Posts Tagged ‘banking’

Report Flags ‘Derisking Risk’ in Banking Sector

A new report from the Government Accountability Office says tough AML compliance obligations are contributing to a “derisking” wave in banks along the U.S.-Mexico border, which are closing branches and filing far more suspicious activity reports than in other parts of the country. The report examined 406 banks across the United States, including 115 along…

Read More

Four Points on AML Compliance

compliance

Yesterday I had the good fortune to moderate a compliance forum on financial crime, hosted by RANE Network and Exiger. As you can imagine, anti-money laundering compliance is a huge concern for financial firms these days, so let me distill a few themes from the conversation here. Conflicting messages from regulators came up quite a…

Read More

Tale From the Front Lines of Small Frauds

I have always been a believer in paying my credit card balances in full, every month. So when Mrs. Radical Compliance had a few minutes last Saturday afternoon, I was happy to see that she decided to do the same with a personal credit card she has, too. This credit card is affiliated with one of…

Read More

All the Cool Kids Worry About Fintech Now

Finally, proof that U.S. regulators can grasp new trends or stay current on modern business issues: with startling speed and coordination, every regulator who’s any regulator has started worrying about fintech. “Fintech” is startup-speak for financial technology, a branch of the financial world that was huge already, and for some reason has suddenly captivated regulators attention all over again.…

Read More

Why Compliance Matters: Credit Suisse Edition

Suisse

By now you may have already heard that Credit Suisse is cutting another 2,000 jobs from its investment banking operations. That’s unfortunate news for the 2,000 bankers soon to be unemployed, but compliance officers on Wall Street have another lesson to absorb here. The real news for compliance professionals—or anyone else working in finance who…

Read More

Small Moves Forward in Assessing Terrorism Risks

Compliance officers in the financial world, take note: financial crime regulators may be edging a bit forward on their approaches to fighting terrorism funding. At least, that’s one way to read this week’s statement from the Egmont Group, an affiliation of financial crime regulators trying to develop coordinated approaches to fighting money laundering and terrorism…

Read More

Overseeing the Audit Amid a Winter of Turmoil

As Wall Street crashes around our ears this week—down 1.5 percent just today, and off to its worst yearly start ever—audit committees at financial firms should strap yourselves in. This year’s audit could be the most tumultuous you’ve overseen in a long while. At least, that’s the conclusion I reach as I re-read the guidance…

Read More

Audit Committees in Banking, Listen Up

internal audit

Audit committees at big international banks have just been nudged. Whether that nudge is friendly or not remains to be seen. The regulatory poke to the ribs came in a bulletin issued Friday by three U.S. banking regulators, voicing their support for external audits of large banks done according to standards issued by the Basel…

Read More