All articles by Aaron Nicodemus – Page 9
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EventRevamped compliance processes key Albemarle win as Compliance Program of the Year
For successfully navigating thorny compliance issues related to self-disclosed violations of the Foreign Corrupt Practices Act, Albemarle was named Compliance Program of the Year at the 2024 Excellence in Compliance Awards.
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News BriefTD Bank risk chief laments ‘procedural weaknesses’ in U.S. AML program
TD Bank Chief Risk Officer Ajai Bambawale said “procedural weaknesses” in the institution’s U.S. anti-money laundering program allowed bad actors to exploit its network.
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News BriefJPMorgan will pay additional $100M to CFTC to settle trade surveillance lapses
A subsidiary of JPMorgan Chase will pay an additional $100 million to the Commodity Futures Trading Commission to settle charges it failed to adequately monitor and supervise its trading system.
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News BriefHSBC fined $8M by FCA for mishandling customers in default
The U.K. Financial Conduct Authority fined HSBC nearly £6.3 million (U.S. $8 million) for failing to properly consider the financial position of customers who missed payments.
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News BriefN26 fined $9.6M for not timely filing AML reports to BaFin
Germany’s financial supervisory authority issued a fine of €9.2 million euros against mobile bank N26 for “systematically” submitting late anti-money laundering reports.
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News BriefCiti unit fined $78.6M by U.K. regs for trading control failures
The Financial Conduct Authority and Prudential Regulation Authority combined to fine a London-based Citigroup subsidiary approximately £61.7 million (U.S. $78.6 million) for control failures related to its trading system.
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News BriefFDIC chair to resign following report on toxic workplace culture
Martin Gruenberg announced he will step down as chairman of the Federal Deposit Insurance Corporation following the release of an independent review that criticized the agency’s lack of response to employee claims of sexual harassment and discrimination.
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News BriefSenate report cites VW, BMW, JLR for potential forced labor violations
A U.S. Senate report found three European automakers—Volkswagen, BMW, and Jaguar Land Rover—sold cars in the United States with parts sourced from a supplier suspected of using forced labor from China’s Xinjiang region.
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PremiumFed governor: Regs should engage with industry on safe DLT use in banking
Federal Reserve Board Governor Michelle Bowman argued banking regulators should move from their current reactive posture on banking innovation to a position that actively encourages new technologies, business models, and ideas to solve age-old problems.
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News BriefSupreme Court rules CFPB funding structure constitutional
The Supreme Court rejected a claim that the Consumer Financial Protection Bureau’s funding mechanism is unconstitutional, removing a legal challenge that had the potential to overturn all the agency’s regulations and enforcement actions.
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News BriefSEC amends Reg S-P to require data breach notification within 30 days
The Securities and Exchange Commission will require broker-dealers and registered investment advisers to adopt written policies and procedures for handling data breaches of customer data and notify affected customers within 30 days.
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OpinionBinance CEO got 4 months in prison. FTX’s got 25 years. Was compliance the difference?
Why the wild disparity in the sentences of Binance’s Changpeng Zhao and FTX’s Sam Bankman-Fried? Aaron Nicodemus argues the performance of the compliance teams at the two cryptocurrency exchanges was as big a contrast as the penalties earned by their respective founders.
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News BriefCanadian parliament adds to TD Bank AML scrutiny
Canadian lawmakers will come together to discuss TD Bank’s reported failure to prevent drug traffickers from laundering proceeds of fentanyl sales on its platform.
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News BriefNYDFS offers cyber rule compliance template for small businesses
The New York State Department of Financial Services issued guidance for small businesses attempting to comply with its cybersecurity regulations.
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News BriefSEC, FinCEN propose customer ID program for investment advisers
The Securities and Exchange Commission and Financial Crimes Enforcement Network proposed a rule requiring registered investment advisers to implement customer identification programs, another facet of a coordinated attempt to close an apparent loophole in federal AML regulations.
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News BriefFSOC warns on liquidity risk by nonbank mortgage servicers
A new report by the Financial Stability Oversight Council recommended state regulators and Congress take steps to minimize “significant liquidity risk” posed by the nonbank mortgage servicing industry.
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News BriefDOJ launches task force on anticompetitive practices in healthcare
The Department of Justice’s Antitrust Division created a new task force to examine collusion and monopolies in the healthcare industry.
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News BriefFed-led climate scenario analysis highlights data gaps, insurance costs
The Federal Reserve Board and six large American banks released the results of a pilot climate scenario analysis that explored how resilient the banks’ business models were to climate-related financial risks.
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News BriefFINRA enforcement roundup: Three firms fined for trade compliance lapses
The Financial Industry Regulatory Authority fined three firms—M1 Finance, Mizuho Securities, and Oppenheimer—between $250,000 and $500,000 across separate actions for failing to properly implement, monitor, and supervise internal systems that led to compliance failures.
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PodcastPodcast: Responsible development and implementation of AI
Three experts join the Compliance Week podcast to discuss opportunities and risks posed by artificial intelligence, as well as governance frameworks your organization can implement to ensure AI tools are utilized safely and ethically.