Promontory Financial Group on Tuesday agreed to pay New York regulators $15 million and forego entering into certain consulting arrangements for the next six months with state-chartered financial institutions. The settlement ends a public squabble between Promontory and the New York State Department of Financial Services (NYSDFS) kicked off by the agency's decision earlier this month to indefinitely bar the Washington, D.C.-based consultancy from accessing confidential supervisory data on behalf of future bank clients. In an Aug. 3 report, the department accused Promontory of whitewashing multiple reviews of Standard Chartered Bank's sanctions controls in an effort to shield the U.K....
Ahead of Standard Chartered Bank's payment of $667 million in 2012 to settle U.S. sanctions violations, the lender backed the sales of hundreds of restricted American goods bound for Iran, a leaked compliance review shows.
In the sometimes complex arrangements between financial institutions and their hired compliance advisors, one ambiguity consistently eludes the legalese of contracts: what can be said in e-mails without landing the firms in hot water?
The suspected father-in-law of former Zetas cartel boss Omar Treviño was arrested on criminal conspiracy and money laundering charges, Iraq's parliament is expected to approve an AML bill that will help bring the nation in line with international standards, and more, in the midweek roundup.