All Financial Services articles – Page 59
-
ArticleBasel Committee issues final AML risk management guidance
The Basel Committee on Banking Supervision recently issued an updated version of its guidelines on sound management of risks related to anti-money laundering and combating the financing of terrorism.
-
ArticleBasel Committee seeks comment on principles for operational resilience
The Basel Committee on Banking Supervision is seeking comment from the financial services industry on its proposed principles for operational resilience that aim to enhance banks’ ability to withstand, adapt to, and recover from potentially severe adverse events.
-
ArticleOCC fines Capital One $80M over 2019 data breach
Capital One and Capital One Bank (USA) were fined $80 million for failing to establish sound risk management processes and internal controls related to the company’s data breach last year.
-
ArticleCommon-sense KYC: Customers should supply the knowledge
No one knows a customer better than the customer. As such, financial crime expert Martin Woods believes the onus should be on the customer to provide the required data to keep KYC logs up to date.
-
ArticleFirms must apply contact tracing rules to bank relationships
In order to prevent debacles like the one Deutsche Bank is embroiled in, there is a need to combine the processes of “know your employee” and “know your customer,” writes Martin Woods.
-
ArticleConn. investment firm fined $100K for trading, compliance failures
A small Connecticut investment firm has agreed to pay a $100,000 fine to settle charges levied by the Securities and Exchange Commission regarding unfair trade allocation and accompanying compliance failures.
-
ArticleCredit Suisse combines risk and compliance, adds sustainable investing unit
Credit Suisse has combined separate risk and compliance heads into one board-level position, part of a shakeup of the bank’s corporate structure that includes a renewed emphasis on sustainable investing.
-
ArticleWhile compliance is in vogue, let masks be a symbol of safety in all situations
Now is the time to market compliance practices to customers who wear masks within our premises but drop the masks—and their guards—when answering calls and emails from the privacy of their own homes, writes Martin Woods.
-
ArticleSARs overload slowing efforts to combat financial crime
For the global AML community, there is a need to recognize too much valuable time is spent filing too many low-value suspicious activity reports that will never become the subject of any law enforcement action, writes Martin Woods.
-
ArticleThe problem with ‘ghost CCOs’ and the haunting consequences
If you’re a small investment firm owner acting as your firm’s chief compliance officer, here are some scary stories that might keep you up at night.
-
ArticleGoldman Sachs reaches $4B 1MDB settlement with Malaysia
Goldman Sachs reached a nearly $4 billion agreement in principle with the Government of Malaysia to resolve all criminal and regulatory proceedings related to three 1MDB bond transactions.
-
ArticleFASB proposes new chapter for financial reporting framework
The Financial Accounting Standards Board has proposed a new chapter to Concepts Statement No. 8 that would define 10 elements of financial statements.
-
ArticleFirst American first charged with NYDFS cyber-regulation abuses
First American Title Insurance Company has become the first firm to face charges alleging violations of the New York State Department of Financial Services’ Cybersecurity Regulation.
-
ArticleU.K.’s Russia report underscores need to question big money
The U.K.’s long-awaited report on Russian interference in the country stresses the importance for big money to be subject to enhanced levels of due diligence, writes financial crime expert Martin Woods.
-
Article
SEC fines UBS $10M over municipal bond offerings
UBS Financial Services has agreed to pay more than $10 million to resolve SEC charges that it circumvented the priority given to retail investors in certain municipal bond offerings.
-
ArticleOCC proposal seeks to clarify when banks are ‘true lender’
The Office of the Comptroller of the Currency has proposed a rule meant to eliminate ambiguity in federal banking regulations regarding loans made by national banks and their third-party partners.
-
ArticleCommerzbank fine demonstrates danger of AML lapses
The Financial Conduct Authority’s fine of £37.8 million (U.S. $47.5 million) on Commerzbank’s London branch is a reminder that the most fundamental risk-based AML controls are still not being implemented at some financial services firms.
-
ArticleNailed It or Failed It? Twitter’s meltdown exposes major vulnerability
In this week’s “Nailed It or Failed It?”, we reflect on the most troubling aspect of Wednesday’s giant Twitter hack while giving Wells Fargo a rare kudos for being good corporate citizens.
-
ArticleOCIE issues ransomware alert to financial services
The SEC’s Office of Compliance Inspections and Examinations is advising financial firms to beware of a rise in more sophisticated ransomware attacks.
-
ArticleAnalysis: When clean money is used for dirty purposes
There are times when it is a necessary to consider where clean money is going to as much as where dirty money may have come from, writes financial crime expert Martin Woods.