HSBC sets up financial crime compliance unit
HSBC has promoted a former U.S. official who headed sanctions action against drugs traffickers and money launderers to be its head of financial crime compliance, a new role. Europe's biggest bank,...
View ArticleStandard Chartered to pay $327 million to resolve U.S. sanctions case, HSBC...
Standard Chartered Plc agreed to pay $327 million to resolve allegations that it violated U.S. sanctions against Iran, Sudan and two other countries, capping months of legal headaches for the British...
View ArticleCompliance spending an easier proposition than ever before, say regulators
Spending money on ensuring a firm has sound compliance procedures and properly trained staff should be less challenging now than in previous years, given the scale of reputational risks involved when...
View ArticleEx-U.S. Treasury official to take over as head of IIF global bank industry group
Former U.S. Treasury Department official Tim Adams will take over from Charles Dallara as head of the Institute of International Finance, the international bank lobbying group said on Monday. Adams,...
View ArticleU.S. watchdog says auditors not doing their jobs much of the time
The biggest U.S. audit firms are failing to properly test some companies' financial controls, one of the main bulwarks against fraud, an audit watchdog group said on Monday. In a broad review of the...
View ArticleHSBC to pay record $1.9 billion U.S. fine in money laundering case
HSBC Holdings Plc agreed to pay a record $1.92 billion in fines to U.S. authorities for banking lapses including allowing itself to be used to launder a river of drug money flowing out of Mexico....
View ArticleTop body wants halt in global accounting alignment
Stumbling efforts to align global book-keeping rules for investors should be halted and focus shifted to forging top quality standards, a leading accounting body said on Tuesday. The London-based ICAEW...
View ArticlePolicymakers get quantifiable proof that banks are systemically riskier than...
The Geneva Association held up AIG as a demonstration that insurance is not systemically risky when it presented to policyholders first-time quantification of insurance systemic risk compared with...
View ArticleThree British men arrested in UK Libor probe
British police and anti-fraud officers made the first arrests in a global interest rate rigging scandal on Tuesday, detaining a former trader and two other men, sources said. Britain's Serious Fraud...
View ArticleRestructuring after HSBC's $1.9 billion penalty is no substitute for...
Anti-money laundering (AML) officials have given their guarded support to HSBC's move to hive off its financial crime unit from its compliance function following its record $1.92 billion U.S. fine and...
View ArticleCFTC no-action letter gives foreign dealers alternative to fingerprinting...
The Commodity Futures Trading Commission on Thursday issued a no-action letter that would provide foreign swap dealers like UBS an alternative to fingerprinting their top executives outside the United...
View ArticleNewly registered futures commission merchants gain relief on annual report...
The Commodity Futures Trading Commission on Tuesday issued a no-action letter that provides firms who registered as futures commission merchants after June 4 with relief from a requirement that their...
View ArticleFSB's Carney says U.S. banks on track for Basel III
The United States is well on its way to adopting new global banking standards known as Basel III aimed at making the financial system more resilient to shocks, Mark Carney, chair of the Financial...
View ArticleU.S. Senate will debate extending crisis-era deposit insurance
The U.S. Senate voted on Tuesday to begin debating a bill that would keep a financial crisis-era deposit insurance program in place for two more years, but it will likely face strong opposition from...
View ArticleFormer MF Global trader pleads guilty in $141 million trading loss
A rogue trader for now-bankrupt futures brokerage MF Global pleaded guilty on Tuesday to violating commodities trading laws in 2008, causing $141 million in losses. Evan Dooley, who worked in MF...
View ArticleU.S. Senate panel to hold hearing on automated trading
A U.S. Senate banking subcommittee will hold a hearing next Tuesday to examine whether regulators should impose new rules to protect markets from glitches in a world of high-speed computerized trading....
View ArticleU.S. business lobby calls for trade officials to review Volcker rule
The U.S. Chamber of Commerce is asking federal officials to consider whether a proposed proprietary trading ban undermines U.S. trade policy, part of an ongoing effort by industry groups to push back...
View ArticleU.S. SEC charges consultant with fraud in Chinese reverse mergers
U.S. securities regulators charged a New Jersey-based consultant on Tuesday with defrauding investors in the China-based companies he helped make public through a backdoor method known as a "reverse...
View ArticleFINRA clarifies questions about advice to potential clients
New guidance of a rule by Wall Street's industry-funded watchdog clarifies a key question about the responsibilities that securities brokers have to prospective clients. The rule, which broadened a...
View ArticleLess drug-money traffic at HSBC may mean more risk for other banks in U.S.
HSBC was a hotspot for Mexican drug traffickers trying to launder the proceeds of their illicit U.S. sales during the 2000s, as suggested by a Senate report released in July and verified by a deferred...
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