Financial Services


Venezuelaprotest

FinCEN to financial institutions: Beware of Venezuelan money laundering

2019-05-20T11:23:00+01:00By

FinCEN recently alerted financial institutions of continued widespread public corruption in Venezuela and the methods Venezuelan senior political figures and their associates may use to move and hide proceeds of their corruption.

FinanceProbe

CFPB to provide more information to firms under investigation

2019-04-24T20:00:00+01:00By

The Consumer Financial Protection Bureau says it will provide financial services firms under investigation more detail on what violations prompted the agency’s scrutiny.

CreditTop

FCA data shows firms with most consumer credit complaints

2019-04-24T19:51:00+01:00By

The U.K. Financial Conduct Authority published its latest complaints figures for regulated firms for the second half of 2018, revealing how some financial services firms are receiving significantly more complaints than others.

BankAustria

UniCredit Group Banks to pay $1.3B for sanctions violations

2019-04-17T20:03:00+01:00By

UniCredit Group Banks will pay total financial penalties of approximately $1.3 billion for processing hundreds of millions of dollars of transactions through the U.S. financial system on behalf of an entity designated as a weapons of mass destruction proliferator and other Iranian entities subject to U.S. economic sanctions, the Department ...

GoldmanFeature

FCA fines Goldman Sachs £34.3M for transaction reporting failures

2019-04-01T18:47:00+01:00By

Compliance officers in the financial services industry can learn a lot from the failings of Goldman Sachs, which was fined £34.3 million (U.S. $45 million) by the U.K. Financial Conduct Authority for failing to provide accurate and timely reporting relating to 220 million transaction reports over a period of a ...

RussiaJusticeFeature

Troika Laundromat reveals the gaps in AML compliance

2019-04-01T18:36:00+01:00By

A recent report from several investigative journalists details the AML scandal behind Troika Dialog, once Russia’s largest private investment bank, and is just one small look into the much bigger problem of corruption across the globe.

MerrillLynch

Merrill Lynch to pay $8M for improper handling of ADRs

2019-03-25T21:49:00+00:00By

The Securities and Exchange Commission on March 22 announced that Merrill Lynch, Pierce, Fenner & Smith will pay over $8 million to settle charges of improper handling of “pre-released” American Depositary Receipts.

Bitcointrap

Banks, central banks warned of crypto-currency risks and pitfalls

2019-03-25T21:46:00+00:00By

Despite failures, plummeting prices, and a plethora of risks, financial institutions and central banks are cautiously looking at ways to use virtual currencies. International regulators are warning them that doing so haphazardly could be disastrous.

fsoc-risk

Regulators’ top risk cop assailed by reform-bent critics

2019-03-21T16:25:00+00:00By

The Financial Stability Oversight Council was created to expose and mitigate systemic risks to the U.S. financial system. Its critics are winning the long-simmering battle to redefine its efforts.

UBScrop

FCA fines UBS £27.6M for transaction reporting failures

2019-03-19T20:48:00+00:00By

The U.K. Financial Conduct Authority has fined UBS £27.6 million (U.S. $36.6 million) for failings relating to 135.8 million transaction reports.

Volckercrop

Critics scrutinize plans for revised Volcker Rule

2019-03-12T15:28:00+00:00By

Proposed rulemaking to ease the compliance burden of the Dodd-Frank Act’s controversial Volcker Rule might not be enough to appease everyone.

BB&Tcrop

BB&T Securities to pay $5.7M for misleading clients

2019-03-11T14:48:00+00:00By

BB&T Securities has reached a $5.7 million settlement with the Securities and Exchange Commission to settle charges that a firm it acquired misled its advisory clients.

Murtagh

Kate Murtagh on sustainable investment

2019-03-11T12:10:00+00:00By

Kate Murtagh, chief compliance officer at the Harvard Management Company, discusses the university’s three-pronged approach to sustainable investment with columnist Tom Fox.

Mnuchincrop

FSOC seeks changes to nonbank designation guidance

2019-03-07T21:12:00+00:00

The FSOC has released proposed interpretive guidance regarding nonbank financial firm SIFI designations. It would implement an “activities-based approach” to identifying potential risks to financial stability and provide an “off-ramp” to designated firms.

camerahead

FTC proposes consumer data rule changes for financial institutions

2019-03-06T22:07:00+00:00By

The Federal Trade Commission is seeking public comment on proposed amendments to rules under the Gramm-Leach-Bliley Act that protect the privacy and security of customer information held by financial institutions.

Deloitte

Deloitte: financial institutions reengineer risk management

2019-01-28T12:00:00+00:00By

Financial institutions are beginning new efforts to reengineer their risk management programs and tap into emerging technologies, according to a survey conducted by Deloitte Global.

Brock

Q&A: A view of bank risk from the battlefield

2019-01-24T13:15:00+00:00By

Compliance Week talked with Stuart Brock, director of Seal Software, about the risks faced by banks—not the least of which is third-party due diligence.

Bankatrisk

Banks less anxious about risk, but should they be?

2019-01-23T15:15:00+00:00By

Wolters Kluwer’s “Regulatory & Risk Management Indicator” says two-thirds of financial institution executives continue to describe high levels of compliance-related regulatory risk, even if their level of anxiety over those risks has decreased.

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Preparing for new credit loss rules

2019-01-22T12:45:00+00:00Provided by

Banks and other financial institutions have a lot of work ahead of them as they prepare to adopt the new standard on reflecting credit losses in financial instruments (the so-called CECL standard).

Waters

Waters builds new agenda for Financial Services Committee

2019-01-22T09:30:00+00:00By

With new leadership, Rep. Maxine Waters (D-Calif.), the House Financial Services Committee is setting its agenda for the new session of Congress.

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Bank culture improved since recession, but challenges remain

2018-12-19T12:15:00+00:00By

A new report says despite ongoing efforts to improve conduct and culture deficiencies, the nation’s banks still face serious brand and reputation challenges.

Fed2

New Fed risk report finds corporate debt concerns, Brexit fallout

2018-11-28T16:30:00+00:00By

On Nov. 28, the Federal Reserve’s Board of Governors released its first-ever Financial Stability Report. Among the risks: increasing levels of corporate leverage and international instability.