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Recent enforcement actions and national assessments of anti-money laundering efforts point to persistent concerns about potential over-reliance on an old compliance mainstay: third-party audits
Promontory Financial Group, LLC won't be able to enter into new contractual relationships with troubled New York-regulated banks until further notice, the state's financial regulator said Monday.
Reports that Benjamin Lawsky will step down early next year as superintendent of the New York State Department of Financial Services highlight how time can paradoxically seem to pass both quickly and slowly, almost simultaneously.
If you haven't been watching carefully, you may not know that the banks are going to get whole lot of guidance about using independent consultants just in time for the holiday season.
New U.S. regulations and a reported sanctions probe by New York officials are increasing pressure on the reinsurance sector, an industry where knowing your customer can prove difficult, say consultants.
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.
A nearly $330 million deferred prosecution agreement with a London-based bank reinforces the peril financial institutions face when engaging in look-backs for possible sanctions or anti-money laundering violations.
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?
New York's $340 million sanctions settlement with Standard Chartered Plc will likely serve as a model for similar compliance-related agreements, even as it deters some banks from obtaining state licenses.
U.S. investigators looking into potential sanctions violations by Standard Chartered Bank will likely expedite their case following allegations by New York officials that the bank's executives permitted compliance violations, say sources.
A New York court convicted a former executive of a prominent management consultancy of helping transfer $3.4 million into Iran through the informal exchange system known as hawala.
Federal investigators Thursday arrested a former consultant of a prominent New York management company for allegedly violating U.S. sanctions against Iran through the operation of an unlicensed money transmitting business.
Financial institutions can expect prosecutions, litigation and a changed regulatory regime in the wake of the economic crisis that pushed Congress to pass the Emergency Economic Stabilization Act of 2008, according to consultants.
Financial regulatory examiners will be checking that banks are not overly relying on their existing monitoring systems to comply with new federal rules meant to curb identity theft, say consultants.
