Financial Regulatory Forum

Reversal of Dodd-Frank swaps rule ignores lessons from financial crisis, ‘London whale’

December 18, 2014

The decision by U.S. Congress last week reverse the so-called swaps ”pushout” rule for certain derivatives contacts will put a greater responsibility on regulators to demonstrate they have effective oversight over bank activities of the sort that played a role in the 2008 financial crisis and ‘London whale’ trading debacle.

U.S. compliance education expands as demand increases – Part Three: other countries

By Guest Contributor
December 8, 2014

By Julie DiMauro, Compliance Complete

NEW YORK, Dec. 8, 2014 (Thomson Reuters Accelus) - As companies spend more on compliance to meet regulatory imperatives on financial crime, data privacy, supply-chain management and others, the focus on compliance officers and their skill set has expanded. But when it comes to formal training programs, countries outside the United States have often led the way.

INTERVIEW: U.S. Fed’s culture focus will take more dialogue with banks – Wells Fargo’s Callahan

December 4, 2014

Patricia Callahan is the Chief Administrative Officer for Wells Fargo, responsible for corporate communication and government relations among her numerous duties. A 36-year veteran of the company, Callahan has served as head of Compliance and Enterprise Risk Management, providing regulatory compliance oversight for the company. She spoke recently with Thomson Reuters about banking culture, what it means for Wells Fargo, and how the Federal Reserve might assess culture in its supervisory review process. (more…)

U.S. compliance education expands as demand increases – Part One: law schools

By Guest Contributor
December 3, 2014

By Julie DiMauro, Compliance Complete

NEW YORK, Dec. 3 (Thomson Reuters Accelus) - As companies spend more on compliance to meet regulatory imperatives on financial crime, data privacy, supply-chain management and others, the focus on compliance officers and their skill set has expanded.
This has in turn put a focus on preparation for the increasingly challenging role of compliance officer, the subject of this three-part series. The first installment looks at how some U.S.-based law schools are starting to realize that they are well-suited to offer programs that will prepare students for this role, and it seems likely more will follow. (more…)

American Express recruits college students to bolster anti-money laundering ranks

By Brett Wolf
November 17, 2014

With qualified anti-money laundering professionals in short supply and reciprocal poaching of talent the norm at U.S. financial services firms, American Express Co has begun recruiting university students to fill its junior ranks straight out of college, a senior compliance executive with the company said last week at a compliance conference in Washington.

Need for focused and consistent enforcement drove IRS decision to stop seizing ‘structured’ deposits, official says

By Brett Wolf
November 14, 2014

The Internal Revenue Service’s recent decision to stop using civil enforcement powers to seize legitimate money deposited into bank accounts in a clandestine manner stemmed from a review process that revealed a need to make better use of agents’ time, the law enforcement official who enacted the new policy said Sunday at a money laundering conference in Washington.

New IRS enforcement policy ignites debate on value of bank ‘structuring’ reports

By Brett Wolf
November 6, 2014

An announcement by the Internal Revenue Service last week that it will no longer try to seize and forfeit money from those who merely evade government-mandated paperwork when making large cash deposits has ignited a debate about the value of bank efforts to document such acts.

U.S. leads the pack in monitoring shadow bank sector; IMF report shows how

November 5, 2014

The United States effort to begin reining in the risks from shadow banking was recognized by the International Monetary Fund in a recent report as being ahead of the curve, and parts of it could serve as a model for other countries.

Whistleblowing protection for compliance officers still unsettled, experts say

November 5, 2014

”If liberty means anything at all, it means the right to tell people what they do not want to hear,” George Orwell told readers in Animal Farm, his parable of totalitarianism and centralized control.

U.S. agents scramble to grasp how Mexican cartels launder money via L.A. fashion district

By Brett Wolf
October 22, 2014

Federal agents hope documents and electronic data seized during raids on the Los Angeles fashion district last month and cash-transaction reports that businesses in the zone are now required to file will help clarify how Mexico’s drug cartels are using international trade to launder money, law enforcement sources say.