All articles by Aaron Nicodemus – Page 10
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News BriefRegs move forward Dodd-Frank rule on risk considerations in bank exec pay
Federal regulators adopted a notice of proposed rulemaking on incentive-based compensation requiring large banks to make their executive compensation arrangements “more sensitive to risk.”
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News BriefSoFi unit fined $1.1M by FINRA for fraud prevention failures
SoFi’s brokerage unit will pay a $1.1 million fine to the Financial Industry Regulatory Authority for fraud detection weaknesses that allowed thieves to create SoFi Money accounts using fake or stolen identities.
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News BriefFederal banking regulators issue TPRM guidance for community banks
The Federal Deposit Insurance Corporation, Federal Reserve Board, and Office of the Comptroller of the Currency combined to provide guidance on third-party risk management focused on the unique risks faced by community banks in their third-party relationships.
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PremiumSurvey: Compliance digital transformation hampered by data access, AI concerns
Few compliance teams describe their access to company data as “robust,” according to a new survey conducted by Compliance Week and NAVEX, while apprehension toward the adoption of artificial intelligence remains a hurdle for the profession to clear.
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News BriefFINTRAC fines TD Bank record $6.7M over AML program failings
The Financial Transactions and Reports Analysis Centre of Canada fined TD Bank nearly CAD$9.2 million (U.S. $6.7 million) for failing to comply with its anti-money laundering regulations.
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News BriefJPMorgan expects added $100M penalty for trade surveillance shortcomings
JPMorgan Chase said it expects to pay an additional $100 million to an unnamed regulator to settle alleged trade surveillance failures that have already warranted more than $348 million in penalties by two other agencies.
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PremiumQuestions abound on foreign aid bill change to sanctions violations lookbacks
Tucked deep inside the $95 billion foreign aid bill recently passed by Congress was a provision that will allow the Office of Foreign Assets Control to look back 10 years to investigate potential violations of U.S. sanctions, rather than five years.
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News BriefTD Bank reserves $450M for BSA/AML enforcements
TD Bank said it set aside $450 million to settle regulatory and law enforcement investigations, including by the Department of Justice, into its anti-money laundering and Bank Secrecy Act programs.
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News BriefRBC unit fined by FINRA over trade confirmation violations
RBC Capital Markets agreed to pay nearly $769,000 to settle allegations levied by the Financial Industry Regulatory Authority, in part, over sending inaccurate information in trade confirmations to customers over nearly a decade.
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PremiumQ&A: Zoom privacy chief on communications compliance product
Zoom Chief Privacy Officer Lynn Haaland discusses with Compliance Week the market forces that led the company to offer Zoom Compliance Manager, which helps firms handle off-channel communications issues on the platform.
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News BriefFINRA fines TD Ameritrade $600K over automated approval failures
Online brokerage services provider TD Ameritrade agreed to pay a $600,000 fine for violations of Financial Industry Regulatory Authority rules over its automated approval system that allegedly allowed inexperienced traders to engage in options trading.
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PremiumCFTC commissioner calls for AI framework in commodities markets
Kristin Johnson of the Commodity Futures Trading Commission called for the agency to launch initiatives addressing the use—and misuse—of artificial intelligence tools in commodities markets.
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News BriefFCA publishes guidance on anti-greenwashing rule
The U.K. Financial Conduct Authority issued new guidance on how to comply with its upcoming anti-greenwashing rule, which is set to take effect May 31.
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News BriefOFAC fines SCG Chemicals unit $20M over Iran sanctions violations
A subsidiary of Thailand-based SCG Chemicals Co. agreed to pay a $20 million fine to the Office of Foreign Assets Control over “egregious” violations of sanctions against Iran.
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News BriefOCC cites three banks for risk management, BSA-related failures
The Office of the Comptroller of the Currency cited three banks for unsafe and unsound business practices that mirror issues similar to what spurred last year’s banking crisis.
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News BriefU.S. agencies launch portal for reporting anticompetitive healthcare practices
The Department of Justice’s Antitrust Division, the Federal Trade Commission, and the Department of Health and Human Services partnered to create an online portal for the public to report instances of anticompetitive practices in the healthcare sector.
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News Brief
SEC risk alert warns investment advisers of marketing rule missteps
Examiners with the Securities and Exchange Commission found investment advisory firms have generally done well creating processes to comply with the agency’s amended marketing rule but some have fallen short in ensuring compliance.
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News BriefDOJ pilot floats NPAs for whistleblowers involved in corporate misconduct
The Department of Justice launched a new pilot program that encourages voluntary self-disclosure by corporate executives who are themselves involved in financial misconduct, with the incentive of a nonprosecution agreement for those who help an agency investigation.
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PremiumSEC’s Grewal: General compliance principles for avoiding AI washing
Gurbir Grewal, director of the Securities and Exchange Commission’s Division of Enforcement, laid out general principles for “proactive compliance” to avoid making false or misleading claims about the capabilities of artificial intelligence products and services.
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News BriefFINRA orders Barclays unit to pay $700K over conflicts of interest
A Barclays unit agreed to pay $700,000 to settle allegations levied by the Financial Industry Regulatory Authority that its research analysts violated conflict-of-interest rules and the firm failed to sufficiently supervise their trades.