- 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.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
