compliance
Britain’s Lloyds bank fined $80 million for mistreating mortgage customers
Britain’s biggest domestic bank Lloyds has been fined 64 million pounds ($81.2 million) by the Financial Conduct Authority for mistreating hundreds of thousands of mortgage customers in financial difficulties.
Lloyds and its Bank of Scotland and The Mortgage Business units...
How Banks Are Using Behavioral Science to Prevent Scandals
Efforts to deal with corporate malfeasance, employee misconduct, and ethical failings are falling short. Nowhere is this more visible than in the financial sector. More than $400 billion has been paid in fines since the 2008 financial crisis. But...
HSBC confess to breaching Australia’s anti-money laundering laws
Global banking giant HSBC has quietly outed itself to Australia's financial crime agency for potential breaches of anti-money laundering laws by failing to report transfers to foreign banks and institutions.
The disclosure by HSBC's Australian arm makes it the latest...
KPMG, Senior Partner fined for audit failings
KPMG and one of its senior partners have been reprimanded and fined 455,000 pounds ($560,000) for failings in its audit of a U.K. company, the latest sanction against the Big Four auditor in recent years.
Nicola Quayle, a Manchester partner...
Global watchdog FATF pushes Pakistan for answers on compliance report
Global watchdog for terror financing FATF has sought more clarifications and data from Pakistan on actions taken against madrassas belonging to proscribed outfits, after Islamabad submitted a report to it detailing steps taken by the government to curb terrorism...
Tribunal upheld decision to fine and ban Deutsche Bank compliance officer
Independent specialist the Financial Markets Tribunal (FMT) has upheld the decision by the Dubai Financial Services Authority (DFSA) to fine Anna Waterhouse $100,000 (£76,438, €89,860).
As well as restricting her from being involved in providing financial services in or from...
Westpac to face further action from Australia bank watchdog in money laundering scandal
Australia’s banking watchdog is weighing what further action might be needed to address the money-laundering scandal at Westpac Banking Corp, the agency’s head said on Monday.
Australian Prudential Regulation Authority (APRA) Chairman Wayne Byres told a parliamentary committee the allegations...
Does Increased Compliance Mean More Fraud?
Regulations like GDPR and PSD2 are creating an attack shift for fraudsters and alternative methods for them to create havoc. Forter’s CTO Iftah Gideoni discusses how to fight back against fraud with similarly evolving fraud prevention measures.
Today, data is...
Swedbank Appoints Ingrid Harbo as Chief Compliance Officer
Swedbank AB said Tuesday that it has appointed Ingrid Harbo as permanent chief compliance officer, as investigations into its anti-money-laundering work continue.
The Sweden-based bank came under scrutiny in February after a Swedish broadcaster reported that billions of dollars of illicit...
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Ex-CEO of social media startup admits to defrauding investors using forged documents
The former chief executive of a social media startup that pitched itself as a Facebook for small businesses has...