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…]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 ViolationsLast 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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When: Wednesday, November 19, 2014 to Thursday, November 20, 2014
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