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Editors

Harry Cassin
Publisher and Editor

Andy Spalding
Senior Editor

Jessica Tillipman
Senior Editor

Bill Steinman
Senior Editor

Richard L. Cassin
Editor at Large

Elizabeth K. Spahn
Editor Emeritus

Cody Worthington
Contributing Editor

Julie DiMauro
Contributing Editor

Thomas Fox
Contributing Editor

Marc Alain Bohn
Contributing Editor

Bill Waite
Contributing Editor

Shruti J. Shah
Contributing Editor

Russell A. Stamets
Contributing Editor

Richard Bistrong
Contributing Editor

Eric Carlson
Contributing Editor

Singapore closes Falcon Bank, arrests local manager for 1MDB-linked offenses

Singapore’s bank regulator Tuesday shut down a second bank for “serious failures in anti-money laundering controls and improper conduct” linked to Malaysia’s 1MDB fund.

The Monetary Authority of Singapore (MAS) said Falcon Bank “demonstrated a persistent and severe lack of understanding of MAS’ AML requirements and expectations.”… Continue Reading

Julius Baer pays $547 million for U.S. tax scam, two bankers plead guilty

Two former Julius Baer bankers pleaded guilty Thursday and the Swiss bank paid $547 million to settle a criminal case for helping clients cheat on their U.S. taxes.

Daniela Casadei, a Swiss citizen, and Fabio Frazzetto, and Italian, each pleaded guilty in Manhattan federal court to conspiracy to defraud the IRS, to evade federal income taxes, and to file false federal income tax returns. … Continue Reading

Brazil investigates big banks for exchange rate manipulation

Brazil’s antitrust agency opened an investigation into fifteen foreign banks and thirty individuals for allegedly forming a cartel to manipulate exchange rates of local Brazilian reals and foreign currency.

Among the banks under investigation are affiliates of Tokyo-Mitsubishi UFJ, Barclays, Citibank, Credit Suisse, Deutsche Bank, HSBC, JPMorgan Chase, Merrill Lynch, Morgan Stanley, Nomura, Royal Bank of Canada, Royal Bank of Scotland, Standard Chartered, UBS, and Standard Bank (South Africa), according to the release from the agency.… Continue Reading

Compliance department errors cost UBS $1.7 million in OFAC fines

Zurich-based UBS AG agreed to pay just over $1.7 million to resolve civil allegations that it processed 222 transactions for a client that apparently violated U.S. anti-terrorism sanctions.

“Multiple business lines and personnel within UBS, including supervisory and management staff within the bank’s compliance department, had actual knowledge of the conduct that led to the apparent violations,” the U.S.… Continue Reading

UK High Court strikes a blow for compliance officers

Compliance professionals facing push back from deal makers ought to take heart from a recent English High Court decision involving UBS (AG) London UBS and Leipzig’s water utility KWL.

The decision (available here) is long and complex and arises from the sale and enforcement of collaterised debt obligations with potentially huge liabilities.… Continue Reading

Job: Compliance Officer – Policies & Procedures (UBS)

Job Title: Compliance Officer – Policies & Procedures

Employer: UBS AG

Location: Stamford, Connecticut USA

 

Description

UBS AG, a global financial services company, seeks a Compliance Officer to oversee the the policies and procedures framework for the Americas Compliance & Operational Risk Control Function.… Continue Reading