Strategies shift as regulators renew scrutiny of bank compliance
In an episode of hit television series Homeland, US intelligence agents track the finances of Iranian terrorists to a fictional western lender called “HLBC Bank”. This barely disguised reference to one of the world’s biggest banks underlines how the historically dull world of guarding against money laundering and suspect transactions has hit the big time in the past couple of years. [Read more…]Standard Chartered to pay $300M over anti-money laundering compliance failures
Standard Chartered Bank has agreed to pay $300 million and enact several business changes because of anti-money laundering compliance failures. The settlement, which was announced by the New York State Department of Financial Services, will require the bank to take several steps, including the exit of certain high-risk client relationships in the United Arab Emirates. Standard and Chartered also agreed to suspend dollar clearing for high-risk retail clients of its Hong Kong subsidiary. [Read more…]How to Ace RDC Compliance Audits
Although surveys show that few banks have experienced fraud through Remote Deposit Capture (RDC), the flexibility and convenience that have drawn customers to RDC also make it a tempting target for fraudsters. With the use of RDC rising quickly, it’s reasonable to expect that fraudsters will take notice and try to make use of it for criminal purposes. Regulatory guidance on risk management from the FFIEC requires banks to undergo regular audits to ensure their policies and systems are up to date with the latest trends in fraud and RDC. [Read more…]PricewaterhouseCoopers Unit to Pay $25 Million Fine
A PricewaterhouseCoopers LLP unit will pay $25 million and be suspended from some consulting work for two years to settle allegations that the firm improperly altered a report on a Japanese bank’s compliance with anti-money-laundering laws, New York state regulators said Monday. A PricewaterhouseCoopers LLP unit will pay $25 million and be suspended from some consulting work for two years to settle allegations that the firm improperly altered a report on a Japanese bank’s compliance with anti-money-laundering laws, New York state regulators said Monday. [Read more…]After all that moaning about regulation, banks are coining it again
More lending and fewer provisions have pushed bank profits back to within touching distance of an all-time high. Concerned by how tighter regulation is harming the banking industry and stopping it from making loans to consumers and businesses? Maybe you don’t need to be. New data from research firm SNL Financial shows U.S. banks racked up more profits in the second quarter of this year than in any other quarter in history bar one. [Read more…]Bank of America to pay $16.65 billion for financial fraud
A record-breaking settlement has been reached between Bank of America and the US Department of Justice, as the bank admits to serious disclosure failures The US Department of Justice has announced a record $16.65 billion settlement with Bank of America to resolve a number of federal and state claims of fraud against the bank and its subsidiaries Countrywide and Merrill Lynch. Bank of America admitted to selling billions of dollars’ worth of residential mortgage-backed securities (RMBS) without disclosing to investors known facts about the quality of the securitised loans, leading up to and during the financial crisis. [Read more…]Industry News
Follow @CI_FICompliance
#CIRegComp
Related Event
When: Wednesday, November 19, 2014 to Thursday, November 20, 2014
Where: Allstream Centre, Toronto
To Learn more visit: www.RegulatoryComplianceforFIs.com