Deutsche Bank is planning to shake up its internal structure around anti-financial crime efforts in the wake of criticism from multiple regulators.
Credit Suisse has hired Nita Patel as its new chief compliance officer for the U.K. and EMEA regions. Of note, the bank was exposed to losses during the collapse of U.K. firm Greensill Capital.
First American Financial Corp. reached a $487,616 settlement with the SEC for failing to maintain cyber-security disclosure controls and procedures that exposed more than 800 million title insurance records containing sensitive customer information.
When the Dodd-Frank Act passed in 2010, an urgency existed to enact its many provisions. A decade later, 11 of its rules remain unfinished. Will a change in leadership at the SEC get the law across the finish line?
Projected costs for financial crime compliance among financial services companies worldwide reached nearly $214 billion last year, according to the latest survey from LexisNexis Risk Solutions.
A year removed from the start of the pandemic, the long-term effects the shift in work culture will have on the compliance profession have become more apparent. The “Cost of Compliance Report 2021” by Thomson Reuters reflects these changes.
Australia’s financial regulator has identified “serious concerns” with National Australia Bank’s compliance with anti-money laundering and counter-terrorism financing rules but indicated it won’t fine the bank—for now.
The SEC announced settled charges with the chief compliance officer of investment adviser VII Peaks Capital for her alleged role in causing the firm to breach fiduciary duties.
A new directive released by President Biden instructs U.S. federal agencies to make combating corruption a national security interest. Compliance practitioners in the financial services industry, particularly, may feel the ripple effect
The New York City Bar Association has proposed a framework for regulators like the SEC to use when considering charging chief compliance officers for misconduct that occurs on their watch.
The SEC and CFTC filed charges against investment management firm LJM and two portfolio managers for misleading investors about the company’s risk management practices. Each agency separately reached settlements with LJM’s chief risk officer for his role in the alleged scheme.
Swiss bank Julius Baer entered a deferred prosecution agreement and will pay $80 million for its role in a money laundering conspiracy linked to world soccer federation FIFA, the Department of Justice announced.
The Department of Justice has reportedly launched an investigation into the collapse of Archegos Capital Management, which cost multiple big banks billions of dollars.
The former CEO of an Austrian bank was arrested in the United Kingdom on criminal charges for his alleged role in a massive money laundering scheme involving Brazil-based global construction conglomerate Odebrecht.
Bank culture continues to be a problem, and strategies formed following the financial crisis to prevent money laundering haven’t fared much better. Perhaps it’s time for a new approach.
Danske Bank announced the appointment of Magnus Agustsson as its new chief risk officer. Agustsson will join the bank from SEB, where he held the same position.
Bank culture continues to be a problem following the 2008 financial crisis, and strategies formed to prevent money laundering haven’t fared much better. It’s time for a new approach, writes Martin Woods.
The European Commission fined Nomura, UBS, and UniCredit a total of €371 million (U.S. $453 million) for their participation in a cartel scheme through a group of traders. Bank of America, Natixis, NatWest, and Portigon were also each allegedly involved but not penalized.
Deutsche Bank named Joe Salama global head of anti-financial crime and group anti-money laundering officer less than a month after its AML controls were criticized by German financial regulator BaFin.
The collapse of Greensill Capital has led to investigations into how the company got into the financial mess it did and why alarm bells didn’t ring. But one investigation is noticeably conspicuous by its absence—why the company wasn’t properly regulated in the first place.
State Street will pay a $115 million criminal penalty and enter into a deferred prosecution agreement with the Department of Justice for mutual fund and expenses overcharges.
How is it Deutsche Bank can spend more than $1 billion on compliance enhancements but still be ordered to do more to improve its AML controls? Is the bank to blame or are regulators missing the big picture?
BaFin, Germany’s market regulator, has ordered mobile bank N26 to improve its anti-money laundering controls, taking the unusual move to appoint a “special commissioner” to monitor its progress.
Fundamental differences in ideology and motivation differentiate a terrorist from organized criminal groups. However, a debate rages over the connection between transnational organized crime and terrorist financing.
Mary McNiff shared initiatives she’s undertaken in her first year as chief compliance officer at Citi during her keynote at CW’s 2021 National Conference on Wednesday.
Two whistleblowers sought to undermine each other in vying for the majority of a $22 million award issued by the SEC regarding malfeasance reported at a financial services firm.
Michael Hsu, a regulator at the Federal Reserve, has been named acting comptroller of the currency by U.S. Treasury Secretary Janet Yellen.
John Flint, former group chief executive at HSBC, considered the progress compliance has made over the last 20 years and the strides the profession must continue to make as part of a keynote at the ICA’s 2021 BIG Compliance Festival.
MoneyGram International stated in a regulatory filing it has fulfilled its obligations under a DPA it entered with the Department of Justice eight years ago, and its AML program was given a thumbs-up by its compliance monitor.
DNB ASA, Norway’s largest financial services group, will pay a fine of NOK 400 million ($48.1 million) for failing to adhere to Norwegian Anti-Money Laundering Act standards.
Andreas Gottschling, Credit Suisse’s board member in charge of its risk committee, has stepped down as fallout from the collapses of Archegos Capital and Greensill Capital continues to roil the bank.
BaFin, Germany’s market regulator, signaled Deutsche Bank still has more to do concerning previously ordered improvements to its AML compliance controls.
The Office of Foreign Assets Control announced a $34,329 settlement with MoneyGram Payment Systems for apparent violations of multiple sanctions programs, including the processing of transactions involving Syria.
New Danske Bank CEO Carsten Egeriis told investors compliance costs at the bank have stabilized now that a forensic audit into a money laundering scandal involving its Estonia branch is complete.
Brian King will return to Goldman Sachs as consumer chief risk officer and head of business operations after seven months with Wells Fargo.
Kyle Brasseur seeks silver linings from ABN AMRO’s €480 million settlement for AML failures, while Aly McDevitt calls out the retail pharmacies overextending their employees for the sake of distributing more COVID-19 vaccines.
Putting the collapses of Archegos Capital and Greensill Capital behind it won’t be simple for Credit Suisse amid staggering financial losses and widening scrutiny from Switzerland’s financial regulator.
The financial services industry is at the cutting edge of the utilization of artificial intelligence and machine learning tools. Regulators have recently requested to understand how these technologies are being used—or misused.
ABN AMRO CEO Robert Swaak acknowledging his bank’s “moral duty” to prevent money laundering should be welcomed by all in the global AML community as progress, writes Martin Woods.
Dutch bank ABN AMRO reached a €480 million (U.S. $575 million) settlement with the Netherlands Public Prosecution Service to resolve money laundering charges.
Danske Bank CEO Chris Vogelzang and board member Gerrit Zalm each resigned after being identified as suspects in ABN AMRO’s money laundering scandal. Chief Risk Officer Carsten Egeriis will take over as Danske’s CEO.
The Treasury Department announced sanctions against Russia implemented under an executive order from President Joe Biden in response to the SolarWinds hack and alleged election interference by the country.
Disgraced financier Bernie Madoff, whose decades-long fraud swindled thousands of investors out of billions of dollars, died in federal prison Wednesday.
The collapse of Archegos Capital Management may go down as yet another episode that champions the importance of the voice of the compliance professional, writes Martin Woods.
There are plenty of unanswered questions following the recent meltdown of family office Archegos Capital Management—and plenty of compliance lessons to be learned, writes Aaron Nicodemus.
Aly McDevitt and Kyle Brasseur assess changes in compliance and risk management functions at Deutsche Bank and Credit Suisse in light of recent scandals at each bank.
Credit Suisse Chief Risk and Compliance Officer Lara Warner has stepped down from her role and left the company following the bank’s loss of an estimated $4.7 billion due to the meltdown of hedge fund Archegos Capital Management.
Kenneth Blanco has been tapped to lead a new financial crimes unit at Citi following his departure as director of the Treasury Department’s Financial Crimes Enforcement Network later this week.
Former federal agent Robert Mazur revealed secrets of the money-laundering trade to attendees of CW’s Financial Crimes virtual event and proposed two solutions for financial institutions in the fight against bad actors.
Five European subsidiaries of Moody’s Corp. have been fined a total of €3.7 million (U.S. $4.4 million) by the European Securities and Markets Authority for violating conflict-of-interest rules.