All Banking articles – Page 7
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News BriefOFAC sets Aug. 2 deadline for firms to report Russian sovereign assets
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
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News BriefFTC wants answers from Mastercard, JPMorgan, others on use of AI to collect data
Eight large companies, including Mastercard and JPMorgan Chase, have been ordered by the Federal Trade Commission to provide detailed reports about their possibly secret use of artificial intelligence to track customers and use the information to set prices.
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News BriefFINRA appoints senior vice presidents of enforcement
The Financial Industry Regulatory Authority announced the appointments of Tina Gubb, effective Monday, and Julie Glynn, effective Sept. 1, as senior vice presidents of enforcement.
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VersaBank appoints chief risk officer
VersaBank announced the appointment of Tim Bloom as chief risk officer.
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News BriefGreen Dot fined $44M by Fed over compliance deficiencies, deceptive practices
The Federal Reserve Board of Governors fined financial technology and bank holding company Green Dot $44 million for numerous unfair and deceptive practices and a deficient consumer compliance risk management program.
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News BriefBanking regs join FinCEN in proposing AML/CFT risk assessment rule
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
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PremiumFCA: Most banks don’t subject U.K. politicians to excessive risk checks
The U.K.’s Financial Conduct Authority asked banks and financial institutions “to do more” to ensure that U.K lawmakers and their families are not treated unfairly.
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First Federal Bank of Kansas City announces risk chief
First Federal Bank of Kansas City announced that it has hired Jenny Michaels as its chief risk officer.
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FirstBank announces chief risk officer
FirstBank announced the appointment of Jennifer Payne as chief risk officer.
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News BriefDOJ latest agency to charge crypto platform BitMEX for BSA/AML failures
The parent company of crypto-trading platform BitMEX is again facing charges of violating the Bank Secrecy Act, the latest in a string of punishments against the company and its founders for failing to implement adequate know your customer and anti-money laundering programs.
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News BriefFINRA fines UBS unit $850K for failing to properly monitor customer transactions
UBS Financial Services, a subsidiary of the Swiss banking giant UBS, has been fined $850,000 for failing to properly monitor transactions between its broker-dealers and third parties.
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News BriefOCC, Fed fine Citi $136M for repeated risk management, data governance failures
Citigroup will pay $135.6 million in fines levied by two banking regulators for repeated failures to remediate deficiencies in risk management, data governance, and internal controls.
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PremiumDe-risking trend threatens global financial markets, Treasury official warns
As the United States and other Western countries turn the screws on criminals, hackers, terrorist organizations, and sanctions evaders attempting to access global financial markets, financial institutions could respond by reducing their connections to risky sectors, according to Treasury Under Secretary Brian Nelson.
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Deutsche Bank names compliance chief and anti-financial crime officer
Deutsche Bank’s supervisory board appointed Laura Padovani as chief compliance and anti-financial crime officer.
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Eastern Bank names Intercontinental Real Estate risk chief to board
Eastern Bankshares announced the appointment of Cambridge Bancorp’s Board of Director and Intercontinental Real Estate Corporation’s Chief Risk Officer Leon Palandjian to the Eastern and Eastern Bank boards of directors.
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Standard Chartered Bank (Hong Kong) appoints risk chief
Standard Chartered Bank (Hong Kong) Limited announced the appointment of Norbert Wong as chief risk officer.
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News BriefCFPB orders Fifth Third Bank to pay $20M over fake accounts, forced auto coverage
Ohio-based Fifth Third Bank will pay $20 million in penalties to the Consumer Financial Protection Bureau for allegedly opening fake bank accounts and wrongfully repossessing customers’ vehicles.
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News BriefOCC proposes recovery plan rule for banks with $100B or more in assets
The Treasury Department’s Office of the Comptroller of the Currency proposed a rule that would extend requirements for recovery plans to all banks with at least $100 billion in assets.
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PremiumSCOTUS extends timeline for regulated entities seeking to overturn regulations
The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
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News BriefSilvergate Bank to pay $63M to Fed, California over BSA/AML deficiencies
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.