Citigroup Sees $10 Billion in Annual Bank Compliance Costs
Citigroup Inc. (C), the third-biggest U.S. bank, said the finance industry could spend as much as $10 billion annually in coming years to combat money laundering. About 30,000 employees at Citigroup are working on control functions, and the firm has made “significant investments” in anti-money-laundering and know-your-customer programs, Jamie Forese, co-president at the New York-based bank, said in remarks prepared for delivery today at a conference in Boston. “Companies must spend massively to keep up with regulation and stay ahead of the bad guys — a level that may reach $10 billion per year for our industry in the near future,” said Forese, 51. [Read more…]New York Fed denies deference to big banks
The Federal Reserve Bank of New York says it “categorically rejects” allegations made by a former examiner that the Fed has become deferential to America’s biggest banks and fails to effectively regulate them. The New York Fed was responding to a story on news site ProPublica and radio show This American Life that alleges a culture of deference to banks such as Goldman Sachs. [Read more…]Barclays Fined Twice in One Day for Compliance Failures
Barclays Plc (BARC) was fined twice in one day for client account failures in the U.K. and the U.S., hurting the bank’s effort to rehabilitate a tarnished image. It agreed to pay a total of $77 million in penalties. The bank will pay $15 million to the Securities and Exchange Commission to settle claims that its U.S. wealth-management business failed to maintain an adequate internal compliance system and made trades and charged commissions without client approval. [Read more…]Privacy Law Litigation in Ontario – From the Bank to the Hospital and Beyond – See more at: http://www.davis.ca/en/entry/d-drive/privacy-law-litigation-in-ontario-from-the-bank-to-the-hospital-and-beyond/?utm_source=Mondaq&utm_medium=syndication&utm_campaign=View-Original#sthash.eiDNZtNW.dpuf
Privacy Law Litigation in Ontario – From the Bank to the Hospital and Beyond – See more at: http://www.davis.ca/en/entry/d-drive/privacy-law-litigation-in-ontario-from-the-bank-to-the-hospital-and-beyond/?utm_source=Mondaq&utm_medium=syndication&utm_campaign=View-Original#sthash.eiDNZtNW.dpuf
Privacy Law Litigation in Ontario – From the Bank to the Hospital and Beyond
Health information is generally regarded as among the most sensitive of personal information. Even members of the Millennial Generation, who regularly share details of their personal lives on social media, are troubled by the thought of strangers accessing the intimate details of their health histories.
There has been a string of data breaches in the health sector recently, some breaches due to employee carelessness, some due to intentional employee behaviour and some due to malicious cyber-attacks. What recourse does an Ontario patient have when his or her personal health information is unlawfully accessed or distributed? The answer used to be clear that a patient whose privacy rights were violated had no immediate access to the courts, but the patient could make a complaint to the Information and Privacy Commissioner of Ontario (the “Privacy Commissioner”). For the first time, a case now pending before the Ontario Court of Appeal raises the question of whether a patient-victim of a privacy breach can access the Ontario courts as well as the mechanisms provided in Ontario’s health sector privacy legislation.
– See more at: http://www.davis.ca/en/entry/d-drive/privacy-law-litigation-in-ontario-from-the-bank-to-the-hospital-and-beyond/?utm_source=Mondaq&utm_medium=syndication&utm_campaign=View-Original#sthash.eiDNZtNW.dpuf
Health information is generally regarded as among the most sensitive of personal information. Even members of the Millennial Generation, who regularly share details of their personal lives on social media, are troubled by the thought of strangers accessing the intimate details of their health histories.
There has been a string of data breaches in the health sector recently, some breaches due to employee carelessness, some due to intentional employee behaviour and some due to malicious cyber-attacks. What recourse does an Ontario patient have when his or her personal health information is unlawfully accessed or distributed? The answer used to be clear that a patient whose privacy rights were violated had no immediate access to the courts, but the patient could make a complaint to the Information and Privacy Commissioner of Ontario (the “Privacy Commissioner”). For the first time, a case now pending before the Ontario Court of Appeal raises the question of whether a patient-victim of a privacy breach can access the Ontario courts as well as the mechanisms provided in Ontario’s health sector privacy legislation. [Read more…]
OSFI’s Revamped, Risk-Based MCT Guideline in Place for 2015
On September 24, 2014 the Office of the Superintendent of Financial Institutions Canada (OSFI) announced that recent revisions to the Minimum Capital Test (MCT) Guideline will come into effect on January 1, 2015 (subject to a 3-year phase in period). This is not breaking news for Canadian federally regulated property and casualty insurers. The changes have been brewing for some time. In May of 2013, OSFI published for public consultation a discussion paper on proposed changes to the regulatory capital framework for federally regulated property and casualty insurers. Then on December 20, 2013, OSFI published the draft 2015 MCT Guideline for industry consultation. After receiving a good number of submissions, the 2015 MCT Guideline has now been finalized. [Read more…]Industry News
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When: Wednesday, November 19, 2014 to Thursday, November 20, 2014
Where: Allstream Centre, Toronto
To Learn more visit: www.RegulatoryComplianceforFIs.com