All Financial Services articles – Page 26
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PremiumCFTC commissioner: Three ways to address climate-related financial risks
Christy Goldsmith Romero, a commissioner with the Commodity Futures Trading Commission, recommended three action items to help the agency and regulated entities “measure, understand, and address climate-related financial risk.”
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News BriefTD Bank expecting punishment in BSA/AML probes
TD Bank disclosed in a shareholder report it is facing regulatory investigations regarding its Bank Secrecy Act/anti-money laundering compliance program.
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PremiumNew SEC rules for private fund advisers will keep compliance teams busy
Even though compliance dates for the Securities and Exchange Commission’s new private fund rules are a year to 18 months away, compliance teams should start analyzing the impact now, according to experts.
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News BriefSEC orders Wells Fargo to pay $35M for overbilling investment advisory clients
The Securities and Exchange Commission fined Wells Fargo $35 million for overcharging nearly 11,000 investment advisory accounts over two decades.
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WebcastCPE Webcast: Harnessing the power of generative AI in financial services
This webinar aims to provide a comprehensive overview of how the financial industry can harness the potential of generative artificial intelligence while navigating the implications it presents for digital communications and compliance.
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SEC passes sweeping new rules for private fund advisers
The Securities and Exchange Commission passed a sweeping set of rules for the $26 trillion private fund industry designed to increase transparency and competition but with provisions that address industry concerns about potential overreach.
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News BriefU.K. regulator fines Morgan Stanley $6.8M for off-channel comms
The U.K.’s Office of Gas and Electricity Markets fined Morgan Stanley £5.4 million (U.S. $6.8 million) for allegedly failing to record and retain electronic communications by its wholesale energy traders over two years.
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News BriefEx-JPMorgan precious metals traders sentenced in spoofing case
Two former precious metals traders at JPMorgan Chase were sentenced after being convicted a year ago for fraud, attempted price manipulation, and spoofing.
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News BriefFintech to pay $1M in first violation of SEC’s amended marketing rule
The Securities and Exchange Commission ordered Titan Global Capital Management USA to pay more than $1 million for allegedly misleading investors with hypothetical performance metrics in its advertising.
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PremiumDutch banks’ innovative AML collaboration ready to take next step
ABN AMRO, ING, Rabobank, Triodos Bank, and de Volksbank are each participating in a first-of-its-kind collaboration to shine light on the estimated €16 billion worth of illicit funds coursing through the Netherlands’ banking system every year.
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PremiumDiscover ‘paying the price’ for not investing in compliance
Discover Financial Services is “paying the price” for underinvesting in compliance over the past several years and has been ramping up spending and hiring to catch up, two senior executives said in a call with analysts.
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News BriefCantor Fitzgerald fined $100K by FINRA over disclosure lapses
Cantor Fitzgerald agreed to pay $100,000 as part of a settlement with the Financial Industry Regulatory Authority regarding alleged disclosure failures about which the firm had previously been warned.
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News BriefFed raps FTX-linked bank for unapproved switch to digital banking
The Federal Reserve Board placed restrictions on Washington-based Farmington State Bank after taking issue with how the liquidating financial institution changed its business plan without seeking proper approvals.
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News BriefSEC commissioners criticize order against transfer agent DST
The Securities and Exchange Commission’s two Republican commissioners dissented from an agency order against transfer agent DST Asset Manager Solutions they deemed to be an example of regulation by enforcement.
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PremiumCompanies get say on Biden executive order restricting China tech investments
President Joe Biden’s recent executive order to restrict certain outbound investments to China offers an opportunity for companies to help shape the program by offering input through comment.
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News BriefGoldman Sachs fined $425K by FINRA for large option reporting lapses
Goldman Sachs agreed to pay $425,000 as part of a settlement with the Financial Industry Regulatory Authority addressing allegations of reporting and supervision violations regarding more than 1 million over-the-counter options positions.
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News BriefInstinet fined $3.8M by FINRA over deficient CAT reports
Instinet, a brokerage firm subsidiary of Nomura Group, agreed to pay $3.8 million as part of a settlement with the Financial Industry Regulatory Authority regarding “tens of billions” of inaccurate or late reports filed to the consolidated audit trail central repository.
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PremiumCFPB’s Chopra teases new rules for data brokers at White House roundtable
The Consumer Financial Protection Bureau is moving forward with plans to propose new rules for data brokers that would regulate their personal data gathering activities under the Fair Credit Reporting Act.
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News Brief
SEC fines Malvern Bank, ex-CFO for material misstatements
Malvern Bancorp and its former chief financial officer agreed to pay a combined $390,000 to settle allegations levied by the Securities and Exchange Commission regarding antifraud, reporting, books and records, and internal accounting control violations.
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News BriefShort seller accuses Freedom Holding Corp. of ‘brazen’ sanctions evasion
Freedom Holding Corp. was accused of “brazen sanctions evasion,” along with openly flouting anti-money laundering and know your customer regulations, as part of an investigative report published by short seller Hindenburg Research.