28th April 2017
AIB’s failure to comply with anti-money laundering reporting procedures was a stain on the lender, chairman Richard Pym has said. There was “no excuse” and the failing was “a stain” on the bank, he told shareholders. The Central Bank announced this week it had fined AIB €2.275m for its failures… Read More
28th April 2017
Congressional Republicans’ proposal to replace Dodd-Frank, the Financial Choice Act, received endorsements this week from two major financial players — the Independent Community Bankers of America and the National Association of Federally-Insured Credit Unions. The Financial Choice Act of 2017, sponsored by House Financial Services Committee Chair Jeb Hensarling, was… Read More
26th April 2017
The Office of the Comptroller of the Currency (OCC) today assessed a $15 million civil money penalty against U.S. Bank National Association for bankruptcy filing violations. The OCC found that, between 2009 and 2014, the bank engaged in filing practices in bankruptcy courts with respect to proofs of claim, payment… Read More
26th April 2017
The United States has a rich history of bank crises.  In fact, we’re number two in the world, with 13 all-time, just behind France with 15, and just ahead of the United Kingdom, with 12.  Our first major banking regulation law, the National Currency Act, was passed in 1863 as… Read More
26th April 2017
It was confirmed by the Central Bank of Ireland today that Allied Irish Banks, p.l.c. has been fined €2,275,000 by the Central Bank of Ireland in respect of anti-money laundering and terrorist financing compliance failures. The Central Bank of Ireland fined AIB €2,275,000 and reprimanded it for six breaches of the… Read More
25th April 2017
President Donald Trump signed executive orders last week to roll back the orderly liquidation authority to bail out “too big to fail” banks and put a moratorium on designating systemically important financial institutions. Both provisions were instituted under Dodd-Frank. Trump directed Treasury Secretary Steven Mnuchin not to use orderly liquidation… Read More
24th April 2017
The Department of Justice (DOJ) has found basis to file money laundering charges against a former branch manager of the Rizal Commercial Banking Corp. (RCBC) and officials of remittance firm Philrem Service Corporation (Philrem) in connection with the $81 million in funds stolen by hackers from the Bangladesh Bank. Current… Read More
21st April 2017
President Donald Trump is continuing to target a law meant to stop banks from growing “too big to fail.” The president will travel to the Treasury Department Friday to sign three measures. One memorandum will order the treasury secretary to review a component of the 2010 Dodd-Frank financial reform law… Read More
21st April 2017
Nine years on from the 2008 financial crisis, regulators are now entering a new phase, one that requires them to take stock of the reforms implemented so far and position themselves for the technological changes sweeping the financial industry, said Monetary Authority of Singapore managing director Ravi Menon. Mr Menon,… Read More
20th April 2017
Following an increase in cases of money laundering and financial crime, there is now a demand for staff who know how to deal with these matters. According to Hays, the leading recruiting expert, there has been a “strong demand” over the last couple of quarters for compliance candidates covering financial… Read More