Regulatory Compliance for Financial Institutions – Industry News

  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…

Regulatory Compliance for Financial Institutions – Industry News

  BNP Paribas hires ex-U.S.Treasury official for compliance job BNP Paribas has hired a former top official at the U.S. Treasury Department’s sanctions office, people familiar with the matter said, part of the French bank’s effort to build up its compliance department after its record settlement over sanctions violations. Sean Thornton, a former chief counsel…

Regulatory Compliance for Financial Institutions – Industry News

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…

Regulatory Compliance for Financial Institutions – Industry News

FinCEN proposes to expand financial institution customer due diligence requirements The proposal would require financial institutions to identify beneficial owners of legal entities and codify existing customer due diligence guidance. In a continuing initiative to strengthen the customer due diligence (CDD) requirements imposed on regulated financial institutions under the Bank Secrecy Act (BSA),[1] on July 30,…

Regulatory Compliance for Financial Institutions – Industry News

Kenney to consider local exemptions to TFW program after provincial complaints – See more at: http://www.hrreporter.com/articleview/21737-kenney-to-consider-local-exemptions-to-tfw-program-after-provincial-complaints#sthash.HmmqMz7D.dpuf Kenney to consider local exemptions to TFW program after provincial complaints – See more at: http://www.hrreporter.com/articleview/21737-kenney-to-consider-local-exemptions-to-tfw-program-after-provincial-complaints#sthash.HmmqMz7D.dpuf Kenney to consider local exemptions to TFW program after provincial complaints – See more at: http://www.hrreporter.com/articleview/21737-kenney-to-consider-local-exemptions-to-tfw-program-after-provincial-complaints#sthash.HmmqMz7D.dpuf Compliance Outsourcing: Weighing the Risks and Opportunities…