All Banking articles – Page 47
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State Street to pay $88.8M for mutual fund overcharges
State Street will pay $88.8 million to resolve charges with the SEC that it overcharged mutual funds and other registered investment company clients for expenses related to the firm’s custody of client assets.
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ArticleYet another misstep by Danske results in firing of interim Danish CEO
Danske Bank has been forced to fire yet another board member—this time for mis-selling thousands of customers a wealth management product that charged excessive fees.
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Nordea raided over ML probe in Denmark
Scandinavian banking giant Nordea revealed its Copenhagen office was raided by Danish police as part of an ongoing investigation into alleged money laundering.
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FCA publishes final report on RBS
The Financial Conduct Authority has concluded its investigation into the Royal Bank of Scotland and published a final report of its findings.
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Standard Chartered Bank (Hong Kong) appoints chief risk officer
Standard Chartered Bank (Hong Kong) has appointed Frenda Li as head of internal audit and Darren Kim as chief risk officer.
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Gateway First Bank names chief compliance officer
Gateway First Bank has appointed Natalia Coen as its new chief compliance officer.
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New bill sits on Senate agenda to block, study CECL
A new bill intended to block CECL is awaiting action in the Senate Banking Committee, much to the delight of big banks.
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ArticleGAO suggests supervisory improvements for bank regulators
Is there a better way for bank regulators to conduct their supervisory and remediation processes? Congress’ GAO developed a rundown of suggestions and best practices in a report released this week.
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ArticleA new CCO’s Herculean task at Wells Fargo
Compliance Week chats with Wells Fargo CCO Mike Roemer about the challenge of rebuilding trust at a company that’s been the poster child of compliance and risk management gone wrong.
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Inside Wells Fargo’s plan to restore trust
Compliance Week looks at highlights from Wells Fargo’s plan to transform the future.
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ArticleSome companies are ready for CECL, some are not
Citigroup raised its expected loan loss reserves under CECL as it prepares for parallel testing of its methodology, but plenty of organizations have barely started.
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ArticleFCA data shows firms with most consumer credit complaints
The U.K. Financial Conduct Authority published its latest complaints figures for regulated firms for the second half of 2018, revealing how some financial services firms are receiving significantly more complaints than others.
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Commerce Bank names corporate controller, chief accounting officer
Commerce Bank has promoted Paul Steiner to corporate controller and chief accounting officer of Commerce Bancshares, effective immediately.
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ArticleFASB rejects bank request to ease CECL effects on income
The Financial Accounting Standards Board has rejected a proposal by some banks to revise the pending credit losses standard, due to take effect Jan. 1, 2020.
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Reliant Bancorp names chief accounting officer, controller
Reliant Bancorp named David Kowalski as chief accounting officer and controller.
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ArticleTroika Laundromat reveals the gaps in AML compliance
A recent report from several investigative journalists details the AML scandal behind Troika Dialog, once Russia’s largest private investment bank, and is just one small look into the much bigger problem of corruption across the globe.
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What Swedbank is saying about its multiple investigations
It has been a tumultuous few weeks for Swedbank as it fends off several investigations, including for money laundering and insider trading, resulting in the dismissal of its chief executive officer.
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Embattled Wells Fargo CEO steps down
Wells Fargo announced Thursday that Chief Executive Officer and President Timothy Sloan intends to retire, effective June 30. He will step down as CEO, president, and board member effective immediately.
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World Bank Group debars for one year Vietnamese water and sewerage company
The World Bank has imposed a one-year debarment on Vietnamese, state-owned water and sewerage company Vietnam Water and Environment Investment Corporation – JSC.
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Merrill Lynch to pay $8M for improper handling of ADRs
The Securities and Exchange Commission on March 22 announced that Merrill Lynch, Pierce, Fenner & Smith will pay over $8 million to settle charges of improper handling of “pre-released” American Depositary Receipts.