Citibank’s parent company, Citigroup, disclosed this year that an astounding 15 percent of its employees are now categorized as “risk, regulatory, and compliance staff,” up from 4.3 percent about ten years ago.… Continue Reading
For compliance professionals and the programs they run, politically exposed persons are a big deal. PEPs trigger money laundering and corruption concerns and therefore attract enhanced due diligence. So, I always assumed PEPs are easy to identify.… Continue Reading
Four federal agencies and state bank regulators said Tuesday that banks are no longer required to file suspicious activity reports for customers solely because they’re growing and cultivating hemp.… Continue Reading
The U.S. Federal Reserve and the New York Department of Financial Services said China’s second biggest bank has to improve its anti money-laundering practices and do more due diligence on customers.… Continue Reading
The Federal Reserve issued an order Tuesday requiring Banco Santander SA to change the way the board of directors oversees the management and operation of its U.S. subsidiaries.
The Fed said an inspection of Santander Holdings USA conducted by the Federal Reserve Bank of Boston identified deficiencies throughout the organization, including its “governance, risk management, capital planning, and liquidity risk management.”… Continue Reading
The Federal Reserve Board said Monday it barred five former private bankers and senior managers of Credit Suisse AG from working in the banking industry.
The five individuals are Markus Walder, Marco Parenti Adami, Susanne Ruegg Meier, Michele Bergantino, and Roger Schaerer.… Continue Reading
JP Morgan Chase reached a tentative deal with the DOJ this weekend to settle a slew of past transgressions for $13 billion.
The U.S. Federal Reserve said last week it was requiring Commerzbank AG in Germany and its New York branch to improve compliance with federal and state anti-money laundering (AML) laws.
The Fed action didn’t involve allegations of corruption or specific charges.… Continue Reading