All Financial Services articles – Page 36
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News BriefSEC examiners flag deficiencies in Reg BI compliance
The Securities and Exchange Commission issued a risk alert listing deficiencies its examiners found in broker-dealers’ compliance with Regulation Best Interest.
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News BriefFed cites AML weaknesses in denying Custodia Bank membership application
The Federal Reserve Board denied the application of Custodia Bank for membership in the Federal Reserve System, citing weaknesses in the digital-first bank’s anti-money laundering protocols as part of its decision.
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News BriefReports: Morgan Stanley fines bankers up to $1M for off-channel communications
Morgan Stanley fined its employees up to $1 million for using unauthorized communication channels in violation of recordkeeping rules, according to multiple reports.
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News BriefSEC seeks to revive Dodd-Frank rule on conflicts in securities trading
The Securities and Exchange Commission resurrected an unfulfilled mandate of the Dodd-Frank Act that would prevent the sale of certain securities if there is a conflict of interest.
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News BriefPopular Bank fined $2.3M by Fed over fraudulent PPP loan approvals
The Federal Reserve Board fined New York-based Popular Bank $2.3 million for processing Paycheck Protection Program loans despite finding significant indications of possible fraud in the loan applications.
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Blog
FINRA enforcement head to depart, acting successor announced
The Financial Industry Regulatory Authority announced longtime Head of Enforcement Jessica Hopper will depart Feb. 3.
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News BriefBloomberg to pay $5M for misleading disclosures about rate calculations
Bloomberg Finance agreed to pay $5 million to settle Securities and Exchange Commission charges alleging misleading disclosures it made about how it calculated the valuations it provided on fixed-income securities to the financial services industry.
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News BriefBanks fooled in DOJ Russian yacht sanctions evasion case
The Department of Justice’s charges against a U.K. businessman and his Russian partner for evading U.S. sanctions against a Russian oligarch provide insight into how the use of shell companies, third parties, and other methods can thwart the compliance efforts of financial institutions.
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News Brief
Moors & Cabot to pay $1.9M for conflict of interest disclosure lapses
Investment adviser Moors & Cabot reached a $1.9 million settlement with the Securities and Exchange Commission over allegations the firm didn’t fairly disclose conflicts of interest associated with incentive payments it received from two unaffiliated clearing brokers.
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News BriefDeutsche Bank refreshes compliance leadership with new group CCO
Deutsche Bank named Laura Padovani to be its next group chief compliance officer and head of compliance, effective April 1. She will replace Pascal Tagné, who will become the bank’s head of compliance for the Asia Pacific region.
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News BriefDanske Bank CCO to depart in 2024
Satnam Lehal, chief compliance officer of Danske Bank, announced he will leave the bank in early 2024 after playing a pivotal role in helping steer it through the aftermath of one of the world’s largest money laundering scandals.
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News BriefSEC charges Genesis, Gemini for failing to register crypto lending product
The Securities and Exchange Commission accused two cryptocurrency firms, Genesis Global Capital and Gemini Trust Company, with selling a crypto lending product to investors as an unregistered security.
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News BriefFCA orders GT Bank to pay $9.4M for ‘reckless’ AML weaknesses
The U.K. Financial Conduct Authority fined Guaranty Trust Bank approximately £7.67 million (U.S. $9.4 million) for weaknesses in its anti-money laundering systems and controls that spanned a five-year period.
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News BriefFCA fines Al Rayan Bank nearly $5M for AML failings
The U.K. Financial Conduct Authority fined Al Rayan Bank more than £4 million (U.S. $4.9 million) for its lack of adequate anti-money laundering controls.
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News BriefFINRA focuses on financial crime in annual exam report
The Financial Industry Regulatory Authority’s annual report on examinations and risk monitoring indicated a new emphasis for the regulator on combating financial crime, particularly cybercrime.
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News BriefUBS unit fined $3.75M for options trading reporting violations
UBS Securities agreed to pay $3.75 million to settle allegations brought by the Financial Industry Regulatory Authority that its failure to adequately supervise compliance staff led to millions of violations of options trading reporting requirements.
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News BriefCoinbase to pay $100M after NYDFS probe into compliance lapses
Cryptocurrency exchange Coinbase agreed to pay $100 million as part of a settlement with the New York State Department of Financial Services for compliance failures that opened the door for criminals to carry out illegal activity through the platform.
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ArticleFinCEN report identifies financial trends of Russian oligarchs
The Financial Crimes Enforcement Network published an analysis of financial trends involving Russian oligarchs and how U.S. financial institutions have aided in the identification of more than $30 billion worth of sanctioned Russians’ assets.
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ArticleLessons in preventing AML failures
Anybody working in financial services will know enormous effort is made to ensure their institution is on the right side of the law. Why, then, do such failures continue to exist? And crucially, what can be done to prevent their recurrence?
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ArticleAML 2023 preview: Regs not backing down on beneficial ownership, tech needs
Keeping up with increasingly demanding anti-money laundering expectations in 2023 will likely mean doing more with less and figuring out where and when is the best place to use technology to aid compliance, experts say.