Aruna's Feed
Feb 12, 2015

JPMorgan’s new approach to probing suspect transactions sparks internal friction

LOUIS/WASHINGTON (Reuters) – Clashes over strategy within JPMorgan Chase & Co’s compliance operations have led to the departure of a series of managers in the past year, according to three of those who have left.

Faced with intense scrutiny after regulators found failings in its anti-money laundering (AML) program, and rising costs as it seeks to identify suspicious transactions, the biggest U.S. bank has invested in new automated systems and installed executives skilled in making bank operations more efficient.

Feb 12, 2015

Insight – JPMorgan’s new approach to probing suspect transactions sparks internal friction

LOUIS/WASHINGTON (Reuters) – Clashes over strategy within JPMorgan Chase & Co’s compliance operations have led to the departure of a series of managers in the past year, according to three of those who have left.

Faced with intense scrutiny after regulators found failings in its anti-money laundering (AML) programme, and rising costs as it seeks to identify suspicious transactions, the biggest U.S. bank has invested in new automated systems and installed executives skilled in making bank operations more efficient.

Feb 5, 2015

U.S. judge rejects deferred prosecution deal for Fokker

WASHINGTON, Feb 5 (Reuters) – A U.S. judge on Thursday
rejected an agreement by Dutch company Fokker Services B.V. to
pay $10.5 million to resolve criminal charges it illegally
shipped aircraft parts to Iran, Sudan and Myanmar, describing it
as “grossly disproportionate” given the seriousness of the
company’s actions.

The ruling from U.S. District Judge Richard Leon in
Washington comes as critics have questioned whether the U.S.
Justice Department overuses so-called deferred prosecution
agreements to resolve allegations of corporate misconduct, and
whether judges should have greater oversight of such deals.

Feb 3, 2015

U.S. prosecutors say pursuing ’08 crisis cases, eye auto loans

WASHINGTON/NEW YORK, Feb 3 (Reuters) – The U.S. Department
of Justice says it is still pursuing cases tied to the height of
the financial crisis in 2008 and using lessons learned from
those probes to examine new areas like subprime car loans.

Ratings agency S&P on Tuesday agreed to pay $1.5
billion to settle U.S. and state lawsuits over mortgage ratings
issued in the run-up to the crisis.

Feb 3, 2015

S&P reaches $1.5 bln deal with U.S., states over crisis-era ratings

Feb 3 (Reuters) – Ratings firm Standard & Poor’s will pay
$1.5 billion to resolve a series of lawsuits over its ratings on
mortgage securities that soured in the runup to the 2008
financial crisis, the company said on Tuesday.

The settlement comes after more than two years of litigation
as S&P fought allegations it issued overly rosy ratings in order
to win more business.

Feb 2, 2015

Judge rules for Wells Fargo in NY challenge over mortgage settlement

WASHINGTON/NEW YORK, Feb 2 (Reuters) – A U.S. judge on
Monday rejected allegations by the New York state attorney
general that Wells Fargo was violating the $25 billion
mortgage settlement that federal and state authorities reached
with five banks in 2012.

U.S. District Judge Rosemary Collyer described Attorney
General Eric Schneiderman’s allegations as “so insubstantial”
that the state failed to allege a breach of the agreement.

Jan 28, 2015

Obama’s attorney general pick aims to smooth DOJ ties with Congress

WASHINGTON (Reuters) – Loretta Lynch, President Barack Obama’s pick for attorney general, on Wednesday sought to make a clean break from the testy relationship her predecessor had with Congress, while supporting the legality of the administration’s controversial actions on immigration.

Lynch, a career prosecutor known for her diplomatic skills, struck a delicate balance during her confirmation hearing, telling the U.S. Senate Judiciary Committee, “I look forward to fostering a new and improved relationship.”

Jan 27, 2015

BNY Mellon may face bribery charges over sovereign wealth funds -filing

Jan 27 (Reuters) – Bank of New York Mellon Corp has
disclosed in a filing that U.S. regulators are considering
charging it with violating U.S. foreign bribery laws after an
investigation into internships it gave to relatives of sovereign
wealth fund officials.

In a regulatory filing on Friday, BNY Mellon said that U.S.
Securities and Exchange Commission staff had notified it that
they would recommend the SEC charge the bank over alleged
violations of the Foreign Corrupt Practices Act.

Jan 20, 2015

Two Yemenis charged in U.S. court over alleged al Qaeda link

WASHINGTON (Reuters) – Two Yemeni nationals were charged in the United States with conspiring to murder Americans abroad and providing material support to al Qaeda, according to a complaint and arrest warrant unsealed on Tuesday.

Saddiq Al-Abbadi and Ali Alvi were arrested in Saudi Arabia and expelled to the United States, the U.S. Justice Department said. Alvi appeared in a federal court in Brooklyn on Sunday and Al-Abbadi was scheduled to be arraigned Tuesday afternoon, the department said.

Jan 14, 2015

FBI raids Florida firm with ‘Wolf of Wall Street’ link-witnesses

, Jan 14 (Reuters) – U.S. FBI
agents on Wednesday raided the offices of Med-Care Diabetic &
Medical Supplies Inc, a Florida medical device company whose
executive vice president helped inspire the movie “The Wolf of
Wall Street,” according to a Reuters reporter and other
witnesses.

The reporter saw dozens of agents from the Federal Bureau of
Investigation, the Florida Division of Insurance Fraud, and
local police around the site. Witnesses told Reuters the agents
earlier closed entrances to the building that houses Med-Care
and removed boxes of files.