortcomings during their respective audits at collapsed investment firm London Capital & Finance.


News Brief

CFPB fines Chime $3.25M over account refund delays


The Consumer Financial Protection Bureau ordered Chime Financial to pay $3.25 million in penalties for allegedly delaying consumer refunds past its promised 14-day timeframe.


News Brief

SoFi unit fined $1.1M by FINRA for fraud prevention failures


SoFi’s brokerage unit will pay a $1.1 million fine to the Financial Industry Regulatory Authority for fraud detection weaknesses that allowed thieves to create SoFi Money accounts using fake or stolen identities.


News Brief

Federal banking regulators issue TPRM guidance for community banks


The Federal Deposit Insurance Corporation, Federal Reserve Board, and Office of the Comptroller of the Currency combined to provide guidance on third-party risk management focused on the unique risks faced by community banks in their third-party relationships.

TD Bank sign

News Brief

FINTRAC fines TD Bank record $6.7M over AML program failings


The Financial Transactions and Reports Analysis Centre of Canada fined TD Bank nearly CAD$9.2 million (U.S. $6.7 million) for failing to comply with its anti-money laundering regulations.

JPMorgan headquarters

News Brief

JPMorgan expects added $100M penalty for trade surveillance shortcomings


JPMorgan Chase said it expects to pay an additional $100 million to an unnamed regulator to settle alleged trade surveillance failures that have already warranted more than $348 million in penalties by two other agencies.


News Brief

PayPal off hook in CFPB probe into Venmo fund transfers


Digital wallet company PayPal disclosed it won’t face enforcement regarding a Consumer Financial Protection Bureau probe into its subsidiary Venmo.

TD Bank

News Brief

TD Bank reserves $450M for BSA/AML enforcements


TD Bank said it set aside $450 million to settle regulatory and law enforcement investigations, including by the Department of Justice, into its anti-money laundering and Bank Secrecy Act programs.

Business liability


CCO liability: How to protect your compliance career


Despite significant issues outside the control of most chief compliance officers, some regulators have signaled more individual liability cases are to be expected. Will accepting the wrong job, in hindsight, make it your last?

Royal Bank of Canada

News Brief

RBC unit fined by FINRA over trade confirmation violations


RBC Capital Markets agreed to pay nearly $769,000 to settle allegations levied by the Financial Industry Regulatory Authority, in part, over sending inaccurate information in trade confirmations to customers over nearly a decade.



Lloyds decision to cut risk staff draws criticism, defenders


Lloyds Banking Group is cutting jobs in its risk management function after an internal review reportedly found it was a “blocker” to the organization’s strategic transformation.


News Brief

Proposed update to FDIC’s Change in Bank Control Act fails to advance


A notice of proposed rulemaking to modify the Federal Deposit Insurance Corporation’s Change in Bank Control Act was withdrawn after receiving mixed reviews among the agency’s board of directors.


News Brief

FINRA fines TD Ameritrade $600K over automated approval failures


Online brokerage services provider TD Ameritrade agreed to pay a $600,000 fine for violations of Financial Industry Regulatory Authority rules over its automated approval system that allegedly allowed inexperienced traders to engage in options trading.



U.K. regs up pressure on debt collection practices


Debt collection has become a hot topic as U.K. regulators pile pressure on utilities and financial services companies to improve how they treat customers in arrears.

Pav Gill 3x2


Wirecard whistleblower laments EU speak-up protection inconsistencies


The European Union’s strong stance on whistleblower protection has been undermined by member states’ wildly different approaches to punishing organizations that fail to safeguard people who raise concerns, says Wirecard whistleblower Pav Gill.

Big Tech


FCA exploring how Big Tech data can aid financial services


The U.K. Financial Conduct Authority reemphasized its desire to work with Big Tech firms to examine how their data might be useful to the financial industry.

ESG concept

News Brief

FCA publishes guidance on anti-greenwashing rule


The U.K. Financial Conduct Authority issued new guidance on how to comply with its upcoming anti-greenwashing rule, which is set to take effect May 31.


News Brief

BaFin fines Commerzbank $1.6M over supervision, AML lapses


Germany’s financial supervisory authority issued total fines of €1.45 million (U.S. $1.6 million) against Commerzbank AG to settle allegations of inadequate monitoring and anti-money laundering controls.


News Brief

OCC cites three banks for risk management, BSA-related failures


The Office of the Comptroller of the Currency cited three banks for unsafe and unsound business practices that mirror issues similar to what spurred last year’s banking crisis.


News Brief

SEC risk alert warns investment advisers of marketing rule missteps


Examiners with the Securities and Exchange Commission found investment advisory firms have generally done well creating processes to comply with the agency’s amended marketing rule but some have fallen short in ensuring compliance.


News Brief

CFPB rule streamlines nonbank supervision designation process


The Consumer Financial Protection Bureau continued its push to establish supervisory authority over more nonbank financial companies with the adoption of a procedural rule to streamline the process for such designations.


News Brief

FinCEN warns of fake U.S. passport cards used to commit fraud


The Financial Crimes Enforcement Network is warning financial institutions of counterfeit U.S. passport cards used to commit fraud and identity theft.


News Brief

FINRA orders Barclays unit to pay $700K over conflicts of interest


A Barclays unit agreed to pay $700,000 to settle allegations levied by the Financial Industry Regulatory Authority that its research analysts violated conflict-of-interest rules and the firm failed to sufficiently supervise their trades.


News Brief

U.S., U.K. ban new Russian metal imports


The U.S. Treasury Department, in coordination with the United Kingdom, is clamping down harder on Russia’s ability to wage war against Ukraine by banning the import of Russian-origin aluminum, copper, and nickel.

SEC building

News Brief

SEC fines five investment advisers in marketing rule sweep


Five registered investment advisers agreed to pay a total of $200,000 in penalties for allegedly violating the Securities and Exchange Commission’s amended marketing rule.



CFTC enforcement head talks steep path to self-reporting credit


Earning self-reporting credit from the Commodity Futures Trading Commission is no simple task, Director of Enforcement Ian McGinley conceded.

Treasury Department

News Brief

Treasury proposal seeks to expand CFIUS enforcement authority


A proposal by the Treasury Department would allow the Committee on Foreign Investment in the United States to seek more information as part of its review activities and enable “substantially” larger penalties in instances of noncompliance with relevant regulations.

SEC office


SEC official breaks down agency calculus for off-channel comms penalties


Sanjay Wadwha, deputy director of the SEC’s Enforcement Division, discussed the agency’s rationale for issuing widely disparate penalties for off-channel communications recordkeeping violations, as well as violations of its amended marketing rule.


News Brief

SEC concludes VW emissions case with $48.8M judgment


Volkswagen Group of America Finance was ordered to pay $48.75 million as part of a final judgment obtained by the Securities and Exchange Commission to resolve historical violations related to the automaker’s emissions scandal.

SEC headquarters

News Brief

Senvest latest rapped by SEC over off-channel comms


Registered investment adviser Senvest Management agreed to pay $6.5 million as part of a settlement with the Securities and Exchange Commission addressing admitted off-channel communications violations and separate code of ethics failures.


News Brief

CFTC lauds Australian swap dealer’s cooperation in $500K enforcement


The Commodity Futures Trading Commission ordered an Australian swap dealer to pay $500,000 over admitted supervision failures related to a deficient spoofing surveillance tool.