All Financial Services articles – Page 74
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ArticleFCA fines Goldman Sachs £34.3M for transaction reporting failures
Compliance officers in the financial services industry can learn a lot from the failings of Goldman Sachs, which was fined £34.3 million (U.S. $45 million) by the U.K. Financial Conduct Authority for failing to provide accurate and timely reporting relating to 220 million transaction reports over a period of a ...
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ArticleTroika Laundromat reveals the gaps in AML compliance
A recent report from several investigative journalists details the AML scandal behind Troika Dialog, once Russia’s largest private investment bank, and is just one small look into the much bigger problem of corruption across the globe.
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Article
Merrill Lynch to pay $8M for improper handling of ADRs
The Securities and Exchange Commission on March 22 announced that Merrill Lynch, Pierce, Fenner & Smith will pay over $8 million to settle charges of improper handling of “pre-released” American Depositary Receipts.
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ArticleBanks, central banks warned of crypto-currency risks and pitfalls
Despite failures, plummeting prices, and a plethora of risks, financial institutions and central banks are cautiously looking at ways to use virtual currencies. International regulators are warning them that doing so haphazardly could be disastrous.
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Article
New Duff & Phelps director to aid expansion
Finance services firm Duff & Phelps announced the hiring of Adam August as a director in the Compliance and Regulatory Consulting practice. August will lead the expansion of the CRC offering to the Texas area.
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ArticleRegulators’ top risk cop assailed by reform-bent critics
The Financial Stability Oversight Council was created to expose and mitigate systemic risks to the U.S. financial system. Its critics are winning the long-simmering battle to redefine its efforts.
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Article
FCA fines UBS £27.6M for transaction reporting failures
The U.K. Financial Conduct Authority has fined UBS £27.6 million (U.S. $36.6 million) for failings relating to 135.8 million transaction reports.
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Article
Critics scrutinize plans for revised Volcker Rule
Proposed rulemaking to ease the compliance burden of the Dodd-Frank Act’s controversial Volcker Rule might not be enough to appease everyone.
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Article
BB&T Securities to pay $5.7M for misleading clients
BB&T Securities has reached a $5.7 million settlement with the Securities and Exchange Commission to settle charges that a firm it acquired misled its advisory clients.
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Article
FSOC seeks changes to nonbank designation guidance
The FSOC has released proposed interpretive guidance regarding nonbank financial firm SIFI designations. It would implement an “activities-based approach” to identifying potential risks to financial stability and provide an “off-ramp” to designated firms.
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ArticleFTC proposes consumer data rule changes for financial institutions
The Federal Trade Commission is seeking public comment on proposed amendments to rules under the Gramm-Leach-Bliley Act that protect the privacy and security of customer information held by financial institutions.
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Blog
SWIFT to open KYC platform to corporates
SWIFT announced the scheduled opening of its Know Your Customer platform, The KYC Registry, to corporates.
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Blog
Opus launches new KYC solution
Global compliance and risk management solutions provider Opus announced the launch its new know your customer (KYC) workflow automation and risk intelligence solution.
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Article
Deloitte: financial institutions reengineer risk management
Financial institutions are beginning new efforts to reengineer their risk management programs and tap into emerging technologies, according to a survey conducted by Deloitte Global.
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ArticleQ&A: A view of bank risk from the battlefield
Compliance Week talked with Stuart Brock, director of Seal Software, about the risks faced by banks—not the least of which is third-party due diligence.
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ArticleBanks less anxious about risk, but should they be?
Wolters Kluwer’s “Regulatory & Risk Management Indicator” says two-thirds of financial institution executives continue to describe high levels of compliance-related regulatory risk, even if their level of anxiety over those risks has decreased.
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ResourcePreparing for new credit loss rules
Banks and other financial institutions have a lot of work ahead of them as they prepare to adopt the new standard on reflecting credit losses in financial instruments (the so-called CECL standard).
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Blog
Waters builds new agenda for Financial Services Committee
With new leadership, Rep. Maxine Waters (D-Calif.), the House Financial Services Committee is setting its agenda for the new session of Congress.
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Blog
Immuta adds Richard Geering as VP of GRC
Enterprise data management solutions provider Immuta announced the hiring of Richard Geering as the company’s vice president of governance, risk, and compliance.
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Blog
NICE Actimize launches financial crime advisory practice
Autonomous financial crime management provider NICE Actimize announced the launch of its Financial Crime Enterprise Consulting & Advisory Practice (eCAP) and introduced its Financial Crime Target Operating Model.