All Financial Services articles – Page 60
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Article
Survey: KYC, risk profiling key problem areas for finance amid pandemic
A new survey by LexisNexis Risk Solutions examines the rising costs and emerging risk areas faced by compliance at U.S. and Canadian financial institutions amid the coronavirus pandemic.
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Article
Spanish DPA fines CaixaBank record $7.3M under GDPR
Spain’s data protection authority recently fined CaixaBank €6 million (U.S. $7.3 million) for misuse of customer data, the largest GDPR fine the country has handed out.
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Video
Video: Did Capital One get off easy with $390M AML fine?
Kyle Brasseur explains how Capital One’s $390 million civil penalty for anti-money laundering failures could have been much steeper had it not been for the bank’s significant remediation efforts.
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Article
Analysis: Improving SARs effectiveness takes more than act of Congress
In the wake of 2020’s FinCEN Files leaks, the U.S. Treasury this year will undertake a thorough reevaluation of the country’s AML program under the Bank Secrecy Act.
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Article
Ex-Wells Fargo general counsel fined $3.5M for fake accounts role
General Counsel James Strother agreed to a $3.5 million settlement to become the seventh former senior executive at Wells Fargo fined by the OCC for their role in the bank’s fake account scandal.
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Article
Capital One fined $390M for ‘egregious’ AML compliance failures
Capital One will pay a $390 million civil penalty for compliance failures regarding banking services offered to its check cashing group, which—according to FinCEN—had a reputation for money-laundering risks.
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Article
Surveys: Rushing technology decisions comes with big compliance risks
Embracing technology to help manage risk and improve efficiencies is a trend that’s been developing in the compliance space for a while, but the pandemic has fast-tracked the urgency behind it, according to a couple of recent surveys.
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Article
OCC finalizes controversial ‘Fair Access’ rule as acting head departs
The Office of the Comptroller of the Currency published its much-criticized “Fair Access to Financial Services” rule the same day Acting Comptroller of the Currency Brian Brooks announced he is stepping down.
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Article
All signs point to aggressive consumer protection under Biden
Consumer protection initiatives are expected to be a major area of focus for President-elect Joe Biden, who is widely anticipated to breathe new life into the enforcement priorities of federal and state agencies with such powers.
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Article
Deutsche Bank to pay $130M to settle bribery, ‘spoofing’ charges
Deutsche Bank has agreed to pay more than $130 million to resolve charges that it paid bribes to third parties to secure business deals in Asia and the Middle East, in addition to a separate commodities fraud “spoofing” case.
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Article
U.K. tax authority fines MT Global record $32.4M for AML failures
MT Global Limited, a U.K.-based money transfer company, was hit with a record £23.8 million (U.S. $32.4 million) fine by the U.K.’s tax authority for violations of anti-money laundering regulations.
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Article
OFAC fines French bank UBAF $8.6M for Syria-related sanctions violations
The Office of Foreign Assets Control settled with a French bank for processing payments on behalf of sanctioned Syrian financial institutions that were followed by corresponding funds transfers through the U.S. financial system.
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Article
CFTC’s foray into FCPA enforcement creates new risk factors
The CFTC’s recent fine ladled onto a DOJ investigation into foreign corrupt practices by Swiss energy trader Vitol S.A. should force companies with any exposure in the commodities market to reexamine their risk profiles, experts say.
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Article
BitGo fined $99K for digital currency sanctions violations
The Office of Foreign Assets Control announced an approximately $99,000 settlement with digital asset platform BitGo for lapses in its sanctions compliance procedures that led to 183 apparent violations of multiple sanctions programs.
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Article
OFAC fines Saudi bank for Sudan/Syria sanctions violations
The Office of Foreign Assets Control announced a $650,000 settlement with a Saudi Arabian bank for apparent violations of sanctions against Sudan and Syria related to transactions that took place via the U.S. financial system.
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Article
CCO allegedly ignored in Ripple cryptocurrency lawsuit
The chief compliance officer at Ripple Labs allegedly warned company leaders on multiple occasions that its marketing of its cryptocurrency offering, XRP, could lead the SEC to classify it as a security—the focal point of a lawsuit filed Tuesday.
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Article
Report: Fines against financial institutions hit $10.4B in 2020
Financial institutions have been hit with $10.4 billion in global fines and penalties related to AML, KYC, data privacy, and MiFID regulations in 2020, according to a recent Fenergo report.
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Article
Charles Schwab U.K. fined $12M for failing to protect client assets
The U.K. Financial Conduct Authority fined Charles Schwab U.K. approximately £9 million (U.S. $12 million) for compliance failures related to the protection of client assets.
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Article
OFAC closes investigation into Danske Estonia case
Danske Bank received a no-action letter from the U.S. Department of the Treasury’s Office of Foreign Assets Control regarding an investigation at the bank’s infamous Estonian branch.
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Article
U.K. court upholds insider trading charges against former UBS compliance officer
A U.K. appeals court upheld five insider trading convictions against a former senior compliance officer at investment bank UBS.