All Finance articles – Page 50
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ArticleSEC investor advocate: ‘Gamification’ exposes holes in Reg BI
SEC Investor Advocate Rick Fleming said online platforms designed to make stock trading more easily accessible and exciting “expose what may be a significant flaw in Reg BI” regarding unsolicited transactions.
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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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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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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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ArticleLPL Financial to pay $4.8M to settle claims of poor KYC procedures
The nation’s presumed top independent broker-dealer will pay more than $4.8 million to settle AML charges stemming from its alleged failure to reconcile inconsistencies of a new customer who would scam a Puerto Rican city out of millions of dollars.
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Visa promotes general counsel to EVP
Payment services giant Visa announced the promotion of General Counsel Julie Rottenberg to executive vice president. She will assume oversight of Visa’s global legal and compliance function as part of the change.
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ArticleRobinhood touts crypto wallet offering, hires new CCO
Fintech firm Robinhood has hired a new chief compliance officer at its cryptocurrency arm ahead of the first round of testing for its cryptocurrency wallet offering.
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Panorama Mortgage Group adds chief compliance officer
Panorama Mortgage Group announced the hiring of Ryan Kerian as chief compliance officer and general counsel.
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ArticleNew SEC marketing rule offers opportunities, compliance challenges
The SEC’s new marketing rule allows certain types of advertising, endorsements, and testimonials that were previously prohibited. Investment advisers are “excited” about the new possibilities—but compliance officers must warn them of the risks.
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Fulton Financial hires chief accounting officer
Fulton Financial Corp. hired industry veteran Anthony Cossetti as executive vice president, chief accounting officer and controller.
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ArticleBiden’s pick to head OCC favors tighter regulation of FinTech
President Joe Biden’s nominee for Comptroller of the Currency, Cornell law professor Saule Omarova, continues a Democratic pattern of choosing potential regulators who believe in stricter control of the markets.
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ArticleSEC brings first-ever actions enforcing 2016 municipal advisor rule
The Securities and Exchange Commission charged Choice Advisors and two of its principals in its first enforcement actions under a non-solicitor municipal advisors rule that took effect in 2016.
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The Hartford names chief ethics and compliance officer
The Hartford has appointed Charlene Ridgeway as chief ethics and compliance officer. She takes over the role from Colleen Pernerewski, who was appointed deputy general counsel and head of business law.
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One Rock names general counsel, chief compliance officer
Private equity firm One Rock Capital Partners has named Fola Adamolekun as general counsel and chief compliance officer.
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ArticleMassMutual $4M fine a lesson in trader conduct oversight
A subsidiary of Massachusetts Mutual Life Insurance agreed to pay $4 million after apparently missing nearly two years’ worth of red flags by one of its broker-dealers that turned out to be a driving force behind the GameStop stock trading craze.
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ArticleSurvey: New SEC marketing rule leads investment adviser compliance concerns
Implementing the SEC’s new “marketing rule” for investment advisers tops the list of concerns among chief compliance officers in the industry, according to new research.
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ArticleHedge fund manager/CCO sentenced 4 years for ‘Ponzi-like’ scheme
Jason Rhodes, the co-founder and chief risk and compliance officer of a Connecticut-based investment fund, was sentenced to 48 months in prison and ordered to pay more than $25 million in restitution for his role in a “Ponzi-like” scheme.
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SEC charges CCO for role in TMG fraud scheme
Steven Wolfe, the former chief compliance officer of investment adviser Tellone Management Group, has been charged by the SEC for his role in a fraudulent scheme to hide information from investors.
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ArticleAdrienne Harris nominated to lead NYDFS
The new head of New York’s Department of Financial Services is expected to be Adrienne Harris, who was nominated to the post by Gov. Kathy Hochul.