Financial Services


StandardCharteredFeature

Standard Chartered fined $24.9M for Ukraine sanctions breaches

2020-03-31T17:19:00+01:00By

The U.K. Office of Financial Sanctions Implementation hit Standard Chartered Bank for a record fine relating to loans the bank made to Russian financial institutions in violation of the EU’s sanction regime.

Congress

CECL delayed amid U.S. government’s coronavirus response

2020-03-27T18:51:00+00:00By

FASB’s controversial standard on credit losses was dealt two significant blows Friday as the U.S. government scrambles to respond to the financial impact of the escalating coronavirus pandemic.

SEB

Swedish regulator delays SEB money laundering probe

2020-03-26T20:28:00+00:00By

Sweden’s financial regulator announced it will wait until June to conclude its money laundering investigation into Scandinavian Enskilda Banken AB (SEB) due to the coronavirus pandemic.

Technology

Embracing the potential of tech in legal, compliance

2020-03-25T17:44:00+00:00By Lee O’Connell, Konexo

The pace of technological change can be overwhelming, and in-house legal and compliance teams are yet to lead the charge. This needs to change if businesses are to secure the potential competitive advantages offered by new tech.

Swedbank

Swedbank cuts ex-CEO’s severance following AML probe

2020-03-23T16:22:00+00:00By

Swedbank has canceled the severance pay of its former CEO and accepted a record fine of 4 billion Swedish Krona (U.S. $390 million) in the wake of the findings of an independent investigation into its anti-money laundering deficiencies.

Swedbankcrop

Swedish regulator fines Swedbank record $390M for AML deficiencies

2020-03-20T15:07:00+00:00By

Swedbank AB has been issued a record 4 billion Swedish Krona (U.S. $390 million) administrative fine for what Sweden’s financial watchdog called “serious deficiencies in its management of the risk of money laundering in its Baltic operations.”

Cyber locks

Study: Fear of data breaches stifling bank innovation

2020-03-19T15:20:00+00:00By

Research by consultancy firm Accenture shows companies in financial services are more concerned with guarding themselves against the impact of a data breach than realizing any financial benefits of using the data.

Swedbank_Automat

Swedbank announces new risk chief as probe nears end

2020-03-17T16:31:00+00:00By

Swedbank announced the appointment of Rolf Marquardt as chief risk officer just over a week prior to the expected announcement of the findings of a probe into its AML shortcomings conducted by law firm Clifford Chance.

PwCcrop

PwC survey: Finance leaders worried about global recession

2020-03-16T20:10:00+00:00By

The potential for the coronavirus outbreak to lead to a global recession topped the list of concerns among finance leaders based in the United States and Mexico, according to a new survey released by PwC.

Swedbank

Swedbank notifies OFAC of potential sanctions violations

2020-03-16T18:24:00+00:00By

Swedbank announced it has reported approximately $4.8 million worth of transactions that might be subject to U.S. sanctions to the Treasury Department’s Office of Foreign Assets Control.

WellsFargo

Wells Fargo ends wild week with new general counsel appointment

2020-03-13T18:50:00+00:00By

Wells Fargo capped a tumultuous week Friday when it announced the appointment of Ellen Patterson as its new senior executive vice president and general counsel.

Duke and Quigley

Wells Fargo former board chairs hesitant to accept accountability

2020-03-11T20:17:00+00:00By

Elizabeth Duke and James Quigley remained unwavering about accepting any sort of accountability in their oversight roles as former board members of Wells Fargo at a tense Congressional hearing Wednesday.

Charlie Scharf

Wells Fargo CEO says bank’s past behavior ‘deeply disturbing,’ vows change

2020-03-10T20:20:00+00:00By

Wells Fargo CEO Charlie Scharf, who has led the scandal-plagued megabank for four months, was upfront about the bank’s failure to stem abuses in its banking, lending, and auto insurance divisions when he testified at a Congressional hearing Tuesday.

Fifth Third

CFPB lawsuit against Fifth Third mirrors Wells Fargo allegations

2020-03-10T19:24:00+00:00By

Fifth Third Bank, National Association could potentially be in as much legal and regulatory trouble as Wells Fargo if allegations of unauthorized account opening brought by the CFPB hold true.

Wells Fargo

Two Wells Fargo board members resign ahead of congressional hearing

2020-03-09T15:39:00+00:00By

Two Wells Fargo board members who were scheduled to testify at a congressional hearing this week in the aftermath of the financial institution’s fake account scandal have resigned.

NCUA

Former NCUA ethics officer drank at strip clubs on job, report reveals

2020-03-09T15:03:00+00:00By

The long-serving ethics officer for the National Credit Union Administration retired late last year after admitting to visiting strip clubs and drinking on the job, according to an internal investigation.

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Congressional report blasts ‘reckless megabank’ Wells Fargo, regulators

2020-03-05T20:19:00+00:00By

A scathing report on Wells Fargo published by the House Financial Services Committee majority tells the story of a recidivist megabank whose senior management and board of directors refuse to take compliance seriously and the unresponsive financial regulators who let it all slide.

Bank fail

Former U.S. Bank risk officer pays $450K for AML compliance failures

2020-03-04T19:44:00+00:00By

The former chief operational risk officer at U.S. Bank has agreed to pay a $450,000 penalty for his role in the bank failing to implement and maintain an effective anti-money laundering compliance program.

Barclays

Three former Barclays execs acquitted of fraud charges

2020-02-28T17:52:00+00:00By

The Serious Fraud Office suffered another major setback in the U.K.’s first trial against bank executives for misconduct during the 2008 financial crisis, after three former executives of Barclays were acquitted of fraud charges.

Good news Bad news

Six compliance lessons from Wells Fargo’s really bad week

2020-02-28T17:29:00+00:00By

Two more settlements reached by Wells Fargo with regulators in the span of a week impart yet more “what not to do” ethics and compliance lessons.

Wells Fargo

SEC rips Wells Fargo’s ETF compliance efforts in $35M settlement

2020-02-27T22:34:00+00:00By

Already reeling from last week’s $3 billion penalty related to its fake accounts scandal, Wells Fargo took another hit Thursday in the form of a $35 million SEC settlement related to poor supervision of investment recommendation practices.

FinTech

CCO Q&A: Managing compliance in the FinTech space

2020-02-26T15:35:00+00:00By

Compliance Week discusses with Shannon Duncan, CCO and director of operations at registered investment adviser Blooom, the many unique challenges of doing compliance in the complex, ever-evolving FinTech space.

WellsFargoCrosshairs

​What’s next for Wells Fargo? Bank, execs still in crosshairs

2020-02-24T20:16:00+00:00By

Wells Fargo will pay $3 billion to resolve civil and criminal penalties with the DOJ and SEC related to its long-running fake accounts scandal, but the embattled bank—and its former executives—are far from out of the woods.

Wells Fargo

Wells Fargo to pay $3B to resolve fake account scandal

2020-02-21T21:55:00+00:00By

The Department of Justice and Securities and Exchange Commission on Friday assessed total civil and criminal penalties of $3 billion against Wells Fargo & Co. and its subsidiary, Wells Fargo Bank, in the aftermath of its fake account scandal.

Powell

Powell: Legislation to address LIBOR transition unlikely

2020-02-12T20:04:00+00:00By

Federal Reserve Chair Jerome Powell told Congress he does not expect federal legislation will be needed to address the demise of the London Interbank Offered Rate, which is set to expire in 2021.

Fines

Study: Post-financial crisis fines against financial institutions hit $36B

2020-02-11T19:39:00+00:00By

Global fines and penalties against financial institutions hit $36 billion last year, as ramifications from the financial crisis continue to reverberate throughout the financial services industry, according to a new report.

Brexit star

Experts weigh in on Brexit consequences for GDPR, AML, more

2020-02-10T18:40:00+00:00By

The wheels to the United Kingdom’s exit from the European Union are finally in motion, but the hard work still remains as to what kind of future trading relationship the country has with the single market.

Treasury

Treasury lists ‘compliance weaknesses’ as U.S. finance vulnerability

2020-02-07T20:17:00+00:00By

A new report published by the Department of the Treasury cites compliance weaknesses among the most significant illicit finance threats and vulnerabilities facing the U.S. financial system.

Volcker rule

Proposed Volcker rule rollback gets pushback from agency leadership

2020-02-05T16:45:00+00:00By

Five federal agencies agreed that now would be a good time to ease restrictions on bank investments in hedge funds or private equity funds, triggering concern by some that the deregulation could be harmful. But is apprehension over the proposed Volcker rule relaxation overblown?

RiskLessons

Study: Compliance officers in finance face ‘unnecessary risks’

2020-02-04T20:32:00+00:00By

Compliance officers in the financial services industry face “unnecessary risks” that undermine effectiveness and regulatory goals, according to a new report by the Compliance Committee of the New York City Bar Association.

In over his head

Lessons from a CCO ‘in way over his head’

2020-01-27T17:59:00+00:00By

A recent court ruling tells the story of a former chief compliance officer that “literally had no idea what he was doing or what he was getting himself into” when he took the position at an investment advisory firm.

Wells Fargo

OCC fines former Wells Fargo CEO $17.5M, bans him from banking industry

2020-01-24T20:13:00+00:00By

Former Wells Fargo Bank CEO John Stumpf was disciplined by the OCC on Thursday, but is the ban of someone in his mid-60s with tens of millions of dollars in net worth really more than a wrist slap?

compliance.ai cover img

White paper: Enforcement Actions: Monitoring Trends, Regulatory Complexity, and Best Practices for Risk Management

2020-01-24T10:55:00+00:00Provided by

Learn how financial compliance, risk, and crime professionals can efficiently track and monitor the growing number of enforcement actions and current trends in Compliance.ai’s latest eBook.

FinTech

Six strategies for FinTech adoption in banking

2020-01-23T16:30:00+00:00By Thomas Wan, International Compliance Training Academy

Thomas Wan of the International Compliance Training Academy outlines strategies for navigating the dynamic terrain of FinTech adoption within the banking industry.

ESG bank

Fitch Ratings: ESG plays increasingly influential role on bank lending

2020-01-08T18:43:00+00:00By

Environmental, social, and governance factors are increasingly playing an influential role in the underwriting processes of global banks, according to a new report released by Fitch Ratings.

Wells Fargo adds enterprise risk chief

2020-01-07T18:44:00+00:00By Scuttlebutt

Financial services giant Wells Fargo announced Price Sloan will join the company as chief strategic enterprise risk officer.

CutRedTape

UK Finance slams overregulation in financial services sector

2020-01-07T17:07:00+00:00By

UK Finance, the U.K. regulator responsible for the financial services sector, is offering recommendations to curb the abundance of intersecting rules in FS.

columnist icons

Top ethics and compliance failures of 2019

2019-12-27T17:13:00+00:00By

From antitrust and privacy concerns in the tech world to compliance officer liability in the pharmaceutical industry to unethical practices in the banking and accounting professions, more than a dozen companies made Compliance Week’s list of the biggest compliance fails in 2019.

RisksAhead

AGCS report: Five biggest risks for senior managers in 2020

2019-12-16T19:45:00+00:00By

Allianz Global Corporate & Specialty’s latest report highlights five “megatrends” that will have significant risk implications for senior management in 2020 that should be of interest to compliance officers.

Technology

International banking regulator: Big Tech ‘may pose risks to financial stability’

2019-12-13T18:29:00+00:00By

Big technology firms like Amazon, Facebook, Twitter, and Google are a potential risk if they get more heavily involved in providing financial services, says the Financial Stability Board.

MarketManipulation

Morgan Stanley fined $22.2M for manipulating bond prices

2019-12-11T16:24:00+00:00By

France’s financial market regulator has fined Morgan Stanley €20 million (U.S. $22.2 million) for manipulating the price of French and Belgian government bonds in June 2015.

Swedbankcrop

Swedbank announces governance overhaul, launches culture probe

2019-12-10T18:18:00+00:00By

Swedbank CEO Jens Henriksson announced the financial institution is making some major organizational changes “to create simpler and clearer decision-making structures to facilitate the realization of the bank’s strategy.”

1000x800-Financial Services-Compliance Week

White paper: File Sharing for Financial Services and Banking Industry

2019-12-10T02:38:00+00:00Provided by

In this age of unprecedented growth in unstructured data, emerging global privacy regulations, and increased threat of cyberattacks, a heightened focus on data security is no longer optional.

Volcker

Former Fed Chair Paul Volcker passes away

2019-12-09T16:20:00+00:00By Compliance Week

Paul Volcker, former chairman of the Federal Reserve and eponym to the controversial Volcker rule of the Dodd–Frank Act, died Sunday. He was 92.

Cannabis

Federal banking regs ease hemp reporting requirements

2019-12-05T20:13:00+00:00By

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

Westpac

Westpac accused of 23M violations of Australian AML rules

2019-11-21T18:54:00+00:00By

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.

Hearsay Systems launches consulting service

2019-11-15T19:53:00+00:00By GRC Announcements

Hearsay Systems announced the launch of a new consulting practice to help financial services organizations adhere to industry regulations and implement modern technologies.

Adra Financial Close Management cover img

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.

IBMBoACloud

IBM, BoA collaborate on financial services-ready public cloud

2019-11-07T15:08:00+00:00By

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.

ItalyDataBreach

Data protection compliance lessons from UniCredit breach

2019-10-29T19:03:00+00:00By

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.