Financial Services


News Brief

Lloyds discloses FCA probe into AML controls


Lloyds is the latest U.K. financial institution being probed by the Financial Conduct Authority regarding its anti-money laundering control framework.

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e-Book: Solving the off-channel communications conundrum

2024-02-22T01:15:00+00:00Provided by

Firms attempting to meet regulatory requirements for monitoring employee use of off-channel communications for business purposes face a bedeviling number of obstacles.


News Brief

Barclays says FCA probe into AML controls closed


Barclays Bank disclosed an investigation by the U.K. Financial Conduct Authority into the bank’s anti-money laundering controls has closed without a penalty.

Wells Fargo

News Brief

Wells Fargo says DOJ, SEC diversity hiring probes closed


Wells Fargo disclosed investigations by the Department of Justice and Securities and Exchange Commission into the bank’s diversity hiring practices concluded without enforcement action.

Silicon Valley Bank


Fed upping supervisory pressure as SVB collapse nears 1-year mark


Since the failure of Silicon Valley Bank nearly one year ago, the Federal Reserve Board has revamped its supervisory procedures to respond more quickly and forcefully once it identifies emerging risks at mid-sized and large banks, according to the agency’s vice chair for supervision.

JPMorgan Chase

News Brief

JPMorgan bracing for $350M in penalties over trade surveillance


JPMorgan Chase disclosed in a regulatory filing it expects to be penalized approximately $350 million by two unnamed U.S. regulators over lapses in its trading surveillance activities.


News Brief

TIAA unit to pay $2.2M for Reg BI lapses


A subsidiary of the Teachers Insurance and Annuity Association of America agreed to pay more than $2.2 million as part of a settlement with the Securities and Exchange Commission for not acting in the best interest of its retail customers regarding their retirement accounts.

Van Eck

News Brief

VanEck fined $1.8M over influencer promo nondisclosure


Van Eck Associates agreed to pay $1.75 million as part of a settlement with the Securities and Exchange Commission regarding its alleged failure to properly disclose the planned involvement of a social media influencer in the launch of an exchange-traded fund.

Morgan Stanley

News Brief

Morgan Stanley fined $1.6M by FINRA over municipal securities closeouts


Morgan Stanley will pay a $1.6 million fine levied by the Financial Industry Regulatory Authority for failing to close out certain municipal securities transactions over a five-year period.

Sterling Bank

News Brief

Ex-Sterling Bank GC cited by OCC over BSA-related failures


The Office of the Comptroller of the Currency issued a cease-and-desist order against the former general counsel at Sterling Bank and Trust for not ensuring the institution’s Bank Secrecy Act compliance and failing to timely file suspicious activity reports.

Human trafficking

News Brief

FinCEN: BSA data shows spike in crypto-financed human trafficking


Bank Secrecy Act reporting data disclosed by the Financial Crimes Enforcement Network revealed a significant spike in the use of cryptocurrency to finance human trafficking.

Treasury Department


FinCEN to propose applying BSA requirements to investment advisers


The Financial Crimes Enforcement Network will propose categorizing investment advisers as financial institutions that must comply with the Bank Secrecy Act, including having an anti-money laundering program.

Financial Conduct Authority

News Brief

FCA fines, bans ex-London Capital & Finance compliance head over promos


The U.K. Financial Conduct Authority issued a fine of £31,800 (U.S. $40,000) against a former compliance director at London Capital & Finance for allegedly approving misleading promotions that led to investor deception.



Experts: SCOTUS ruling shifts onus to employers in whistleblower cases


The Supreme Court’s unanimous decision to reaffirm whistleblower protections under the Sarbanes-Oxley Act in a case involving UBS has wide ramifications in many other industries beyond financial services, according to legal experts.


News Brief

Insurance broker Gallagher off hook in DOJ FCPA probe


Arthur J. Gallagher disclosed the Department of Justice ended an investigation into the insurance broker’s business in Ecuador for potential violations of the Foreign Corrupt Practices Act.

Supreme Court

News Brief

SCOTUS reaffirms whistleblower protections in ruling against UBS


The Supreme Court reaffirmed whistleblower protections guaranteed under the Sarbanes-Oxley Act in a unanimous decision expected to set a precedent that impacts all corporate internal reporting cases.

SEC building

News Brief

Latest SEC off-channel comms sweep nets $81M in fines against 16 firms


The ongoing off-channel communications sweep by the Securities and Exchange Commission netted 16 more broker-dealers and investment advisers, with the latest wave of fines totaling more than $81 million.

Bank of America


Table: SEC, CFTC off-channel communications penalties

2024-02-09T17:00:00+00:00By Compliance Week

The Securities and Exchange Commission and Commodity Futures Trading Commission have combined to levy about $2.8 billion in penalties (so far) against firms and their affiliates in response to recordkeeping failures regarding employee use of off-channel communications for business purposes.


News Brief

SEC, CFTC adopt rule for enhanced large hedge fund disclosures


Large hedge fund advisers will be required to disclose more information on their investment strategies, investment exposure, operations, and more as part of a rule change jointly adopted by the Securities and Exchange Commission and Commodity Futures Trading Commission.


News Brief

Goldman Sachs fined $513K by FINRA over faulty surveillance reports


The Financial Industry Regulatory Authority fined Goldman Sachs $512,500 for allegedly failing to properly surveil certain types of securities for potential manipulative trading activity for more than a decade.



CPE Webcast: Crafting policies for digital dialogue

2024-02-06T14:00:00+00:00Provided by Smarsh

This webinar will shed light on the critical need for heightened awareness regarding business communications in the financial sector.


News Brief

Westpac ordered to pay $1.2M in insider trading case


Westpac Banking Corp. was assessed a maximum fine of AUS$1.8 million (U.S. $1.2 million) to address charges levied by the Australian Securities and Investments Commission of insider trading related to an interest rate swap transaction.


News Brief

Paytm denies money laundering claims amid regulatory scrutiny


The Reserve Bank of India ordered a halt to many banking activities of digital payments provider Paytm while the regulator investigates “persistent noncompliances and continued material supervisory concerns.”


News Brief

FinCEN alert flags Israeli extremists fomenting violence in West Bank


The Financial Crimes Enforcement Network issued an alert addressing the financing of Israeli extremist settler violence against Palestinians in the West Bank.



ACAMS survey: Budget cuts, criminal tech innovation top 2024 threats


Nearly 800 financial crime professionals said the biggest threats to the effectiveness of their anti-money laundering programs are budget cuts and their inability to keep pace with more aggressive and innovative uses of technology by criminals to commit fraud.


News Brief

City National Bank ordered to pay $65M over deficient risk, internal controls


The Office of the Comptroller of the Currency levied a $65 million civil penalty against Los Angeles-based City National Bank over alleged risk management and internal control failures.


News Brief

Compliance officer BSA case a cautionary tale for small banks


A New York-based Bank Secrecy Act compliance officer facilitated more than $1 billion in high-risk international financial business through an “unsophisticated” institution, according to the Department of Justice and the Financial Crimes Enforcement Network.


News Brief

PRA fines HSBC units $73M over deposit protection failures


The Bank of England’s Prudential Regulation Authority penalized two HSBC units £57.4 million (U.S. $73 million) over historic failures in deposit protection identification and notification.


News Brief

N.Y. sues Citi for lax data security, failing to reimburse fraud victims


Citibank faces a lawsuit from New York Attorney General Letitia James for allegedly failing to protect and reimburse customers who lost thousands of dollars in fraudulent wire transfers.


News Brief

OCC proposes stricter review process for bank mergers


The Office of the Comptroller of the Currency proposed eliminating expedited or streamlined reviews of mergers for national banks and federal savings associations.

TD Bank

News Brief

TD Bank reportedly facing fine for faulty AML controls


The Financial Transactions and Reports Analysis Centre of Canada is reportedly preparing to issue its largest fine to date against TD Bank for faulty anti-money laundering controls.


News Brief

Treasury cites Iraqi bank, owner over terrorist financing concerns


Al-Huda Bank faces severance from the U.S. financial system for being a conduit of terrorist financing, according to the Financial Crimes Enforcement Network, while its owner, Hamad al-Moussawi, was sanctioned by the Office of Foreign Assets Control.

AI finance


The pros and cons of generative AI in AML compliance

2024-01-29T14:00:00+00:00By Mario Menz, CW guest columnist

Generative artificial intelligence providers often promote their technologies as revolutionary tools that can enhance anti-money laundering processes. But the issues and shortcomings associated with the technologies must also be acknowledged.


News Brief

Aon unit to pay $1.5M for misleading pension fund


Aon Investments USA and its former partner agreed to pay nearly $1.6 million in combined penalties to settle charges by the Securities and Exchange Commission that they misled a Pennsylvania school pension fund.

SEC building

News Brief

SPAC to avoid $1.5M SEC fine for failing to disclose pre-IPO merger talks


Northern Star Investment Corp. II faced a penalty of $1.5 million to settle charges laid by the Securities and Exchange Commission that it made misleading statements in its January 2021 initial public offering.

CFTC building

News Brief

CFTC seeking comment on applications of AI in compliance


The Commodity Futures Trading Commission would like to learn more about how regulated entities might be using artificial intelligence in their compliance efforts, along with other applications.

Credit Suisse sign


FINMA eyeing more power over banks. Will it make a difference?


Bonus clawbacks, more fines, and a senior management regime that clearly identifies individual executives’ responsibilities for key governance areas are all options being considered by the Swiss Financial Market Supervisory Authority in response to the collapse of Credit Suisse.

Magnifying glass

News Brief

Ex-DOJ Criminal Division head Polite to lead Tavistock Group compliance review


Private equity company Tavistock Group announced the retention of law firm Sidley Austin to conduct a compliance review, the same week that its billionaire founder pleaded guilty to U.S. insider trading charges.

Crypto coins

News Brief

FINRA report highlights crypto communication violations


The Financial Industry Regulatory Authority announced it uncovered potential violations of its disclosure rules in 70 percent of crypto asset communications reviewed during a targeted exam.

Data Analytics


FCA sets out data ambitions, challenges firms to keep pace


Experts expect improvements in the U.K. Financial Conduct Authority’s use of data and reporting means a heightened obligation for timely compliance by companies subject to its remit.

Screenshot 2024-01-24 112203


White paper: Quantify Third-Party Financial Risk to Efficiently Address Threats

2024-01-23T16:05:00+00:00Provided by

Financial risk is one of the third-party risk management (TPRM) domains most likely to directly harm your organization.

NYC skyline

News Brief

NYDFS: Banks must vet execs, including CCOs, ‘not just upon hiring’


The New York State Department of Financial Services released final guidance on how banks and non-depository financial institutions should vet executives, including chief compliance officers, before and during their employment.

Bitcoin business


SEC-approved spot bitcoin ETFs come with unique compliance risks


The Securities and Exchange Commission’s approval of spot bitcoin exchange-traded funds will provide investors with the same access to bitcoin, bought for cash on the spot market, as they currently have to other investments—for better or worse.

Wells Fargo

News Brief

Wells Fargo unit fined $425K by FINRA over trade disclosures


Wells Fargo Securities agreed to pay a $425,000 penalty as part of a settlement with the Financial Industry Regulatory Authority addressing allegations of disclosure lapses affecting millions of trade confirmations and related supervisory failures.


News Brief

ICBC fined $32M by NYDFS, Fed over compliance lapses


The Industrial and Commercial Bank of China and its New York branch agreed to pay $32.4 million in penalties levied by two regulators for failing to address compliance failures and for the unauthorized disclosure of confidential supervisory information to an overseas regulator.


News Brief

Robinhood Financial to pay $7.5M in Mass. settlement


Online stock trading platform and broker-dealer Robinhood Financial agreed to pay a $7.5 million fine as part of a settlement with the Commonwealth of Massachusetts addressing claims related to “gamification” of its platform and cybersecurity issues that lent to a 2021 data breach.

European Union

News Brief

EU nearing tighter AML rules for crypto, luxury traders


The European Union moved closer to finalizing rules that would expand current anti-money laundering and customer due diligence obligations to new sectors, in addition to granting greater powers to national financial intelligence units.

Bank AML


AML pros say tech, not hiring, will keep them ahead of financial crime


A survey of financial crime professionals found that while three of every four companies added more anti-money laundering employees in 2023, nearly all respondents said growing their department’s headcount alone won’t keep up with emerging risks.


News Brief

NYDFS proposes AI use guidance for insurers


The New York State Department of Financial Services issued for public comment guidance for insurers operating in the state regarding their use of artificial intelligence systems and other predictive technologies.

Euro money laundering


AMLA impact dependent on national collaboration


The impact of the Anti-Money Laundering Authority to improve the coordination and success of AML activities will be largely indirect, depending on its influence over European national governments continuing to supervise most EU financial services firms.