Regulatory Compliance for Financial Institutions – Industry News


New Regulations Drive Financial Firms, Global Vendors to Partner on Risk Issues

Financial services firms are asking global service partners to work with them more closely to comply with new US banking regulations, and providers have been receptive, according to findings by the Duke University Offshoring Research Network (ORN). The Office of the Comptroller of the Currency (OCC) issued guidelines last October that hold financial institutions in the United States responsible for overseeing not only their vendors but their vendors’ subcontractors. The rules aim to prevent fallout from operational, credit and other risks related to third parties that provide technology and business services critical to financial firms and the industry as a whole. [Read more…]  

Why are Canada’s big banks getting booed, even after beating expectations?

Canadian bank investors are proving awfully tough to impress these days. Even earnings results that thoroughly trounce expectations are being shrugged off, and even jeered by markets. Toronto-Dominion Bank and Canadian Imperial Bank of Commerce saw both their share prices slide on Thursday, after reporting third-quarter results that were better than expected, just the latest victims of the exceedingly high bar being set for the country’s Big Six banks, with current valuations leading investors to demand even better than better-than-expected earnings. [Read more…]  

Compliance at Financial Services Firms Falls Short

Only 6% of firms in new survey devote adequate resources to compliance.

Financial services firms give lip service to the importance of compliance, but the majority fails to devote adequate resources to the function, according to a new survey by Cipperman Compliance Services.

The survey found that the compliance function in these firms tended to be underfunded and understaffed. [Read more…]


Deutsche Bank Fined, FDIC Vote, JPMorgan Anti-Hack: Compliance

Deutsche Bank AG, Europe’s biggest investment bank, was fined 4.7 million pounds ($7.8 million) by the British markets regulator for failing to properly report millions of transactions. A coding error reversed a buy/sell indicator, leading Deutsche Bank to improperly report on $29.4 million in transactions involving a type of swap in which the seller agrees to pay the buyer the difference between the current value of a stock, and its value when the contract is made. If the difference is negative, the buyer pays the seller. The swaps were made between November 2007 and April 2013, the Financial Conduct Authority said in a statement yesterday. [Read more…]  

Losing Gamble: FinCEN Bars Casino Staffer from Financial Institutions Over Anti-Money Laundering Violations

Last week, the Financial Crimes Enforcement Network (FinCEN) permanently barred former casino staffer George Que from working at financial institutions for willfully violating the reporting requirements of the Bank Secrecy Act (BSA).  Que, the former VIP Services Manager at the Tinian Dynasty Hotel & Casino in the Northern Mariana Islands, also agreed to pay a $5,000 civil monetary penalty in connection with these violations. [Read more…]  

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