Risk: Page 3
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BMO’s $564M Ponzi verdict tossed by appeals court
A panel of judges at the 8th U.S. Circuit Court of Appeals threw out a bankruptcy court ruling that the bank aided and abetted the Ponzi scheme of former businessman Tom Petters.
By Gabrielle Saulsbery • Sept. 13, 2024 -
Michael M. Santiago via Getty Images
OCC hits Wells Fargo with AML enforcement action
The newest order for the bank introduces questions around whether it could affect the lifting of Wells' asset cap, or if other big banks might face AML orders.
By Caitlin Mullen • Sept. 12, 2024 -
Trendline
Fraud and AML in banking
The past year has been one of reckoning with regard to fraud — from TD’s $3 billion AML penalty to the continuing punitive phase connected to PPP misdeeds, crypto bankruptcies and pig butchering.
By Banking Dive staff -
Retrieved from OCC.
Innovation may slow amid bank-fintech partnership scrutiny: analysts
Additional guardrails, however, are necessary as business connections grow more complex and as fintechs tackle more compliance responsibilities, a regulator said.
By Suman Bhattacharyya • Sept. 11, 2024 -
Douglas Rissing via Getty Images
9 crucial reactions to the capital requirements preview
BofA and JPMorgan execs talk death, despair and a lack of specifics, while lawmakers and regulators appear to fall along party lines in the snowballing fight over the Basel endgame.
By Dan Ennis • Sept. 11, 2024 -
Retrieved from Polaris Dawn on September 06, 2024
The fintech CEO who is becoming a frequent flier with SpaceX
On Jared Isaacman’s second trip to space, the billionaire plans to become the first private spacewalker. Shift4 investors will need to follow space news to learn about it.
By Justin Bachman • Sept. 9, 2024 -
Spencer Platt via Getty Images
Many regionals lack clear strategy for private credit threat: analyst
Private credit firms are no longer just extending loans banks won’t, Deloitte’s Richard Rosenthal said.
By Caitlin Mullen • Sept. 6, 2024 -
Stringer via Getty Images
Morgan Stanley drops plastic pollution financing goal
A spokesperson for the bank told ESG Dive it would no longer have the standalone goal due to data availability and quality challenges as required climate disclosures near.
By Lamar Johnson • Sept. 6, 2024 -
Scott Olson / Staff via Getty Images
Ex-Discover exec alleges age, gender bias in lawsuit
Diane Offereins is suing the card network over roughly $7 million in clawed-back equity, claiming she was a “convenient scapegoat” for Discover’s card misclassification issue.
By Caitlin Mullen • Sept. 5, 2024 -
Drew Angerer via Getty Images
OCC’s Hsu wants to label domestic systemically important banks
The regulator spoke at length on the need for horizontal, risk-based supervision — and the equivalent of regular physical exercise.
By Dan Ennis • Sept. 4, 2024 -
Joe Raedle / Staff via Getty Images
TD’s US branch opening plans have slowed ‘dramatically,’ CEO says
As the bank tackles its anti-money laundering issues and sets aside money for expected penalties, TD CEO Bharat Masrani indicated plans to open branches in the U.S. have been reduced.
By Caitlin Mullen • Sept. 4, 2024 -
Spencer Platt via Getty Images
Viral JPMorgan Chase glitch is ‘fraud, plain and simple,’ bank says
Some customers deposited bad checks and immediately withdrew funds before the checks bounced in a glitch that went viral on TikTok. Now, some users have holds on their accounts.
By Gabrielle Saulsbery • Sept. 3, 2024 -
Brandon Bell via Getty Images
Sustainability advocates sue Texas over anti-ESG law
The American Sustainable Business Council alleged that the state's 2021 law violates its members' rights to speech and free association, as well as due process, and are seeking an injunction.
By Lamar Johnson • Aug. 29, 2024 -
Anna Moneymaker via Getty Images
NYDFS fines Nordea $35M over AML failures
New York’s regulator cited high-risk transactions through Baltic and Danish branches tied to the Panama Papers leaks and illicit operations involving Russia and Azerbaijan.
By Dan Ennis • Aug. 28, 2024 -
Former Kansas bank CEO gets 24 years in prison
Shan Hanes pleaded guilty in May to one count of embezzlement as a bank officer after taking $47.1 million from Heartland Tri-State Bank as part of a crypto scheme.
By Gabrielle Saulsbery • Aug. 21, 2024 -
Chip Somodevilla via Getty Images
Fed faults Customers Bank over digital asset strategy
In an enforcement action, the Federal Reserve ordered the bank to enhance its compliance with anti-money laundering and OFAC regulations, citing “significant deficiencies.”
By Caitlin Mullen • Aug. 9, 2024 -
Justin Sullivan via Getty Images
Judge approves plan to end SVB ex-parent’s bankruptcy
The 185-page ruling Friday did not resolve the legal battle between SVB Financial Group and the FDIC over $1.9 billion in seized funds. That case will play out in a California court.
By Rajashree Chakravarty • Aug. 5, 2024 -
Win McNamee / Staff via Getty Images
Dimon makes plea for president who will ‘unite us’
The JPMorgan Chase CEO also made a push for the private sector to “have a seat at the table,” in an opinion piece the Washington Post published Friday.
By Caitlin Mullen • Aug. 2, 2024 -
Justin Sullivan via Getty Images
Wells Fargo faces AML, sanctions-related inquiries
A disclosure included in the bank’s quarterly SEC filing did not give further details but may serve as a flag to investors of concerns from government agencies or authorities.
By Dan Ennis • Aug. 2, 2024 -
Douglas Rissing via Getty Images
OpinionThird-party compliance certification can get cannabis cash safely into banks
Even if the SAFER Banking Act passes, the infrastructure exists within the cannabis industry for third parties to do the kind of accrediting the Joint Commission does for the healthcare field, says attorney F. Miles Adler.
By F. Miles Adler • Aug. 1, 2024 -
Kevin Dietsch / Staff via Getty Images
Did regulators send warning shot at already roiled BaaS space?
It’s clear the Synapse debacle was on regulators’ minds when they issued last week’s statement highlighting risks associated with banks’ third-party partnerships, analysts said.
By Caitlin Mullen • July 31, 2024 -
Permission granted by Victoria Reynolds
Q&A5 questions for Brex’s new compliance chief
When it comes to innovation, “if it's moving too quickly for customer protection to keep pace, it’s not happening,” said Sibongile Ngako, who recently joined the fintech as chief compliance officer.
By Caitlin Mullen • July 31, 2024 -
Justin Sullivan via Getty Images
Wells Fargo faces lawsuit for alleged sham DEI hiring effort
The bank is said to have interviewed diverse candidates for jobs that were already filled or for which they weren’t qualified to polish its DEI credentials.
By Robert Freedman • July 30, 2024 -
Jack Taylor via Getty Images
JPMorgan appoints new global head of sustainable solutions
Chuka Umunna, a former British MP, takes the role in addition to his duties as head of the bank’s green economy investment banking for Europe, the Middle East and Africa.
By Lamar Johnson • July 26, 2024 -
Permission granted by Jiko
Fed cites digital bank Jiko over capital planning woes
The central bank is requiring the startup, which bought a bank in 2020, to submit a liquidity risk management plan with steps to diversify its funding sources and enhanced stress test scenarios.
By Dan Ennis • July 24, 2024 -
Courtesy of Revolut Press Kit
Revolut faces more fraud claims than other UK banks: report
A spokesperson said the fintech investigates each fraud claim independently of other cases, and that it takes such claims “incredibly seriously.”
By Gabrielle Saulsbery • July 24, 2024
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