All Financial Services articles – Page 25
-
News Brief
Fed pledges heightened supervision following SVB collapse
The Federal Reserve Board will likely recommend strengthening regulatory and supervisory procedures for mid-sized regional banks in the aftermath of the failure of Silicon Valley Bank.
-
News Brief
Mastercard facing DOJ probe into debit practices
Mastercard said it is under investigation by the Department of Justice’s Antitrust Division regarding the company’s debit card program and competition with other payment networks and technologies.
-
News Brief
SEC risk alert flags branch office cybersecurity controls
The protection of customer personal data by branch offices of broker-dealers and investment advisers should be just as robust—and as well-coordinated—as protocols used by the firm’s home office, according to the Securities and Exchange Commission.
-
News Brief
FinCEN annual report: How DOJ, IRS use SARs to aid probes
The Financial Crimes Enforcement Network’s year in review for fiscal year 2022 provides details on how other U.S. agencies use information derived from the millions of suspicious activity reports filed each year to support their enforcement efforts.
-
News Brief
Kingdom Trust fined $1.5M over ‘substantially inadequate’ AML controls
South Dakota-based Kingdom Trust Co. agreed to pay a $1.5 million fine to the Financial Crimes Enforcement Network for anti-money laundering deficiencies that resulted in violations of the Bank Secrecy Act.
-
News Brief
Mizuho Capital Markets to pay $6.8M for undisclosed pre-hedging
Mizuho Capital Markets agreed to pay more than $6.8 million to settle charges from the Commodity Futures Trading Commission it failed to adequately disclose its pre-trade activity on certain foreign exchange forward transactions that disadvantaged customers.
-
News Brief
Treasury teases revising AML/CFT regulations to address ‘de-risking’
The Treasury Department might propose new regulations for financial institutions aimed at discouraging banks from shutting out large swaths of potential banking customers because of risk concerns.
-
News Brief
FSOC votes for Fed to supervise nonbank financial institutions
Federal regulators proposed to place nonbank financial institutions under supervision of the Federal Reserve Board if their activities are deemed to pose a systemic risk to the U.S. financial system.
-
News Brief
UBS delays chief risk officer transition amid Credit Suisse merger
UBS announced Christian Bluhm will remain in his role as group chief risk officer “for the foreseeable future” as the Swiss bank grapples with integrating Credit Suisse into its business.
-
News Brief
SEC bulletin tackles Reg BI care obligation FAQs
Staff at the Securities and Exchange Commission issued a bulletin addressing standards of conduct for broker-dealers and investment advisers in addressing their care obligations under Regulation Best Interest and the Investment Advisers Act.
-
News Brief
DOJ: Disbarred attorney serving as bank CCO charged for fraud role
The Department of Justice announced charges against the “purported” chief compliance officer at Dominion Bank and Trust Company Limited for allegedly taking part in a $4 million fraud scheme.
-
News Brief
Barclays recruits chief compliance officer from HSBC
Barclays announced the appointment of Kirsty Everett as chief compliance officer and a member of its group executive committee, effective July 1.
-
News Brief
Betterment to return $9M to clients in SEC material misstatement case
New York-based investment adviser Betterment agreed to pay $9 million to settle charges levied by the Securities and Exchange Commission over material misstatements and omissions related to its automated tax loss harvesting service.
-
News Brief
Barclays unit fined $2.5M by FINRA over reporting failures
Barclays Capital was fined $2.5 million as part of a settlement with the Financial Industry Regulatory Authority addressing allegations the investment bank failed to accurately report over-the-counter options positions in more than 4 million instances.
-
News Brief
RBC unit settles with FINRA over trade monitoring system lapses
RBC Capital Markets agreed to pay nearly $1.1 million as part of a settlement with the Financial Industry Regulatory Authority for failing to establish and maintain a reasonable supervisory system to monitor the suitability of short-term trading recommendations.
-
News Brief
SEC fines Corvex Management $1M for SPACs conflicts
Corvex Management agreed to pay $1 million to settle allegations it failed to disclose personnel ownership in certain sponsors of special purpose acquisition companies and didn’t have policies and procedures reasonably designed to thwart conflicts of interest.
-
News Brief
Bittrex charged by SEC amid U.S. departure efforts
The Securities and Exchange Commission announced charges against Seattle-based Bittrex and its co-founder and former CEO for operating an unregistered national securities exchange, broker, and clearing agency.
-
News Brief
OFAC sanctions International Investment Bank over Russian ties
The International Investment Bank, a multinational development institution headquartered in Hungary, was designated by the Office of Foreign Assets Control for potentially facilitating the evasion of U.S. sanctions against Russia.
-
News Brief
FDIC vice chair: Access to data, employees slowed sale of SVB
The collapse of Silicon Valley Bank highlighted for the Federal Deposit Insurance Corporation some of the impediments to a quick bank sale, including failing to provide rapid access to quality financial data and lists of key employees.
-
News Brief
Infinity Q founder sentenced to 15 years for fraud scheme
The former chief investment officer and founder of investment adviser Infinity Q Capital Management was sentenced to 15 years in prison and ordered to forfeit $22 million for artificially inflating the values of certain derivatives to defraud investors.