Deloitte Financial Advisory Services must pay New York $10 million and refrain from consulting additional state-regulated banks for one year after improperly sharing client data with Standard Chartered.
Intended to ensure strong Bank Secrecy Act programs, compliance audits can nonetheless have an unintended consequence: they can get banks in trouble, say consultants.
Two recent evaluations of third-party audits conducted on behalf of banks highlights an unresolved question in the compliance world: can you sometimes get what you pay for?
Small brokerage firms will no longer be exempted from undertaking annual independent testing of anti-money laundering programs following a rule change approved last week by the Securities and Exchange Commission.
The U.S. Treasury Department is challenging a federal judge's recommendation to drop civil charges against a former attorney accused of helping a Miami bank hide over $20 million in losses.
Compliance officers at smaller financial institutions say that meeting the independent testing requirements of an AML program can be difficult. But current and former regulators say there are ways to keep the entire audit or portions of it in-house, a cost savings, if institutions are creative.
Account history reviews are often expensive but their lengths can be negotiated, according to KPMG Forensic principal Darren Donovan.