Why Didn’t IM Compliance Tools Save Banks from Scandal? With another wave of prosecutions expected from rate-fixing scandals, and much of the evidence pouring forth in incriminating emails and instant messages sent by traders, here’s a question worth considering: why didn’t the compliance tools meant to police chat room discussions help banks stay out…
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…
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…
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…
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…
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,…
Banks Burdened With Compliance Costs Outsource Home Loans As banks lose money on mortgages and retreat from the business, PHH Corp. is rushing to cash in. PHH, the biggest U.S. outsourcer of home loans, processes and originates mortgages on behalf of small banks and some of the world’s largest financial firms, including Morgan Stanley and…
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…
Bitcoin Enables Drug Dealing, Just as Major Banks Do Last week Charlie Shrem, the 24-year-old founder and chief executive of a leading Bitcoin payments company, was arrested at New York’s John F. Kennedy Airport after getting off a plane from Amsterdam. Shrem, along with a Florida man named Robert Faiella, was charged with conspiracy to…
HSBC is paying $2 billion, or 5 weeks’ worth of its profit, to avoid criminal charges in drug cartel laundering case The Justice Department agreed to suspend criminal charges against the world’s largest bank and its US subsidiary for five years if the bank agreed to pay the penalty. US regulators continue to find weaknesses…
Banks to face US Justice Department action against money laundering: Report /Reuters, Jan. 10, 2014/ – The US Justice Department plans additional enforcement actions against banks that do not have enough safeguards against money laundering, the acting head of the department’s criminal division said in an interview to the Wall Street Journal. [Read More…] A…