Financial Regulatory Forum

Quasi-partnership model may help big banks mitigate risk

By Guest Contributor
November 21, 2013

By Henry Engler, Compliance Complete

NEW YORK, NOV. 21 (Thomson Reuters Accelus) - The largest institutions on Wall Street could go a long way towards reducing risky behavior if they changed the way top levels of management are incentivized and compensated, and incorporated elements of a partnership model, says a former Goldman Sachs banker.

Interview: After SAC, corporate monitor says what makes effective compliance programs

By Guest Contributor
November 13, 2013

By Emmanuel Olaoye, Compliance Complete

WASHINGTON, Nov. 13 (Thomson Reuters Accelus) - Last Monday’s announcement that the hedge fund SAC Capital Advisors will pay $1.8 billion and hire a compliance monitor to settle insider trading charges highlighted the importance of outside compliance monitors in modern financial services enforcement.

Compliance staff can help their firms by reflecting regulators’ expectations, SEC enforcer says

By Guest Contributor
October 16, 2013

By Stuart Gittleman, Compliance Complete

NEW YORK, Oct. 16 (Thomson Reuters Accelus) – Regulators and compliance and ethics officers share the goals of preventing unlawful or improper conduct and cultivating effective cultures that promote integrity and respect for the law, a Securities and Exchange Commission official said.

Wall Street’s hot hire: anti-money laundering compliance officers

By Guest Contributor
October 14, 2013

By Aruna Viswanatha and Brett Wolf, Thomson Reuters Reporting Team

NEW YORK, Oct. 14 (Thomson Reuters Accelus) - The kings of Wall Street used to be the traders and investment bankers who said yes to big deals and big trades, but today’s power brokers increasingly are the compliance officers who quite often say no to risky proposals.

Governance reforms gain momentum with SEC pay-ratio disclosure proposal

By Guest Contributor
October 9, 2013

By Bora Yagiz, Compliance Complete

NEW YORK, Oct. 9 (Thomson Reuters Accelus) - The U.S. Securities and Exchange Commission has proposed a rule that would make public companies disclose the pay gap between their top executive and the rest of the staff. But the divided 3-2 vote by which the proposal was advanced reflects the fierce debate between opponents to call it difficult and unnecessary, and advocates who say it provides a useful measurement for shareholders who want to rein in excessive compensation.

U.S. Treasury’s know-your-customer proposal delayed by struggle for regulatory consensus

By Guest Contributor
September 30, 2013

By Brett Wolf, Compliance Complete

NEW YORK, Sept. 30 (Thomson Reuters Accelus) – A months-long delay in the release of a know-your-customer rule proposal that would have an impact across the financial industry is the result of the U.S. Treasury Department’s inability to reach a consensus with regulators on key details of the measure, sources familiar with the matter say.
Rob Rowe, a lawyer with the American Bankers Association’s Center for Legal and Regulatory Compliance, said “a number of bankers have asked about the status of the proposal.” (more…)

JPMorgan’s massive spending on controls underlines “aggressive” relations with regulators

By Guest Contributor
September 24, 2013

By Henry Engler, Compliance Complete

NEW YORK, Sept. 24 (Thomson Reuters Accelus) - What was once a more consultative relationship between JPMorgan and its regulators has turned into an environment of aggressive demands to reshape the banking giant, say bankers.

Reforming banking’s risk culture requires breaking “accountability firewall”

By Guest Contributor
September 11, 2013

By Henry Engler, Compliance Complete

NEW YORK, Sept. 11 (Thomson Reuters Accelus) - If there is one part of the cultural makeup of Wall Street that remains firmly in place despite the financial crisis and subsequent avalanche of regulations, it is the reticence among those who lose money to come clean early.

New U.S. prosecution easing on marijuana does not cut laundering risk for banks, sources say

By Guest Contributor
September 6, 2013

By Brett Wolf, Compliance Complete

NEW YORK, Sept. 6 (Thomson Reuters Accelus) - A Justice Department memorandum circulated last week that gave U.S. states leeway to experiment with pot legalization failed to address the provision of financial services to marijuana dispensaries, which suggests the Obama administration still is not prepared to allow money from state-recognized pot sales to flow into banks and other financial institutions, money-laundering policy experts said.

U.S. financial regulation has gaps in risk oversight, insurance, infrastructure, global stability board finds

By Guest Contributor
September 3, 2013

By Nick Paraskeva, Compliance Complete contributing author

NEW YORK, Sept 3. (Thomson Reuters Accelus) – A Financial Stability Board (FSB) peer review of U.S. regulation found gaps in oversight of systemic risk, insurance firms and financial infrastructure.