All Banking articles – Page 38
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ArticleFinCEN notice warns banks of environmental crime
The Financial Crimes Enforcement Network issued a notice to banks and other financial institutions calling attention to what it has identified as a rising trend in environmental crimes.
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ArticleRule requires banks report significant ‘computer-security incidents’ within 36 hours
Federal banking regulators issued a rule that requires financial institutions to notify their regulator within 36 hours of a “computer-security incident” that materially affects their operation, ability to deliver services, or the stability of the financial sector.
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ArticleSenate grills Comptroller candidate Saule Omarova on writings, past
Saule Omarova faced extraordinary questioning from Republicans on her background and previously expressed views during her nomination hearing to be the next Comptroller of the Currency.
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ArticleDutch authorities warn Rabobank of pending action for AML failures
Rabobank announced the Dutch Central Bank ordered it to “remedy deficiencies in its compliance with the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act.”
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ArticleLawsuit: Ex-JPMorgan VP links firing to concerns raised about compliance program
A former compliance executive with JPMorgan Chase alleges she was fired after pointing out flaws in the bank’s compliance program and misrepresentations the bank made to regulators regarding a 2016 settlement of bribery allegations in the Asia Pacific region.
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Article
Gateway First Bank adds chief accounting officer
Gateway First Bank announced Allen Winmill has joined as chief accounting officer.
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ArticleWhen racist words, stereotypes are not in the eye of the beholder
A recent case involving discrimination allegations raised by a former compliance executive at Commerzbank serves as a reminder that sometimes people use words that hurt others’ feelings, but it doesn’t always mean the intention is there.
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ArticleIgnoring compliance, Mashreqbank fined $100M for Sudan sanctions violations
The New York State Department of Financial Services fined United Arab Emirates-based Mashreqbank $100 million for violating now-repealed Sudanese sanctions regulations and for having in place an inadequate compliance program.
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ArticleOCC acting head: 5 climate questions bank boards should be asking
Michael Hsu, acting head of the Office of the Comptroller of the Currency, explores the role of bank boards to promote improvements in climate risk management practices at their banks.
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ArticleSupreme Court declines challenge to SEC’s Bank Secrecy Act authority
The Supreme Court turned down a bid by brokerage firm Alpine Securities Corp. petitioning for review of the Securities and Exchange Commission’s power to enforce the Bank Secrecy Act.
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ArticleCredit Suisse to overhaul strategy: ‘Risk management will be at the core of our actions’
Credit Suisse announced sweeping changes to its long-term growth strategy, reemphasizing risk management after missed red flags led to billions of dollars in losses related to the collapses of Archegos Capital Management and Greensill Capital.
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ArticleNYDFS first state banking regulator to establish Climate Risk Division
The New York State Department of Financial Services announced the creation of a new Climate Risk Division to oversee regulated entities’ efforts at managing the financial risks of climate change.
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ArticleSurvey: More financial institutions using scenario analysis to manage climate risk
Financial institutions are growing more sophisticated in the way they incorporate scenario analysis into their risk assessments and in quantifying their climate-related risks, a new survey from the Global Association of Risk Professionals finds.
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Article
Banner Corp. hires chief risk officer
Bank holding company Banner Corp. has hired Jim Costa to replace the retiring Judy Steiner as executive vice president and chief risk officer of Banner Bank.
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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.