All Financial Services articles – Page 24
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Four takeaways from Senate hearings on SVB, Signature Bank failures
Leaders at Silicon Valley Bank, Signature Bank, and the regulators who seized their banks testified before Congress across separate hearings.
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News Brief
Deutsche Bank to pay $75M to settle Jeffrey Epstein sex trafficking suit
Deutsche Bank agreed to pay $75 million to settle a class-action lawsuit filed by sexual assault victims of Jeffrey Epstein.
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JPMorgan whistleblower candidly shares experiences at CW2023
If compliance officers are good at their jobs, they can expect to eventually catch their employers breaking the law, whistleblower Edward Siedle told attendees during a fireside chat at Compliance Week’s 2023 National Conference.
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News Brief
Wells Fargo to pay $1B to settle suit over consent order noncompliance
Wells Fargo agreed to pay $1 billion to settle a class-action lawsuit filed by shareholders who claimed the bank overstated its progress in complying with regulatory orders related to its 2016 fake accounts scandal.
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News Brief
SEC proposal seeks risk stability for clearing agencies
The Securities and Exchange Commission proposed a package of rule changes designed to enhance the risk management responsibilities and resilience of covered clearing agencies.
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CW2023: Lessons still to be learned from Bernie Madoff scandal, author says
The Bernie Madoff scandal came to light 15 years ago, but lessons from the notorious Ponzi scheme are as fresh as ever, author Jim Campbell said during his fireside chat at Compliance Week’s 2023 National Conference.
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News Brief
HSBC to pay $45M to settle CFTC spoofing, recordkeeping violations
HSBC was fined $45 million by the Commodity Futures Trading Commission over allegations its traders used manipulative and deceptive trading practices. The bank and its subsidiaries were separately fined $30 million by the CFTC for business use of off-channel communications by employees.
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News Brief
SEC risk alert highlights transition efforts from LIBOR
The Division of Examinations at the Securities and Exchange Commission issued a risk alert to aid registered investment advisers and investment companies in their transition efforts away from the London Interbank Offered Rate.
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News Brief
FDIC proposes large banks cover $15.8B in losses from SVB, Signature Bank failures
The Federal Deposit Insurance Corporation issued a notice of proposed rulemaking regarding a special assessment on large banks to recover approximately $15.8 billion in losses attributable to the failures of Silicon Valley Bank and Signature Bank.
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News Brief
HSBC, Scotiabank latest caught in regs’ off-channel comms sting
The Bank of Nova Scotia and HSBC were fined $22.5 million and $15 million, respectively, by U.S. regulators for admitted recordkeeping failures regarding employee use of off-channel communications to conduct company business.
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News Brief
Ex-Coinbase manager gets two years in prison in crypto insider trading case
Former Coinbase product manager Ishan Wahi was sentenced to two years in federal prison for his role in a crypto insider trading scheme.
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Article
Inflation: A breeding ground for financial crime
Inflation has ripple effects on individuals and businesses, posing a wide variety of threats to the economy. It not only affects a country’s financial stability but also results in increased financial crime rates.
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News Brief
NYDFS proposes enhanced character reviews for bank officers, including CCOs
Banks operating in New York would have to step up their vetting of executives and senior officers, including chief compliance officers, under new guidance proposed by the New York State Department of Financial Services.
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News Brief
Goldman Sachs to pay $215M to settle gender pay, discrimination case
Goldman Sachs agreed to pay $215 million to settle a class-action lawsuit that accused the bank of pay and advancement discrimination against female vice presidents and associates.
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News Brief
Croatian DPA levies largest GDPR fine
The Croatian data protection authority handed down its largest penalty under the General Data Protection Regulation to date: a fine of nearly €2.3 million (U.S. $2.5 million) against debt collector B2 Kapital.
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News Brief
New York vies to lead way on cryptocurrency regulation
New York would be the first state in the nation to comprehensively regulate cryptocurrency under a sweeping bill introduced by Attorney General Letitia James.
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News Brief
SEC charges investment adviser in landmark Liquidity Rule case
The Securities and Exchange Commission charged New York-based Pinnacle Advisors and several mutual fund trustees with aiding and abetting violations of its Liquidity Rule—the agency’s first enforcement action related to the policy.
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SEC passes new disclosure rules for hedge, private fund advisers
The Securities and Exchange Commission passed new amendments requiring advisers to hedge and private funds to disclose events that could indicate systemic risk or investor harm, a move the regulator said will improve transparency within $20 trillion of market activity.
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News Brief
Crypto exchange Poloniex to pay $7.6M in OFAC sanctions case
Cryptocurrency exchange Poloniex agreed to pay nearly $7.6 million as part of a settlement with the Office of Foreign Assets Control for engaging with more than 200 customers across a handful of sanctioned regions.
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News Brief
First Republic Bank closed, sold to JPMorgan Chase by FDIC
San Francisco-based First Republic Bank was closed by state and federal banking regulators over the weekend, then sold to JPMorgan Chase Bank. The failure is the second largest in U.S. banking history.