- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-06-14T20:37:00
The Federal Reserve Board ordered an Arkansas bank that partnered with numerous financial technology (fintech) companies to correct deficiencies in its anti-money laundering (AML), sanctions, risk management, and consumer compliance programs.
Evolve Bank & Trust engaged in unsafe and unsound business practices related to third-party fintech companies it partnered with, the Fed said Friday in a press release.
One of the third parties connected with Evolve was software-as-a-service platform Synapse, which filed for bankruptcy in May. Evolve responded to Synapse’s bankruptcy at the time in a press release.
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The Federal Deposit Insurance Corporation proposed a new rule that would require banks to keep better deposit records on ownership of funds controlled by their financial technology partners.
Three federal banking regulators issued guidance on the risks posed by the use of third-party financial technology firms to deliver bank deposit products and services to customers.
During a panel at Compliance Week’s Financial Crimes and Regulatory Compliance Summit, held June 10-11 in New York, experts discussed nuances in bank-financial technology partnerships, offering best practices for how banks should protect themselves.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
