Financial Regulatory Forum

Not a good start to the year: Goodyear Tire fine and the FCPA lessons

By Guest Contributor
March 3, 2015

By Julie DiMauro, Compliance Complete

NEW YORK, March 3, 2015 (Thomson Reuters Accelus) - The due diligence that companies must perform before acquiring overseas companies and the anti-bribery controls required of foreign subsidiaries came into clear focus this week when the U.S. Securities and Exchange Commission (SEC) sanctioned Goodyear Tire & Rubber Co. $16.2 million for alleged Foreign Corrupt Practices Act (FCPA) violations.

Back-tested performance – often misleading, but not off-limits with precautions

January 29, 2015

(Reporting by Julie DiMauro and Jason Wallace)

In separate actions against a Massachusetts-based exchange-traded funds investment manager, the SEC warned advisers to be careful if they advertise their performance, and to pay particular attention to the distinctions between true actual performance, model performance and back-tested performance.

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…)

Standard Chartered’s AML lapses provide crucial lessons on internal controls

By Guest Contributor
September 9, 2014

By Julie DiMauro, Compliance Complete

NEW YORK, Sept. 9 (Thomson Reuters Accelus) - Standard Chartered Bank’s $300 million penalty from the New York Department of Financial Services (NYDFS) for compliance failings last month highlights the importance of having effective transaction monitoring procedures to meet regulatory requirements, particularly those pertaining to high-risk clients. But what are these transaction monitoring requirements, and who is a high-risk client?

Bank of America’s mortgage-fraud deal yields quick impact; message may not be what enforcers wanted

By Guest Contributor
August 26, 2014

By Stuart Gittleman, Compliance Complete

NEW YORK, Aug. 26, 2014 (Thomson Reuters Accelus) - It took just one day for U.S. Attorney General Eric Holder’s announcement Thursday that Bank of America would pay $16.65 billion over charges of fraudulent mortgage origination, securitization and servicing to have an impact.

Effective training a weak link in many compliance programs – survey

By Guest Contributor
August 13, 2014

By Emmanuel Olaoye and Stuart Gittleman, Compliance Complete

NEW YORK, Aug. 13, 2014 (Thomson Reuters Accelus) - Firms, especially those in the financial services sector, have improved their compliance and ethics training programs but are still being challenged in measuring their programs’ effectiveness, two researchers told Thomson Reuters Compliance Complete on Wednesday.

Internal Audit & the Four Cs: Culture, Conduct, Corporate Governance and Customer Outcomes

By Guest Contributor
July 30, 2014

By Michael Cowan, Regulatory Intelligence Analyst, Thomson Reuters

NEW YORK, July 30, 2014 - Corporate governance and culture have moved into the mainstream as a result of the financial crisis, and as the global recovery takes hold, governments and regulators are keen to ensure lessons are learned. It is clear, however, that despite the increasing profile of corporate governance with regulators, shareholders and customers, and the effect it has on the health and reputation of firms, it is still an area in which many internal auditors lack a high level of involvement. (more…)

Focus on bad bankers, not just their banks, New York’s Lawsky says

By Guest Contributor
May 13, 2014

By Stuart Gittleman, Compliance Complete

NEW YORK, May 13, 2014 (Thomson Reuters Accelus) – Banks don’t do bad things – people do – so the people behind the alleged violations should face more regulatory scrutiny and personal accountability, said Benjamin Lawsky, Superintendent of the New York State Department of Financial Services.

INSIGHT: SEC cyber-risk exam guidelines set template for firms

By Guest Contributor
May 6, 2014

By Abel Picardi, Compliance Complete

NEW YORK, May 6, 2014 (Thomson Reuters Accelus) - As the U.S. Securities and Exchange Commission tightens its supervision of technology security on Wall Street, with plans to examine cybersecurity preparedness at more than 50 broker-dealers and investment advisers, the agency has released a checklist intended to help firms review their controls whether or not they come into the crosshairs of examiners.