All Financial Services articles – Page 44
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ArticleReport: Westpac New Zealand progressing on risk culture improvements
An independent report ordered by the Reserve Bank of New Zealand into Westpac New Zealand has found the bank is “moving in the right direction” in addressing risk culture deficiencies.
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ArticleSEC rule proposal would order investment firms to back up ESG claims
The Securities and Exchange Commission proposed a new rule that would require registered investment advisers, investment companies, and business development companies to submit enhanced disclosures about funds that claim ESG strategies drive their investment choices.
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ArticleBest practices, common pitfalls in working in high-risk countries
A panel of compliance professionals discussed the increasingly relevant topic of working in high-risk countries, sharing their experiences and lessons learned at Compliance Week’s National Conference in Washington, D.C.
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ArticleBNY Mellon fined $1.5M by SEC for misstatements on ESG mutual funds
BNY Mellon Investment Adviser has agreed to pay a $1.5 million fine to the Securities and Exchange Commission for making “misstatements and omissions” on environmental, social, and governance mutual funds it managed over three years.
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ArticleWells Fargo unit fined $7M for AML transaction monitoring failures
For the second time in five years, a subsidiary of Wells Fargo has been charged by the Securities and Exchange Commission with failing to file suspicious activity reports in a timely manner due to deficiencies in the system it used to flag transactions.
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ArticleExpert: Combating modern slavery starts with understanding the issue
Matthew Friedman, an expert on international human trafficking with more than 30 years of experience, discussed the importance of companies addressing modern slavery in their supply chains as part of a virtual fireside chat on the human factor of ESG at Compliance Week’s National Conference.
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ArticleAllianz unit pleads guilty in $6B fraud settlement
Allianz Global Investors U.S. and three former portfolio managers were charged with lying to investors about a complex options trading strategy, as well as forging documents to cover up the scheme, leading to multibillion dollar losses.
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ArticleCiti names Tom Anderson as new chief compliance officer
Tom Anderson will be the next chief compliance officer at Citi, effective June 1. His appointment comes two months after Mary McNiff stepped down from the role.
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ArticleFCA fines, bans director over unauthorized compliance duties
Thomas Ward, a former head of compliance at an investment management firm who once worked as a compliance inspector for a U.K. regulator, was fined 416,558 pounds (U.S. $513,000) and banned from working in the financial services sector following a tribunal ruling.
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ArticleNew sanctions add ban on U.S. accounting, management consulting work in Russia
The Treasury Department unveiled a host of new sanctions against Russian and Belarusian individuals and banks, in addition to a ban on U.S.-based accounting, management consulting, and trust and corporate formation services to any person located in the Russian Federation.
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ArticleA look inside USAA’s ‘catastrophically mismanaged’ compliance culture
In exclusive interviews with Compliance Week, former USAA insiders describe a risk and compliance culture in which numerous individuals either were given the axe or quit because the problems were so endemic.
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ArticleWhistleblower: USAA ‘actively lying to regulators for years’ regarding violations of law
Senior executives at USAA ignored warnings from compliance staff and consultants for years regarding violations of U.S. federal banking laws and hid from regulators the scope of the company’s illegal practices, a former USAA director of compliance turned whistleblower told Compliance Week.
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ArticleWhistleblower to OCC: USAA had 400,000 undisclosed Military Lending Act violations
USAA Bank engaged in an estimated 400,000 violations of the Military Lending Act, a former director of compliance within the bank reported to the Office of the Comptroller of the Currency in documents seen by Compliance Week.
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ArticleWells Fargo in resolution negotiations regarding potential OFAC violations
Wells Fargo disclosed in a regulatory filing it has entered resolution discussions with a U.S. authority or authorities regarding potential sanctions violations it voluntarily self-disclosed to the Treasury Department’s Office of Foreign Assets Control.
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ArticleCFPB fines Bank of America $10M over deficient garnishment protocols
The Consumer Financial Protection Bureau fined Bank of America $10 million for processing “unlawful” garnishments of customer accounts dating back to 2011.
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ArticleSEC risk alert flags deficiencies in handling nonpublic information
A risk alert issued by the Division of Examinations at the Securities and Exchange Commission highlighted “notable deficiencies” in the handling of material nonpublic information by investment advisers, investors, and other market participants.
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ArticleDeutsche Bank confirms AML raid at German headquarters
Deutsche Bank confirmed its Frankfurt headquarters were raided by German prosecutors in relation to a money laundering probe regarding suspicious activity reports filed by the bank.
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ArticleFCA cracking down on challenger banks after review
Challenger banks must improve how they assess financial crime risk following a review by the U.K. Financial Conduct Authority that found some fail to carry out even basic customer checks.
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Article‘The new FCPA’: Monaco stresses sanctions as top DOJ commitment
As part of a discussion at an industry event, Deputy Attorney General Lisa Monaco reiterated the Justice Department will prioritize the enforcement of sanctions the United States has placed on Russia following its invasion of Ukraine.
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ArticleCredit Suisse continues executive shakeup with new general counsel
Credit Suisse announced its latest series of executive-level changes, including the appointment of UBS veteran Markus Diethelm as its new group general counsel.