All Banking articles – Page 37
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ArticleBanks in crisis at CEO turning to chief risk officers
Two of the largest banks in Europe—Barclays and Danske Bank—have had to make abrupt pivots at the CEO position this year. Each has chosen to pass the baton to their former chief risk officer.
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ArticleBarclays CEO Jes Staley steps down over Jeffrey Epstein links
Barclays CEO Jes Staley stepped down after a probe by British financial regulators looks to have found evidence his friendship with disgraced sex offender Jeffrey Epstein was closer than he had originally made out.
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ArticleOCC orders Cenlar to address risk management issues
The OCC has ordered the country’s largest mortgage subservicer, Cenlar FSB, to address chronic risk management deficiencies the agency alleges have led to “unsafe and unsound practices.”
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Swedbank: Swedish enforcement agency closes market abuse probe
Swedbank said it has been notified by the Swedish Financial Supervisory Authority that an investigation by the regulator concerning suspected market abuse by the bank has been closed “with no remark.”
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ArticleFSOC report: Climate change ‘increasing threat’ to U.S. financial stability
In a report ordered by President Joe Biden, the Financial Stability Oversight Council urged market participants, public companies, and regulators to develop a common agenda to respond to climate change-related financial risk.
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ArticleSwedish regulator to Danske Bank: Fix AML failings faster
Sweden’s financial regulator says Danske Bank is not addressing deficiencies in its AML/CFT protocols quickly enough, issuing an injunction ordering the bank to take remedial action.
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ArticleCredit Suisse reaches $475M global resolution in corruption case
Credit Suisse Group and U.K. subsidiary Credit Suisse Securities (Europe) reached an approximately $475 million global settlement with U.S. and U.K. authorities for the bank’s role in a long-running tainted loan corruption scheme.
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ArticleFinCEN report: Ransomware SARs surge past 2020 totals
A Financial Crimes Enforcement Network report on financial trends in Bank Secrecy Act data found a greater number of SARs related to ransomware filed between January and June 2021 than during all of 2020.
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ArticleCFTC fines UBS $500K for inadvertently deleting swap trade files
UBS AG has been fined $500,000 by the CFTC for prematurely but inadvertently deleting more than 1,000 hours of audio files related to pre-execution swaps trade information the regulator required be saved for one year.
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ArticleFINRA encourages proactive compliance with FinCEN AML/CFT priorities
The Financial Industry Regulatory Authority is encouraging member firms to start proactively incorporating new AML/CFT priorities mandated by Congress into their risk-based compliance programs.
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First Bancorp appoints new accounting leadership
First Bancorp, parent company of First Bank, announced a series of transitions in accounting leadership, with General Counsel Elizabeth Bostian taking on the role of chief financial officer among the changes.
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ArticlePandora Papers exposed gaps in AML compliance. Is beneficial ownership registry the answer?
FinCEN’s upcoming ultimate beneficial ownership registry could help to combat some of the anti-money laundering deficiencies put on display by the Pandora Papers, but not until Congress gets serious about funding the initiative.
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ArticleFed recommends member banks perform climate change stress tests
The Federal Reserve will encourage financial institutions to assess the potential financial ramifications of climate change by conducting stress tests, similar to those performed following the 2007-09 financial crisis.
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ArticleNatWest pleads guilty in landmark U.K. money laundering case
National Westminster Bank pleaded guilty to landmark criminal charges brought by the U.K. Financial Conduct Authority for violations of the Money Laundering Regulations 2007.
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Scotiabank announces chief risk officer succession
Scotiabank announced the appointment of Phil Thomas as chief risk officer. He will succeed Daniel Moore, who is leaving the bank after 25 years to pursue other interests.
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ArticleFed increasing LIBOR scrutiny as finish line nears
Financial institutions’ transition efforts away from the London Interbank Offered Rate will be intensely scrutinized by the Federal Reserve as the expiration deadline of the benchmark interest rate looms.
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ArticlePandora Papers: Takeaways for compliance
The “Pandora Papers” could open Pandora’s box for all businesses and organizations found to be entangled in its worldwide web of shell companies, offshore tax havens, and secret trusts.
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ArticleWaFd Bank to pay $2.5M for AML/BSA deficiencies
Washington Federal Bank has agreed to pay $2.5 million in accordance with a consent order reached with the Office of the Comptroller of the Currency in February 2018.
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ArticleSEC charges ex-Goldman compliance analyst with insider trading
The Securities and Exchange Commission charged a former senior compliance analyst at Goldman Sachs who abused his position of authority unbeknownst to the investment bank with insider trading.
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ArticleGermany’s N26 fined $5M for AML lapses
Mobile bank N26 revealed it paid a €4.25 million (U.S. $5 million) fine ordered by Germany’s market regulator regarding deficiencies in its reporting of suspicious activities “in the area of anti-money laundering.”