Standard Chartered to pay $300 million for oversight shortfalls
British banking company Standard Chartered Plc will pay a $300 million penalty and suspend or exit some important businesses after failing to weed out risky transactions that could be linked to money...
View ArticleCitigroup seeks to exit Japanese retail banking -source
Citigroup Inc is preparing to sell its Japanese retail banking operations, a source with direct knowledge of the matter said on Wednesday, as it waves the white flag on a venture plagued by regulatory...
View ArticleINTERVIEW: Trading probes on Brazil's Batista due in 2015 - regulator
The results of more than a dozen investigations into market manipulation by Brazilian entrepreneur Eike Batista and current or former executives of his EBX Group, will likely be made public next year,...
View ArticleCiti tells court its Argentina banking license at risk
Citigroup has told the U.S. appeals court overseeing the dispute between Argentina and hedge funds refusing to accept terms of the country's debt restructuring that its Argentine banking license may be...
View ArticleCitigroup's top lawyer for global consumer business leaves bank
Citigroup Inc's general counsel for its global consumer business, Stephen Simcock, is leaving the bank "to pursue another opportunity," a spokeswoman said on Tuesday. Anita Romero, formerly head of the...
View ArticleAccused bitcoin exchanger loses bid to narrow criminal charges
A Florida man accused of engaging in a scheme to sell more than $1 million in bitcoins to users of the illicit online marketplace Silk Road on Tuesday lost a bid to narrow his criminal case. Robert...
View ArticleWedbush says risk controls compliant with FINRA guidelines
Brokerage firm Wedbush Securities rejected charges by the Financial Industry Regulatory Authority's (FINRA) of lapses in its risk management and said its controls were consistent with the regulator's...
View ArticleSEC to launch broad exams of newly registered municipal advisors
OCIE – the Securities and Exchange Commission Office of Compliance Inspections and Examinations – is launching an initiative to examine, and to establish a "presence" with, newly regulated municipal...
View ArticleStandard Chartered gets a familiar face as compliance monitor in deal with...
The person responsible for making sure that Standard Chartered sticks to its new deal with New York State's financial regulator will be a familiar to the bank's compliance department. Ellen Zimiles was...
View ArticleU.S. SEC launches broad compliance review into "wrap fee" accounts
U.S. regulators have asked investment advisory firms to hand over records in connection with "wrap fee" accounts they offer clients, as part of a review to determine if they are complying with federal...
View ArticleStandard Chartered penalty a blow for Hong Kong as city looks to clean up image
Hong Kong's de facto central bank moved to defend itself on Wednesday after the New York State Department of Financial Services penalised Standard Chartered for what it described as anti-money...
View ArticleBanks, funds agree on wider window for FX fix
Banks and asset managers are ready to support an extension of the one-minute window used to set currency market benchmarks, documents showed on Wednesday, but most are concerned by the risks involved...
View ArticleStandard Chartered's AML lapses stem from New York not Hong Kong, says regulator
Standard Chartered Bank's $300 million penalty from the New York Department of Financial Services (DFS) for compliance failings was unrelated to its Hong Kong operations, local banking regulators said....
View ArticleU.S. subprime auto lender fined by consumer financial agency over flawed...
The U.S. consumer financial watchdog on Wednesday said it fined a subprime auto lender $2.75 million for providing inaccurate information about its customers to credit reporting agencies. Texas-based...
View ArticleU.S. preparing suit against Countrywide CEO - report
The U.S. attorney's office in Los Angeles is preparing a lawsuit against Angelo Mozilo, the former chief executive of mortgage lender Countrywide Financial Corp, and up to 10 other employees, Bloomberg...
View ArticleU.S. risk council takes next step in MetLife systemic review
The U.S. Financial Stability Oversight Council has closed the evidentiary record to determine whether insurer Metlife Inc is systemically important, a source familiar with the situation told Reuters....
View ArticleFund firms demand greater say in U.S. risk council designations
A heavyweight coalition of asset managers demanded a greater say in future decisions by the top U.S. risk council that would subject them to tougher regulation, the groups said in a letter to the U.S....
View ArticleBanks push global regulators for delay in derivatives rules
The international banking industry has asked regulators for more time to implement derivatives rules that could add $800 billion to the global financial industry's cost of doing business, people...
View ArticleEXCLUSIVE: Funds could face market curbs after lobbying backfires
Fund managers may face tougher scrutiny by global regulators than planned after their intense lobbying against a first proposal backfired, industry sources and G20 officials said. A global G20 task...
View ArticleCongress should okay charging advisers 'user fees' for more, better exams –...
The Securities and Exchange Commission should examine investment advisers more frequently and should fund its oversight by charging advisers "user fees" to pay for the exams, SEC Investor Advocate Rick...
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