All Financial Services articles – Page 32
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FTX collapse should provide momentum to regulate crypto
The collapse and bankruptcy of digital asset exchange FTX offers stark lessons into why rules that apply to traditional investments—overseen by government regulation—ought to apply to digital investments as well.
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S&P Global fined $2.5M over conflict of interest lapses
Credit rating agency S&P Global Ratings agreed to pay $2.5 million and improve its compliance practices to settle allegations by the SEC that its marketing team pressured the ratings team concerning the rating of a particular mortgage-backed security transaction.
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Former investment adviser CCO pleads guilty to wire fraud
Jennifer Campbell, the former chief compliance officer of a New York-based investment adviser, faces up to 20 years in prison and a $250,000 fine after pleading guilty to wire fraud in federal court.
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PIC Renegade Properties to pay $400K for investment fund violations
A general partner in a real estate investment fund agreed to pay $400,000 to settle allegations it failed to register the fund and take reasonable steps to verify investors were accredited, the Securities and Exchange Commission announced.
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SEC investigating Apollo Global, Carlyle Group, KKR for employee off-channel communications
Three private equity firms have disclosed they are under investigation by the Securities and Exchange Commission (SEC) for having allowed employees to use unauthorized communication channels like WhatsApp and WeChat to conduct company business.
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As new SEC marketing rule takes effect, many questions remain
The 18-month probationary period for the new Securities and Exchange Commission marketing rule for investment advisers has expired and compliance with the rule is now mandatory.
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Wells Fargo names diversity head as probes mount
Wells Fargo announced the appointment of Kristy Fercho as head of diverse segments, representation, and inclusion. She takes up the role as the Department of Justice and Securities and Exchange Commission investigate the bank’s diversity hiring practices.
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CFPB probes U.S. Bank over its handling of unemployment benefit payments
U.S. Bank disclosed the Consumer Financial Protection Bureau launched an investigation into the bank’s administration of unemployment benefits during the Covid-19 pandemic.
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FinCEN: U.S. banks paid $1.2B to ransomware criminals last year
Banks reported paying a record $1.2 billion to ransomware criminals in 2021, the Financial Crimes Enforcement Network announced.
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SEC joins DOJ in probe of Wells Fargo diversity hiring practices
The news for Wells Fargo related to alleged sham interviews of minority job candidates continues to worsen, with the bank disclosing the Securities and Exchange Commission has joined federal prosecutors in examining the issue.
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CFPB outlines rule mandating FIs provide customers their data
The Consumer Financial Protection Bureau initiated rulemaking that would require banks and other financial institutions to make a consumer’s personal financial data available to them upon request.
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Danske Bank projects $2.1B settlement for Estonia money laundering probes
Danske Bank expects to pay a total of 15.5 billion Danish kroner (U.S. $2.1 billion) to U.S. and Danish authorities to settle allegations it overlooked more than $200 billion in dirty money laundered through its former Estonia branch.
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Automation can improve AML compliance but won’t replace human touch
While automation has the potential to transform anti-money laundering compliance, it will not replace the human practitioners relied upon to get investigations to the finish line, experts discussed at the ACAMS annual conference in Las Vegas.
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Credit Suisse names new CCO, plans strategic overhaul
Credit Suisse announced sweeping changes to its strategy that includes selling off parts of its investment banking portfolio and shrinking its global headcount—an attempt to pivot from risky investment ventures and back toward its historic specialty of wealth management.
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New OCC office to supervise fintechs
The Office of the Comptroller of the Currency will heighten its focus on the financial technology space with the creation of a new department in early 2023.
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Former JPMorgan compliance exec settles with bank over SOX whistleblower suit
Shaquala Williams, a compliance executive who sued JPMorgan Chase after she said she was fired for blowing the whistle on deficiencies in the bank’s anti-money laundering compliance program, agreed to settle her case.
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ICICI Bank cited by OCC for BSA/AML compliance failures
The Office of the Comptroller of the Currency ordered the New York branch of ICICI Bank to implement sweeping changes to its anti-money laundering and Bank Secrecy Act compliance programs but will not fine the bank if the improvements are completed.
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Cetera affiliates fined $1M each over conflicts of interest
A pair of investment advisers owned by Cetera Financial Group must pay a total of more than $8.6 million as part of a final judgment obtained by the Securities and Exchange Commission alleging the defrauding of Cetera advisory clients.
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CFPB facing ‘existential threat’ following appeals court funding ruling
An appeals court’s finding the Consumer Financial Protection Bureau’s funding mechanism to be unconstitutional could affect a multitude of lawsuits filed against the agency, according to legal experts.
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Barclays facing $56M fine over Qatari investor disclosures
The U.K. Financial Conduct Authority provisionally notified Barclays it intends to fine the bank £50 million (U.S. $56 million) for failing to properly disclose financial arrangements made with Qatari investors in 2008.