Financial Services


Allianz unit pleads guilty in $6B fraud settlement


Allianz Global Investors U.S. and three former portfolio managers were charged with lying to investors about a complex options trading strategy, as well as forging documents to cover up the scheme, leading to multibillion dollar losses.


Citi names Tom Anderson as new chief compliance officer


Tom Anderson will be the next chief compliance officer at Citi, effective June 1. His appointment comes two months after Mary McNiff stepped down from the role.


FCA fines, bans director over unauthorized compliance duties


Thomas Ward, a former head of compliance at an investment management firm who once worked as a compliance inspector for a U.K. regulator, was fined 416,558 pounds (U.S. $513,000) and banned from working in the financial services sector following a tribunal ruling.

Treasury Department

New sanctions add ban on U.S. accounting, management consulting work in Russia


The Treasury Department unveiled a host of new sanctions against Russian and Belarusian individuals and banks, in addition to a ban on U.S.-based accounting, management consulting, and trust and corporate formation services to any person located in the Russian Federation.


Whistleblower to OCC: USAA had 400,000 undisclosed Military Lending Act violations


USAA Bank engaged in an estimated 400,000 violations of the Military Lending Act, a former director of compliance within the bank reported to the Office of the Comptroller of the Currency in documents seen by Compliance Week.

USAA building

A look inside USAA’s ‘catastrophically mismanaged’ compliance culture


In exclusive interviews with Compliance Week, former USAA insiders describe a risk and compliance culture in which numerous individuals either were given the axe or quit because the problems were so endemic.


​Whistleblower: USAA ‘actively lying to regulators for years’ regarding violations of law


Senior executives at USAA ignored warnings from compliance staff and consultants for years regarding violations of U.S. federal banking laws and hid from regulators the scope of the company’s illegal practices, a former USAA director of compliance turned whistleblower told Compliance Week.

Wells Fargo sign

Wells Fargo in resolution negotiations regarding potential OFAC violations


Wells Fargo disclosed in a regulatory filing it has entered resolution discussions with a U.S. authority or authorities regarding potential sanctions violations it voluntarily self-disclosed to the Treasury Department’s Office of Foreign Assets Control.

Bank of America

CFPB fines Bank of America $10M over deficient garnishment protocols


The Consumer Financial Protection Bureau fined Bank of America $10 million for processing “unlawful” garnishments of customer accounts dating back to 2011.


SEC risk alert flags deficiencies in handling nonpublic information


A risk alert issued by the Division of Examinations at the Securities and Exchange Commission highlighted “notable deficiencies” in the handling of material nonpublic information by investment advisers, investors, and other market participants.


Deutsche Bank confirms AML raid at German headquarters


Deutsche Bank confirmed its Frankfurt headquarters were raided by German prosecutors in relation to a money laundering probe regarding suspicious activity reports filed by the bank.

British pounds

FCA cracking down on challenger banks after review


Challenger banks must improve how they assess financial crime risk following a review by the U.K. Financial Conduct Authority that found some fail to carry out even basic customer checks.

Department of Justice

‘The new FCPA’: Monaco stresses sanctions as top DOJ commitment


As part of a discussion at an industry event, Deputy Attorney General Lisa Monaco reiterated the Justice Department will prioritize the enforcement of sanctions the United States has placed on Russia following its invasion of Ukraine.

Credit Suisse sign

Credit Suisse continues executive shakeup with new general counsel


Credit Suisse announced its latest series of executive-level changes, including the appointment of UBS veteran Markus Diethelm as its new group general counsel.

Tyler Hand

CW National 2022 Q&A: Tyler Hand on working in high-risk countries


Tyler Hand, chief compliance officer at Western Union, previews his panel titled, “The Fast-Evolving Risk Working in High-Risk Countries—Experiences and Lessons Learned,” at CW’s National Conference in Washington, D.C. from May 16-18.

Archegos Capital

Archegos founder Bill Hwang indicted for fraud; chief risk officer pleads guilty


Bill Hwang, the founder of Archegos Capital Management, was arrested and charged with racketeering conspiracy, securities fraud, and wire fraud for orchestrating a multibillion-dollar market manipulation scheme that resulted in the U.S. hedge fund’s collapse.

London cityscape

FCA puts U.K. fintech firms on notice with QPay forfeiture


The U.K. Financial Conduct Authority used its powers under the Proceeds of Crime Act to force fintech firm QPay Europe to forfeit £2 million (U.S. $2.5 million) alleged to be linked to a U.S.-based wire fraud conspiracy.


Webcast Q&A: Managing correspondent banking relationships

2022-04-26T19:34:00+01:00By David Povey, International Compliance Association

Correspondent banking is a vital part of the global economy, but when incorrectly managed can present considerable financial crime risks.


CFPB targets fintechs with examination policy shift


The Consumer Financial Protection Bureau will begin conducting supervisory examinations on nonbank financial companies the agency believes “pose risks to consumers.”


CFPB, NYAG sue MoneyGram to halt ‘long pattern of misconduct’


The Consumer Financial Protection Bureau and New York Attorney General Letitia James filed a lawsuit against MoneyGram in federal court, alleging the money remittance company has failed to fulfill the compliance obligations placed upon it in previous enforcement actions.


CFTC: Ex-portfolio manager found liable in commodity pool fraud case


The Commodity Futures Trading Commission announced Edward Walczak, former portfolio manager for Catalyst Capital Advisors, was found liable by a jury for violating the Commodity Exchange Act.

Russia_United States

FinCEN advisory highlights Russian kleptocracy concerns


The Financial Crimes Enforcement Network issued an advisory offering red flag indicators of kleptocracy and foreign corruption, noting Russia as a country of “particular concern.”

Federal Reserve

Biden to nominate Michael Barr as Fed supervision head


President Joe Biden announced his intent to nominate Michael Barr, a key architect of the Dodd-Frank Act and former Treasury Department assistant secretary, to serve as the Federal Reserve’s vice chair for supervision.


CFPB sues ‘repeat offender’ TransUnion over consent order violations


The Consumer Financial Protection Bureau filed a lawsuit in federal court charging TransUnion, two of its subsidiaries, and one of its longtime executives with violating a 2017 consent order and other consumer financial protection laws.

Magnifying glass

Five considerations for a transaction monitoring system

2022-04-11T19:10:00+01:00By David Povey, International Compliance Association

Transaction monitoring is an area constantly in the spotlight. David Povey of the International Compliance Association explains five key monitoring considerations for anyone managing or working within financial institutions.

Goldman Sachs Tower

Ex-Goldman banker convicted of FCPA violations in 1MDB case


Roger Ng, one of the central figures of the Goldman Sachs 1MDB scandal, was found guilty by a federal jury of conspiring to violate the Foreign Corrupt Practices Act and commit money laundering.


​Fed bans ex-Goldman managing director over supervisory info misuse


The Federal Reserve Board permanently barred from the banking industry former Goldman Sachs Managing Director Joseph Jiampietro after he allegedly misused confidential supervisory information to further his regulatory advisory practice.

Bank of Ireland

Bank of Ireland fined $504K for credit rating data breaches


Bank of Ireland was fined €463,000 (U.S. $504,000) after an investigation by the Irish Data Protection Commission found customer data was accidentally altered in a way that could have damaged credit ratings and prevented getting loans.

Cash App

Cash App breached by former employee; 8.2M affected


Approximately 8.2 million U.S. customers of Cash App Investing have been notified of a data breach carried out by a former employee of the mobile payment service provider.


Treasury expands sanctions against large Russian banks


The Department of the Treasury announced strengthened sanctions against two of Russia’s largest financial institutions, Sberbank and Alfa-Bank, that were already subject to U.S. restrictions.


Danske Bank fined $1.5M for data processing failures under GDPR


The Danish Data Protection Agency has reported Danske Bank to the police and fined it 10 million Danish kroner (U.S. $1.47 million) over its failure to erase customers’ personal data in its systems in violation of the General Data Protection Regulation.

Credit Suisse

Credit Suisse: Risk chief, executive board ‘extremely surprised’ by Greensill collapse


Credit Suisse shared further information regarding its exposure to the collapse of U.K. supply chain finance startup Greensill Capital in March 2021 and how the bank was caught off guard.

Treasury Department

Senators call for close of private investment AML/CFT loophole


Sens. Sheldon Whitehouse (D-R.I.) and Elizabeth Warren (D-Mass.) called on the Treasury Department and SEC to close a “disconcerting loophole” that exempts hedge funds and other private investment firms from reporting suspicious activity within their transactions to authorities.


Ex-chief compliance officer pleads guilty in Ponzi scheme


Vania May Bell, the former chief compliance officer and controller of Executive Compensation Planners, pleaded guilty for participating in a Ponzi scheme with her father that defrauded clients out of more than $11 million.

Credit Suisse

U.S. lawmakers question Credit Suisse over Russian sanctions compliance


Two members of the House Committee on Oversight and Reform requested Credit Suisse provide information regarding its compliance with U.S. sanctions against several Russian oligarchs, following a media report the Swiss bank requested some documents be destroyed.

Dark money

Report: Number of AML fines up, penalty totals down in 2021


The number of anti-money laundering fines assessed against financial institutions globally reached its highest amount in six years during 2021, though the penalty amounts associated with those enforcement actions dropped notably, according to Kroll’s annual benchmark report.

Elizabeth Rosenberg

Treasury official: Compliance has chance to effect history with Russia response


Elizabeth Rosenberg, assistant secretary for terrorist financing and financial crimes at the Treasury Department, said in a speech “history has thrust the compliance sector into the center of events” regarding business response to evolving sanctions and actions against Russia.


Compliance implications of USAA order addressing AML lapses


The consent order issued by the Office of the Comptroller of the Currency against USAA Bank imparts lessons for compliance officers in the financial services industry on how—and how not—to maintain a Bank Secrecy Act/anti-money laundering compliance program.

Credit Suisse

Credit Suisse recruits outgoing Wells Fargo risk chief to board


Credit Suisse announced a handful of proposed changes to its board of directors, including the appointment of Wells Fargo’s outgoing Chief Risk Officer Amanda “Mandy” Norton to fill an open seat.

Business liability

FINRA stresses supervisory authority as key to CCO liability cases


Whether chief compliance officers have supervisory authority is key to the Financial Industry Regulatory Authority’s determination of CCO liability, the organization clarified in a regulatory notice.


USAA fined $140M for AML compliance failures


USAA Federal Savings Bank must pay $140 million as part of consent orders reached with the Financial Crimes Enforcement Network and Office of the Comptroller of the Currency for its failures maintaining its Bank Secrecy Act/anti-money laundering compliance program.


MoneyGram, NYDFS agree on $8.25M settlement for supervision lapses


MoneyGram will pay $8.25 million as part of a settlement with the New York State Department of Financial Services for supervision failures regarding local agents processing suspicious transactions in China.

Russia Ukraine economy

Banks face complex compliance risks as they attempt to exit Russia


Once a bank decides to withdraw or wind down its Russian operations, there are a host of thorny compliance issues to navigate in a compressed timeframe, including sanctions implications, money laundering risks, and more.

Sarah Bloom Raskin

Sarah Bloom Raskin withdraws nomination as top banking regulator


Sarah Bloom Raskin, President Joe Biden’s pick to be vice chair for supervision at the Federal Reserve, withdrew her nomination after losing the support of a key Democratic senator.

Stock drop

SEC staff warn broker-dealers ‘remain vigilant’ amid market volatility


Amid Russia’s invasion of Ukraine, SEC staff issued a statement warning broker-dealers and other market participants to “remain vigilant to market and counterparty risks that may surface during periods of heightened volatility and global uncertainties.”


Swedbank Estonia named suspect in money laundering investigation


The Estonian branch of Swedbank has been summoned for interrogation as part of a probe into suspected money laundering and other criminal activities.


Learning points from HSBC’s fine for AML failings

2022-03-14T18:55:00+00:00By Teodora Harrop, for International Compliance Association

Significant investment in systems has not been fully effective in mitigating financial crime risk. A fine of nearly £64 million (then-U.S. $84 million) imposed on HSBC by the U.K. Financial Conduct Authority in December is a particularly potent example.

Deutsche Bank

Deutsche Bank monitorship extended after breach of DPA


Deutsche Bank disclosed the Department of Justice determined it breached its obligations under a 2021 deferred prosecution agreement. As a result, the term of an independent compliance monitor at the bank has been extended until February 2023.

Goldman Sachs Tower

Goldman Sachs first major U.S. bank to exit Russia


Goldman Sachs announced the winding down of its business in Russia, becoming the first major U.S. bank to take such action in the wake of the invasion of Ukraine. JPMorgan Chase later announced similar plans to exit the country.

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CPE Webcast: Firm foundation for constant change: Automating compliance in financial services

2022-03-10T14:00:00+00:00Provided by

Join this webinar and explore data and automation strategies to help you protect sensitive information and report accurately.