All Financial Services articles – Page 36
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ArticleMidFirst Bank avoids penalty in OFAC resolution
MidFirst Bank will not pay a civil penalty after self-reporting to the Office of Foreign Assets Control apparent violations of weapons of mass destruction proliferator sanctions at the bank.
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ArticleBank of America reserves $200M for enforcement over banker personal device use
Bank of America has set aside $200 million in anticipation of an enforcement action related to unauthorized use of personal devices—an area in which U.S. regulators are cracking down.
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ArticleBank of America fined $225M for freezing unemployment benefits during pandemic
A pair of regulators slapped a total of $225 million in fines on Bank of America for failures related to unemployment benefit disbursements the bank made during the pandemic.
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ArticleMichael Barr confirmed as Fed’s top banking regulator
Michael Barr, a professor and former top official at the Treasury Department, was confirmed by the Senate as vice chair for supervision at the Federal Reserve.
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ArticleSEC questioned Citi for additional info on Russia exposure
The Securities and Exchange Commission recently posed a series of probing questions to Citigroup seeking to understand the impact of Russia’s invasion of Ukraine on the bank’s exposure in Russia.
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ArticleSurvey: Widening remit driving cost of compliance higher, retention lower
Compliance functionality is vital to the future of financial services firms, but many are “struggling to meet their commitments while maintaining an appropriate risk and compliance culture,” according to the “Cost of Compliance Report 2022” by Thomson Reuters.
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ArticleCFTC fines BNP Paribas, JPMorgan for swap reporting violations
BNP Paribas and JPMorgan Chase agreed to pay penalties of $6 million and $850,000, respectively, in separate settlements with the Commodity Futures Trading Commission for swap reporting violations dating back years.
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ArticleSEC’s Peirce weighs CCO enforcement case against liability framework
What would it look like if the SEC adopted a chief compliance officer liability framework? Commissioner Hester Peirce offered a preview in a statement regarding an enforcement action against the CCO of a formerly registered investment adviser.
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ArticleCredit Suisse money laundering verdict start of new era of Swiss enforcement?
Credit Suisse became the first major Swiss bank to be prosecuted for money laundering in the country after the Federal Criminal Court of Switzerland found the bank guilty of washing money connected to a Bulgarian drug smuggling syndicate.
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ArticleFINRA fines Barclays $2.8M over supervision, disclosure lapses
Barclays Capital agreed to pay $2.8 million as part of a settlement with the Financial Industry Regulatory Authority for “failure to comply with customer confirmation and related supervision rules” that led to disclosure lapses.
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ArticleUBS to pay $25M over ‘inadequate’ training, oversight in SEC fraud case
UBS Financial Services agreed to pay approximately $25 million to settle fraud charges brought by the SEC that cited “inadequate” training and supervisory oversight of the firm’s financial advisers regarding a complex options trading strategy.
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ArticleFinCEN/BIS alert flags Russia export control evasion indicators
The Financial Crimes Enforcement Network and Bureau of Industry and Security warned financial institutions to be on the lookout for new and novel ways individuals and entities in Russia and Belarus are attempting to evade export controls.
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ArticleOCC risk report: Russian sanctions, staffing churn increase compliance challenges
The Office of the Comptroller of the Currency warned banks and financial institutions about elevated operational risks caused by geopolitical tensions and a heightened compliance risk environment complicated by regulatory changes, policy initiatives, and difficulties in hiring qualified professionals.
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ArticleFCA fines Ghana International Bank $7.1M for AML failings
The U.K. Financial Conduct Authority fined Ghana International Bank £5.8 million (U.S. $7.1 million) for deficiencies in its anti-money laundering controls over its correspondent banking activities.
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ArticleCompliance deficiencies faulted in Western International Securities Reg BI case
Western International Securities and five of its brokers have been charged by the Securities and Exchange Commission with violating Regulation Best Interest when they sold high-risk debt securities to investors who weren’t aware of the risks.
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ArticleUSAA whistleblowers want to be heard—and now
Jaclyn Jaeger reflects on feedback received from former and current USAA employees following her three-part series detailing alleged violations of law and mismanaged compliance culture at the financial services giant.
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ArticleWeiss Asset Management lauded for cooperation in $6.9M settlement
Weiss Asset Management reached a $6.9 million settlement with the Securities and Exchange Commission after it self-reported alleged short selling violations.
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ArticleSEC to Schwab: Return $187M for robo-adviser misstatements
Three Charles Schwab subsidiaries have agreed to pay $187 million to settle SEC charges the units were allocating investors’ cash holdings in a way that was less profitable under most market conditions and misled investors about the strategies involved.
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ArticleSEC charges investment adviser, CCO with selling fraudulent securities
A.G. Morgan Financial Advisors, its owner, and its former chief compliance officer were charged by the SEC with securities laws violations for unlawfully offering and selling more than $500,000 worth of unregistered, fraudulent securities.
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ArticleLummis-Gillibrand bill would regulate crypto for first time
The Responsible Financial Innovation Act, introduced by Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.), seeks to regulate digital assets, blockchain technology, and cryptocurrencies in the United States for the first time.