- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Neil Hodge2023-01-11T21:45:00
The U.K.’s financial regulator fined Al Rayan Bank more than 4 million pounds (U.S. $4.9 million) for its lack of adequate anti-money laundering controls.
Between April 2015 and November 2017, Al Rayan—a subsidiary of Masraf Al Rayan, a Qatar-based Islamic bank—allowed money to pass through the bank without adequately checking customers’ source of wealth or source of funds—two basic requirements to ensure money is not connected to financial crime.
The Financial Conduct Authority (FCA) also found an increased possibility of money laundering and financial crime risk because staff were not properly trained about the risks associated with accepting large deposits.
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Amigo Loans faced a penalty of £72.9 million (U.S. $88.7 million) after the U.K. Financial Conduct Authority found it used automated decision-making to drive sales over ensuring whether customers posed credit risks.
Securities and Exchange Commission Chair Gary Gensler will step down from his position as the top U.S. regulator of Wall Street when Donald Trump is sworn in as president on Jan. 20, ending weeks of speculation about his future.
Big Tech digital payment apps will be subjected to increased oversight and requirements–similar to that of banks and credit unions–under a finalized rule by the Consumer Financial Protection Bureau.
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.
