W ells Fargo’s recent disclosure of regulatory investigations related to its anti-money laundering (AML) and sanctions programs and agreement to “work with U.S. bank regulators to shore up its financial crimes risk management” serves as a timely reminder of the ongoing importance of robust compliance measures in the financial sector. Read More
C anadian-based TD Bank will pay more than $3 billion in a historic settlement with U.S. authorities who said that the financial institution’s lax practices allowed significant money laundering over multiple years. The bank pleaded guilty to conspiracy to commit money laundering, the largest bank in U.S. history to do Read More
The Financial Industry Regulatory Authority announced that it has fined UBS Financial Securities $850,000 for the brokerage’s failure to monitor the transfer of customer funds to third parties and respond appropriately to any red flags indicating potential private securities transactions. The penalty stems from UBS’s failure to detect that one Read More
The Financial Industry Regulatory Authority (FINRA) recently announced that it has fined Goldman Sachs for not properly monitoring trades ranging from 2009 to 2023. The banking giant has agreed to pay around $500,000 in order to settle these claims, but did not admit or deny any of FINRA’s findings. According Read More
The Securities and Exchange Commission settled charges against J.P. Morgan Securities (JPMS) for impeding hundreds of advisory clients and brokerage customers from reporting potential securities law violations to the SEC. JPMS agreed to pay an $18 million civil penalty to settle the charges. According to the SEC’s order, from March Read More
The New York State Department of Financial Services (NYDFS) has issued guidance on managing the financial and operational risks associated with climate change. The guidance applies to New York regulated banks, mortgage bankers, and mortgage servicers, as well as branches and agencies of foreign banks licensed in New York. It Read More
GUEST BLOG POST The Securities and Exchange Commission closed out its fiscal year with an announcement of charges against 10 firms in their capacity as broker-dealers and one registered broker-dealer and investment adviser for their failure to comply with the Books and Records requirements of the Federal Securities Laws. These Read More
Discover Financial Services reached a consent agreement with federal regulators over failures in its Discover Bank unit’s compliance management system. In July, the company reported that it had received a proposed consent order from the Federal Deposit Insurance Corporation (FDIC) “in connection with consumer compliance.” But the company provided few Read More
The Securities and Exchange Commission has announced charges against five broker-dealers, three dually registered broker-dealers and investment advisers, and two investment advisers for widespread failures to maintain and preserve electronic communications and for off-channel communications. The firms admitted the facts set forth in their respective SEC orders and acknowledged that Read More
GUEST BLOG POST Leaders in any industry must anticipate the challenges–and opportunities–their companies face. As compliance practitioners responsible for trade surveillance, are we keeping pace with current and future challenges? Some evidence to consider: A top-tier bank was found to have no surveillance on its voice-brokered swaps desk, resulting in Read More
