All Financial Services articles – Page 50
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German finance regulator orders N26 to improve AML controls
BaFin, Germany’s market regulator, has ordered mobile bank N26 to improve its anti-money laundering controls, taking the unusual move to appoint a “special commissioner” to monitor its progress.
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Combating terrorist financing: Coordination and the ‘human element’
Fundamental differences in ideology and motivation differentiate a terrorist from organized criminal groups. However, a debate rages over the connection between transnational organized crime and terrorist financing.
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Citi CCO Mary McNiff taking to compliance one year in
Mary McNiff shared initiatives she’s undertaken in her first year as chief compliance officer at Citi during her keynote at CW’s 2021 National Conference on Wednesday.
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SEC awards $22M to two whistleblowers in contentious case
Two whistleblowers sought to undermine each other in vying for the majority of a $22 million award issued by the SEC regarding malfeasance reported at a financial services firm.
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Michael Hsu named acting OCC head
Michael Hsu, a regulator at the Federal Reserve, has been named acting comptroller of the currency by U.S. Treasury Secretary Janet Yellen.
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Elevating compliance key for financial services, says former HSBC head
John Flint, former group chief executive at HSBC, considered the progress compliance has made over the last 20 years and the strides the profession must continue to make as part of a keynote at the ICA’s 2021 BIG Compliance Festival.
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Monitor certifies MoneyGram’s AML program after lengthy DPA
MoneyGram International stated in a regulatory filing it has fulfilled its obligations under a DPA it entered with the Department of Justice eight years ago, and its AML program was given a thumbs-up by its compliance monitor.
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Norway’s DNB fined $48.1M for AML violations
DNB ASA, Norway’s largest financial services group, will pay a fine of NOK 400 million ($48.1 million) for failing to adhere to Norwegian Anti-Money Laundering Act standards.
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Credit Suisse risk committee head to depart amid board reshuffle
Andreas Gottschling, Credit Suisse’s board member in charge of its risk committee, has stepped down as fallout from the collapses of Archegos Capital and Greensill Capital continues to roil the bank.
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Deutsche Bank ordered to further improve AML controls
BaFin, Germany’s market regulator, signaled Deutsche Bank still has more to do concerning previously ordered improvements to its AML compliance controls.
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MoneyGram plagued by tech, human error in OFAC sanctions settlement
The Office of Foreign Assets Control announced a $34,329 settlement with MoneyGram Payment Systems for apparent violations of multiple sanctions programs, including the processing of transactions involving Syria.
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Danske Bank compliance costs down after completing internal Estonia probe
New Danske Bank CEO Carsten Egeriis told investors compliance costs at the bank have stabilized now that a forensic audit into a money laundering scandal involving its Estonia branch is complete.
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Goldman Sachs hires chief risk officer back from Wells Fargo
Brian King will return to Goldman Sachs as consumer chief risk officer and head of business operations after seven months with Wells Fargo.
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Video: ABN AMRO refreshingly accountable; pharmacists lose in COVID-19 vaccine push
Kyle Brasseur seeks silver linings from ABN AMRO’s €480 million settlement for AML failures, while Aly McDevitt calls out the retail pharmacies overextending their employees for the sake of distributing more COVID-19 vaccines.
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Credit Suisse’s governance rebound a tall task after ‘unacceptable’ losses
Putting the collapses of Archegos Capital and Greensill Capital behind it won’t be simple for Credit Suisse amid staggering financial losses and widening scrutiny from Switzerland’s financial regulator.
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Regulators want answers from financial services on AI/ML tools
The financial services industry is at the cutting edge of the utilization of artificial intelligence and machine learning tools. Regulators have recently requested to understand how these technologies are being used—or misused.
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ABN AMRO fine response suggests moral compass of banking is shifting
ABN AMRO CEO Robert Swaak acknowledging his bank’s “moral duty” to prevent money laundering should be welcomed by all in the global AML community as progress, writes Martin Woods.
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ABN AMRO to pay $575M in money laundering settlement with Dutch authorities
Dutch bank ABN AMRO reached a €480 million (U.S. $575 million) settlement with the Netherlands Public Prosecution Service to resolve money laundering charges.
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Danske Bank CEO, board member resign amid ABN AMRO probe
Danske Bank CEO Chris Vogelzang and board member Gerrit Zalm each resigned after being identified as suspects in ABN AMRO’s money laundering scandal. Chief Risk Officer Carsten Egeriis will take over as Danske’s CEO.
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U.S. sanctions Russia over SolarWinds hack
The Treasury Department announced sanctions against Russia implemented under an executive order from President Joe Biden in response to the SolarWinds hack and alleged election interference by the country.