U.S. lawmakers to seek action on Wall Street commodity bets
U.S. lawmakers critical of Wall Street's sway over physical commodity markets will push financial regulators to take action at a hearing next month, two industry sources said. Officials from the U.S....
View ArticleSEC warns retail investors about private placement offerings
The Securities and Exchange Commission is warning investors who see ads on social media such as Facebook and Twitter touting investment opportunities in private-placement offerings that they should...
View ArticleCompliance departments need more experienced candidates, U.S. industry...
It was almost inevitable that JP Morgan revealed that it had added 4000 staff to its compliance and risk functions, a disclosure that came in the same week that the bank agreed to pay over $920 million...
View ArticleCompliance headcount is on the rise across the board, say financial crime chiefs
Compliance headcount is increasing at all levels of the financial services industry and at the majority of institutions, a conference in London has heard. Mike Trigg, group financial crime risk adviser...
View ArticleTop banks have 115 billion euro capital shortfall; majority are in Europe
The world's biggest banks would need to boost their capital by 115 billion euros ($155 billion) to comply with tougher rules and more than 60 percent of that shortfall is in Europe, where lenders have...
View ArticleICAP ordered to pay $87 million fine in Libor rigging settlement
ICAP, the world's largest interdealer broker, has been fined $87 million by U.S. and UK regulators over its role in the Libor rate rigging scandal in the fourth regulatory settlement to emerge from a...
View ArticleJPMorgan in talks to settle mortgage probes - source
JPMorgan Chase & Co, facing several investigations into its mortgage practices, is seeking a global settlement with U.S. government authorities in multiple jurisdictions, a person familiar with the...
View ArticleAlberta says won't join new markets watchdog without changes
A newly proposed common Canadian securities regulator would have to be altered significantly for Alberta to sign on, the oil-rich province's finance minister said on Tuesday. Last week, the Canadian...
View Article'Massive fraud' at center of trial against Bank of American over U.S. mortgages
Bank of America Corp's Countrywide unit placed profits over quality in a "massive fraud" selling shoddy mortgages to Fannie Mae and Freddie Mac, a U.S. government lawyer said on Tuesday. The claim came...
View ArticleHigh-speed bets via early data leaks a new type of "insider trading," New...
High-speed computerized trading based on split-second information advantages is changing the financial markets for the worse New York Attorney General Eric Schneiderman said, calling the trend "Insider...
View ArticleNew Treasury anti-money laundering enforcement unit targets defunct New...
The new enforcement unit within Treasury's Financial Crimes Enforcement Network on Tuesday issued its second enforcement action in as many days for alleged anti-money laundering weaknesses, in this...
View ArticleU.S. Fed, CFTC following up on report of unusual trading around FOMC statement
The U.S. Federal Reserve said on Tuesday it was following up with news organizations over a report of unusual trading around the release of its monetary policy statement last week. The report by CNBC...
View Article'De-risking' by large banks leading to anti-laundering lapses at smaller...
As top-tier transnational banks operating in the United States divest themselves of virtual currency businesses and other high-risk customers, many of those spurned are turning to less sophisticated...
View ArticleLibor scandal shows pressures on "honest brokers"
Evidence that interdealer brokers at ICAP conspired to rig Libor for a bank trader raises questions over such firms' role as honest go-betweens among banks and highlighted the pressure customers can...
View ArticleSEC charges two bank executives for financial misstatements and failure to...
The Securities and Exchange Commission today charged two former bank executives at Illinois-based Mercantile Bancorp with failing to recognize in financial statements a probable loss on one of the...
View ArticleCitigroup moves to block new arbitration by Abu Dhabi fund
Citigroup Inc has gone to court to block a new effort by Abu Dhabi Investment Authority to pursue an arbitration over a $7.5 billion investment the sovereign wealth fund made in the bank amid the...
View Article"Left Behind" video game creator faces U.S. SEC fraud charges
The creator of a video game based on the popular Christian "Left Behind" novel series and his friend have been charged with scheming to inflate the company's revenue by nearly 1,300 percent, U.S....
View ArticleU.S. ends long-running silver market probe, taking no action
U.S. regulators on Wednesday closed a five-year investigation into alleged manipulation of the silver market, saying 7,000 staff hours of investigation produced no evidence of wrongdoing. The decision...
View ArticlePerformance-based pay a key part of compliance culture, U.S. regulator says
Banks' boards of directors and senior management eager to instill compliance cultures at their institutions must both verbalize the importance of meeting regulatory requirements and reward the...
View ArticleFlexible supervisory pacts a key complement to substituted compliance for...
The Commodity Futures Trading Commission should adopt a policy of active engagement with its fellow regulators so that the process for substituted compliance in its regulation of cross-border...
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