All Finance articles – Page 38
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FinCEN eyes no-action letters as aid for FinTech rollouts
The Financial Crimes Enforcement Network will launch rulemaking for a no-action letter process that would give financial institutions another way to enter dialogue with the regulator about innovative and newly emerging technologies.
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Takeaways from NYDFS ransomware guidance
The New York State Department of Financial Services has issued guidance for regulated entities describing best practices for reducing the risk of a ransomware attack.
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Charles Schwab sets aside $200M in SEC robo-advisory probe
Charles Schwab disclosed in a regulatory filing it expects to pay $200 million to resolve a Securities and Exchange Commission investigation concerning its robo-advisory business.
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Compliance implications of Robinhood’s record $70M FINRA fine
The Financial Industry Regulatory Authority ordered Robinhood Financial to pay a record-breaking $70 million in penalties, the result of “systemic supervisory failures in several critical parts of its business.” The firm must retain a compliance consultant, among other enhancements.
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FinCEN puts financial institutions on notice with first AML/CFT priorities
The Financial Crimes Enforcement Network tipped its hand at changes ahead for the Bank Secrecy Act in announcing the first government-wide list of priorities for anti-money laundering and countering the financing of terrorism.
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JPMorgan subsidiary to pay $2.75M for operating as unregistered broker-dealer
Neovest, a subsidiary of JPMorgan Chase, agreed to pay $2.75 million as part of a settlement with the Securities and Exchange Commission for operating as an unregistered broker-dealer.
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SK Capital appoints general counsel, chief compliance officer
Private investment firm SK Capital Partners has hired Jennifer Cattier as general counsel and chief compliance officer.
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PwC audit facing scrutiny amid Greensill collapse fallout
Big Four firm PwC is under investigation for its audit of Wyelands Bank as part of a larger U.K. review linked to the recent collapse of Greensill Capital.
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CCO charged in credit agency fraud scheme
The former chief compliance officer of New Jersey-based private fund Princeton Alternative Funding is facing SEC charges for his role in a scheme that allegedly duped investors of more than $73 million.
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U.K. AML expert convicted of aiding money launderers
A U.K. money laundering prevention expert was found guilty of allowing criminals to use his company to launder the proceeds of an £850,000 (U.S. $1.2 million) investment fraud that resulted in dozens of victims being ripped off.
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Embrace of RegTech driving financial services transformation
Large global financial institutions are utilizing advanced technologies like never before to help manage their regulatory compliance needs, driving major efficiencies within compliance, risk, and internal audit functions in the process.
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Guggenheim Securities fined $209K for allegedly stifling whistleblowers
New York-based broker-dealer Guggenheim Securities has agreed to pay a $208,912 civil penalty for violating SEC whistleblower protection rules regarding language in its compliance manual.
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Study: Financial crime compliance costs climb 18 percent in 2020
Projected costs for financial crime compliance among financial services companies worldwide reached nearly $214 billion last year, according to the latest survey from LexisNexis Risk Solutions.
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Loomis adds chief risk officer
Cash handling company Loomis Group announced the appointment of Stellan Abrahamsson as chief risk officer, effective March 1, 2022.
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‘Cost of Compliance’ survey reflects post-COVID landscape
A year removed from the start of the pandemic, the long-term effects the shift in work culture will have on the compliance profession have become more apparent. The “Cost of Compliance Report 2021” by Thomson Reuters reflects these changes.
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Options Clearing Corp. appoints chief risk officer
The Options Clearing Corporation, a derivatives clearing organization, announced the appointment of David Ye as chief risk officer and a member of its management committee.
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CCO settles SEC charges of causing firm to breach fiduciary duties
The SEC announced settled charges with the chief compliance officer of investment adviser VII Peaks Capital for her alleged role in causing the firm to breach fiduciary duties.
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NYC Bar framework seeks clarity on when CCOs face SEC charges
The New York City Bar Association has proposed a framework for regulators like the SEC to use when considering charging chief compliance officers for misconduct that occurs on their watch.
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SEC, CFTC charge LJM for mishandling $1B in assets; chief risk officer settles
The SEC and CFTC filed charges against investment management firm LJM and two portfolio managers for misleading investors about the company’s risk management practices. Each agency separately reached settlements with LJM’s chief risk officer for his role in the alleged scheme.
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Report: DOJ launches investigation into Archegos collapse
The Department of Justice has reportedly launched an investigation into the collapse of Archegos Capital Management, which cost multiple big banks billions of dollars.