All Finance articles – Page 8
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PremiumDORA set to enhance cyber resilience requirements for EU financial firms
The European Union’s Digital Operational Resilience Act, which is set to take effect next year, will require financial services firms to implement stronger measures to protect not only themselves from disruption caused by cyberattacks but also the sector as a whole.
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News BriefWells Fargo discloses AML, sanctions programs under investigation
Wells Fargo disclosed in a public filing its anti-money laundering and sanctions programs are under investigation, adding to the already long list of compliance issues plaguing the bank.
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LoanPro names general counsel
Lending and credit platform LoanPro announced that Chris Trujillo has joined their executive team as general counsel.
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SouthState Corporation adds Publix GC, compliance chief to board
SouthState Corporation announced that Merriann Metz, general counsel, chief compliance officer, and corporate secretary for Publix Super Markets, was appointed to the board of directors of both the company and its bank subsidiary, SouthState Bank, N.A.
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M&G appoints risk, compliance chief
International savings and investments business M&G announced the appointment of Shawn Gamble as chief risk and compliance officer.
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News BriefCFPB lawsuit: Rent-a-Center affiliate used dark patterns to trick customers
A nationwide rental outlet affiliated with Rent-a-Center and its chief executive have been sued by the Consumer Financial Protection Bureau for allegedly deceiving five million consumers about the terms of credit agreements.
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News BriefFCA wants input on how Consumer Duty overlaps with existing rules
The U.K. Financial Conduct Authority is asking for input on which of its existing rules for financial services overlap with the year-old consumer duty rule, with an eye toward streamlining and simplifying both rule packages.
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ArticleFormer U.K. Gambling Commission investigator on AML/CFT regulations
Recent events have put a spotlight on the role of the U.K. Gambling Commission, following its investigation into privileged information allegedly being used to bet on the date of the U.K. general election.
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News BriefWestern International Securities to pay $1.5M over repeated supervision failures
The Financial Industry Regulatory Authority ordered Western International Securities to pay $1.5 million for failing to implement a supervisory system to detect and respond to excessive trading, the firm’s fifth consent order with the regulator since 2019.
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Stax Payments appoints risk chief
Stax Payments appointed Valentin Neiconi as chief risk officer.
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Brex announces chief compliance officer
Brex, an artificial intelligence-powered spend platform, announced that Sibongile Ngako has joined the company as chief compliance officer.
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FalconPoint Partners names CFO, CCO
FalconPoint Partners announced the appointment of Vijay Maharaj as chief financial officer and chief compliance officer.
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PremiumTreasury official slams Florida ‘anti-woke’ law for ‘undermining’ BSA compliance
Brian Nelson, Treasury Department under secretary for terrorism and financial intelligence, warned in a letter that Florida’s “anti-woke” banking bill may “materially undermine” financial institutions’ compliance with federal AML/CFT laws and U.S. sanctions.
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News BriefState Street to pay $7.5M to settle Russia sanctions violations by subsidiary
State Street Bank & Trust Co. will pay a $7.5 million fine to settle allegations by the Treasury Department’s Office of Foreign Assets Control that a subsidiary violated sanctions against Russia.
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News BriefBanking regs issue guidance on risks posed by bank-fintech relationships
Three federal banking regulators issued guidance on the risks posed by the use of third-party financial technology firms to deliver bank deposit products and services to customers.
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PremiumRisk visibility striking fear in companies onboarding new customers
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
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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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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.