All Banking articles – Page 17
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News BriefSingapore bank DBS says $74M exposure from money laundering scandal
The chief executive officer of DBS, Singapore’s largest bank, acknowledged exposure of about 100 million Singapore dollars (U.S. $74 million) related to the city-state’s money laundering scandal.
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News BriefSEC, Canadian regs fine RBC $6M for accounting failures
Royal Bank of Canada will pay $6 million in total penalties to settle charges from the Securities and Exchange Commission and two Canadian regulators that it failed to properly record software development costs for more than a decade.
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OpinionFCA’s Staley decision a bold move. Are more needed?
The U.K. Financial Conduct Authority’s decision to ban Jes Staley, the former CEO of Barclays, for misrepresenting his relationship with Jeffrey Epstein has seemingly reaffirmed the notion that everyone—even the boss—is accountable for their actions.
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News BriefAmended N.Y. cyber regs up pressure on financial firms to combat risks
New York will require financial institutions to conduct risk assessments more often and improve governance under a broad update to the state’s cybersecurity regulations.
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Blog
Eastern Bank adds Blue Cross risk chief to board
Eastern Bankshares appointed Linda Williams, chief risk and audit officer for Blue Cross Blue Shield of Massachusetts, as one of its board directors.
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News BriefWells Fargo’s cash sweep program under SEC investigation
Wells Fargo disclosed it is under investigation by the Securities and Exchange Commission regarding cash sweep options it provides to new investment advisory clients.
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Blog
River City Bank appoints first chief risk officer
River City Bank announced the appointment of Pat McHone to the newly created role of chief risk officer.
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News BriefFCA flags potential regulatory breaches at NatWest regarding Farage scandal
An independent review into how NatWest handled the closure of politician Nigel Farage’s Coutts account uncovered potential regulatory breaches by the bank that are on the radar of the U.K. Financial Conduct Authority.
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News BriefBanking regs release climate-related risk management framework
Federal banking regulators issued a long-promised framework that provides guidance on the safe and sound management of climate-related financial risks at large banks.
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PremiumReport faults FDIC for poor supervisory guidance on crypto assets
Uncertainty created by the Federal Deposit Insurance Corporation’s lack of clarity on risks posed by crypto assets has left member banks with the impression the agency wants banks to avoid them, according to a new report from the Office of Inspector General.
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News BriefFinCEN alert flags Hamas terrorist financing indicators
The Financial Crimes Enforcement Network issued an alert warning financial institutions to be vigilant toward identifying funding streams supporting Hamas in its attacks against Israel.
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News BriefMetropolitan Commercial Bank fined $30M for third-party oversight failings
New York-based Metropolitan Commercial Bank was assessed nearly $30 million in penalties by federal and state banking regulators for failing to properly oversee a third-party program manager whose prepaid cards were a popular target of fraud during the Covid-19 pandemic.
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News BriefBaFin dings Deutsche Bank $180K over SARs filing delays
Deutsche Bank was assessed a penalty of €170,000 (U.S. $180,000) by Germany’s financial supervisory authority for failing to timely submit suspicious transaction reports.
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News BriefReport: Credit Suisse facing probe in Singapore money laundering scandal
A Singapore financial regulator will reportedly conduct an on-site inspection of a local Credit Suisse unit in connection with a 2.8 billion Singapore dollar (U.S. $2 billion) money laundering scandal.
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News BriefCFPB eyes open banking with financial data rights rule proposal
The Consumer Financial Protection Bureau is moving forward its plan to give consumers more control over their personal financial data as part of a new rule proposal.
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News BriefFinCEN rule proposal labels CVC mixing a primary money laundering concern
The Financial Crimes Enforcement Network might require financial institutions to implement new recordkeeping and reporting requirements regarding convertible virtual currency mixing under a proposed rule.
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PremiumQ&A: Bangladeshi compliance AVP on future of AML, leadership strategies
Rezaul Karim, assistant vice president, risk and compliance at HSBC Bangladesh, discusses with Compliance Week recent changes in KYC/AML compliance, how new technology is shaping the banking industry, and strategies for building and leading effective AML teams.
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PremiumHumans vs. machines, it all comes back to data
A panel of experts discussed trending topics in the compliance space, including the debate over whether humans or machines will lead future efforts to fight financial crime, during the opening keynote at Compliance Week’s Europe conference in London.
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News BriefFCA fines, bans ex-Barclays CEO Staley over misrepresented Epstein ties
Former Barclays CEO Jes Staley was fined £1.8 million (U.S. $2.2 million) and banned from serving in a senior management role in the financial services industry by the U.K. Financial Conduct Authority for allegedly misleading the regulator regarding his ties to Jeffrey Epstein.
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PremiumCFTC commissioner blasts Goldman’s ‘culture of noncompliance’
After four enforcement cases against Goldman Sachs in 18 months, CFTC Commissioner Christy Goldsmith Romero accused the firm of perpetuating a corporate culture that tolerates repeated violations of the agency’s rules.