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FinCEN Urges Banks to Share More Crime Info

December 17, 2020 by Louis Chunovic

FinCEN Urges Banks to Share More Crime Info

The director of the Financial Crimes Enforcement Network (FinCEN) at the United States Department of the Treasury wants to make it easier for banks to share information about real and potential financial crimes. Citing a provision of the USA Patriot Act, Director Kenneth A. Blanco has put together a fact sheet and addressed the sharing… Read More >>

Filed Under: Derivatives Operations, Securities Operations, Ops Automation, General Interest, AML/Fraud/Financial Crime, Regulation & Compliance, Cybersecurity, Regulatory Compliance, Regulatory Reporting, Industry News Tagged With: AML Compliance, automation, Dodd-Frank, Financial Crime, FinCEN

Julius Baer & DoJ Resolve FIFA Case for $79M

November 16, 2020 by Eugene Grygo

Julius Baer & DoJ Resolve FIFA Case for $79M

Swiss private bank Julius Baer reports that it has reached a $79.7 million settlement with the U.S. Department of Justice resolving a money-laundering probe involving the Zurich-based world soccer group, Fédération Internationale de Football Association (FIFA). The U.S. settlement follows actions by the Swiss financial services regulator to close its case against the bank. Justice… Read More >>

Filed Under: Data Management, Operational Risk, General Interest, Governance, KYC, AML/Fraud/Financial Crime, Regulation & Compliance, Derivatives, Regulatory Reporting, Economic Sanctions, Industry News Tagged With: AML, AML Compliance, anti-bribery, bribery, compliance, FIFA, fines, FINMA, Julius Baer, regulation, U.S. Department of Justice, Venezuela

Pandemic Drives Up Costs for Fighting Financial Crime

November 4, 2020 by Louis Chunovic

Pandemic Drives Up Costs for Fighting Financial Crime

The pandemic is surging and, partly because of the coronavirus epidemic, so is the cost of monitoring and reporting financial crime. The graphs and spreadsheets that financial services professionals pore over are bringing the disturbing news. And as one veteran observer of the securities industry puts it, Wall Street doesn’t like what it sees. Just… Read More >>

Filed Under: Securities Operations, Data Management, Industry News, Middle-Office, Operational Risk, Ops Automation, Risk Management, General Interest, Governance, Artificial Intelligence, FinTech Trends, Integration, Standards, KYC, AML/Fraud/Financial Crime, Regulation & Compliance, Cybersecurity Tagged With: AML Compliance, automation, back office, Canada, compliance, COVID-19, data management, derivatives, due diligence, Financial Crime, LexisNexis Risk Solutions, pandemic

Financial Crime Probes Miss the Mark: Report

October 27, 2020 by Louis Chunovic

Financial Crime Probes Miss the Mark: Report

Banks and other financial firms are expected to encounter “increasing risks and exposure to losses” because of “hackers and online adversaries.” That is the top-line conclusion of the 2020 Global Financial Crimes Survey, conducted by Authentic8, in partnership with the Association of Certified Financial Crime Specialists (ACFCS). Authentic8 offers a platform that “enables anyone, anywhere,… Read More >>

Filed Under: Securities Operations, Data Management, Operational Risk, Ops Automation, Governance, Artificial Intelligence, FinTech Trends, Back-Office, KYC, AML/Fraud/Financial Crime, Regulation & Compliance, Cybersecurity, Regulatory Compliance, Industry News Tagged With: AML Compliance, bribery scheme, Financial Crime, fraud, fraud detection, GRC, reputational risk, securities fraud, tax evasion

AML, KYC Fines Hit $5.6B as of mid-2020

August 26, 2020 by Louis Chunovic

AML, KYC Fines Hit $5.6B as of mid-2020

Penalties assessed against financial institutions for non-compliance with anti-money laundering (AML), know your customer (KYC), and sanctions regulations totaled $5.6 billion by the end of July 2020, according to a mid-year report from a well-known fintech provider. That provider, Fenergo, founded in 2008, characterizes itself as a “digital enabler of client and regulatory technology for… Read More >>

Filed Under: Derivatives Operations, Securities Operations, Corporate Actions, Ops Automation, Reconciliation & Exceptions, Settlement, Governance, Diversity, Equity, and Inclusion (DEI), AML/Fraud/Financial Crime, Regulation & Compliance, Cybersecurity, Regulatory Reporting, Industry News Tagged With: 1MDB, AML Compliance, compliance, DOJ, Fenergo, Fenergo Client Lifecycle Management, fines, Goldman Sachs, KYC, penalties

ARRC Webinars Focus on LIBOR Replacement

July 17, 2020 by FTF News

ARRC Webinars Focus on LIBOR Replacement

ARRC Webinars Explain SOFR & More  The Alternative Reference Rates Committee (ARRC) has launched a “Summer Series” of webinars that will focus on the replacement for the London Inter-bank Offered Rate (LIBOR), and that will run for the rest of this month and throughout August. Global financial markets have begun a transition away from the… Read More >>

Filed Under: Derivatives Operations, Collateral & Margin Management, Derivatives Processing, Securities Operations, Buy-Side, Clearing, Data Management, Industry News, Operational Risk, Ops Automation, General Interest, Governance, FinTech Trends, Back-Office, KYC, AML/Fraud/Financial Crime, Regulation & Compliance, Derivatives, Regulatory Compliance, Regulatory Reporting, Industry News Tagged With: AML Compliance, ARRC, automation, compliance, Evidology, FICO, FIS, LIBOR, Microsoft Teams, RBC, SOFR

Korean Bank Faces $86M in Fines & Criminal Charges

May 6, 2020 by Louis Chunovic

Korean Bank Faces $86M in Fines & Criminal Charges

Criminal charges have been filed against the Industrial Bank Of Korea (IBK) for violations of the Bank Secrecy Act (BSA), according to the Manhattan U.S. Attorney, who notes that the charges will be “deferred for two years” under an agreement in which IBK “admitted its conduct and agreed to pay $51 million.” In addition, the… Read More >>

Filed Under: Data Management, Industry News, Operational Risk, Reconciliation & Exceptions, Risk Management, General Interest, Governance, Diversity, Equity, and Inclusion (DEI), Standards, KYC, AML/Fraud/Financial Crime, Regulation & Compliance, Regulatory Reporting, Economic Sanctions Tagged With: AML Compliance, anti-money laundering (AML), BSA [Bank Secrecy Act], compliance, IBK, New York State Department of Financial Services (NYDFS), South Korea

Wells Fargo Advisors & the SEC Settle SARs Case

November 15, 2017 by Eugene Grygo

Wells Fargo Advisors & the SEC Settle SARs Case

A registered broker-dealer/wholly-owned subsidiary of Wells Fargo & Company has settled with the SEC over allegations that it fell behind on its anti-money laundering (AML) responsibilities by failing to properly file 50 Suspicious Activity Reports (SARs) between March 2012 and June 2013, according to the regulator. The settlement requires Wells Fargo Advisors, LLC, based in… Read More >>

Filed Under: Data Management, Industry News, Operational Risk, Risk Management, Settlement, General Interest, Diversity, Equity, and Inclusion (DEI), FinTech Trends, AML/Fraud/Financial Crime, Regulation & Compliance, Regulatory Compliance, Regulatory Reporting, Industry News Tagged With: AML Compliance, Bank Secrecy Act, SEC, settlement, Suspicious Activity Reports, Wells Fargo Advisors

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