All Financial Services articles – Page 31
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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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Premium
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.
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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.
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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.
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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.
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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.
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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.
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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.