All Banking articles – Page 34
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ArticleU.S. lawmakers question Credit Suisse over Russian sanctions compliance
Two members of the House Committee on Oversight and Reform requested Credit Suisse provide information regarding its compliance with U.S. sanctions against several Russian oligarchs, following a media report the Swiss bank requested some documents be destroyed.
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ArticleReport: Number of AML fines up, penalty totals down in 2021
The number of anti-money laundering fines assessed against financial institutions globally reached its highest amount in six years during 2021, though the penalty amounts associated with those enforcement actions dropped notably, according to Kroll’s annual benchmark report.
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ArticleTreasury official: Compliance has chance to effect history with Russia response
Elizabeth Rosenberg, assistant secretary for terrorist financing and financial crimes at the Treasury Department, said in a speech “history has thrust the compliance sector into the center of events” regarding business response to evolving sanctions and actions against Russia.
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ArticleCompliance implications of USAA order addressing AML lapses
The consent order issued by the Office of the Comptroller of the Currency against USAA Bank imparts lessons for compliance officers in the financial services industry on how—and how not—to maintain a Bank Secrecy Act/anti-money laundering compliance program.
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ArticleCredit Suisse recruits outgoing Wells Fargo risk chief to board
Credit Suisse announced a handful of proposed changes to its board of directors, including the appointment of Wells Fargo’s outgoing Chief Risk Officer Amanda “Mandy” Norton to fill an open seat.
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ArticleUSAA fined $140M for AML compliance failures
USAA Federal Savings Bank must pay $140 million as part of consent orders reached with the Financial Crimes Enforcement Network and Office of the Comptroller of the Currency for its failures maintaining its Bank Secrecy Act/anti-money laundering compliance program.
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ArticleBanks face complex compliance risks as they attempt to exit Russia
Once a bank decides to withdraw or wind down its Russian operations, there are a host of thorny compliance issues to navigate in a compressed timeframe, including sanctions implications, money laundering risks, and more.
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ArticleSarah Bloom Raskin withdraws nomination as top banking regulator
Sarah Bloom Raskin, President Joe Biden’s pick to be vice chair for supervision at the Federal Reserve, withdrew her nomination after losing the support of a key Democratic senator.
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Swedbank Estonia named suspect in money laundering investigation
The Estonian branch of Swedbank has been summoned for interrogation as part of a probe into suspected money laundering and other criminal activities.
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ArticleLearning points from HSBC’s fine for AML failings
Significant investment in systems has not been fully effective in mitigating financial crime risk. A fine of nearly £64 million (then-U.S. $84 million) imposed on HSBC by the U.K. Financial Conduct Authority in December is a particularly potent example.
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ArticleDeutsche Bank monitorship extended after breach of DPA
Deutsche Bank disclosed the Department of Justice determined it breached its obligations under a 2021 deferred prosecution agreement. As a result, the term of an independent compliance monitor at the bank has been extended until February 2023.
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BM Technologies appoints chief accounting officer
BM Technologies, a digital banking platform, announced Jim Dullinger has been hired as chief accounting officer.
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First Business Bank names chief risk officer
First Business Bank named Laura Garcia chief risk officer. She joins the company after working most recently for Bank of Montreal.
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ArticleGoldman Sachs first major U.S. bank to exit Russia
Goldman Sachs announced the winding down of its business in Russia, becoming the first major U.S. bank to take such action in the wake of the invasion of Ukraine. JPMorgan Chase later announced similar plans to exit the country.
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ArticleFinCEN warns financial institutions of Russian sanctions evasion
The Financial Crimes Enforcement Network issued guidance highlighting the types of red flags financial institutions should be looking for to detect potential Russian sanctions evasion attempts.
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ArticleCiti chief compliance officer to step down; search for new CCO launched
Citi Chief Compliance Officer Mary McNiff will step down and accept another post within the bank as part of a reshuffling of leadership to comply with orders issued in 2020 by the Office of the Comptroller of the Currency and Federal Reserve.
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WSFS Bank promotes chief auditor to chief risk officer
WSFS Bank announced Chief Auditor Christine Davis has been promoted to executive vice president, chief risk officer.
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Citizens names general counsel and chief legal officer
Citizens Financial Group announced the appointment of Polly Klane as general counsel and chief legal officer, effective April 4.
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ArticleECB questions AMLA’s effectiveness over scope, resource concerns
The European Central Bank believes the European Union’s proposed new anti-money laundering agency needs to have a wider scope of direct supervision and more staff if it is going to be effective.
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ArticleBarclays fined $1.05M for Premier FX oversight failures
The U.K. Financial Conduct Authority fined Barclays Bank £783,800 (U.S. $1.05 million) for “oversight failings” in its relationship with collapsed money remittance firm Premier FX.