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Compliance Failures

All articles tagged with #compliance failures

Gemini Trust Company to Return $1.1 Billion to Customers in Settlement with NY Regulators

Superintendent Adrienne A. Harris of the New York State Department of Financial Services announced that Gemini Trust Company, LLC has committed to returning at least $1.1 billion to its Earn program customers through a bankruptcy proceeding. Gemini will also pay a $37 million penalty for compliance failures related to the program, which allowed customers to loan virtual currency to an unregulated third party. The company's failure to conduct due diligence on the third party led to significant financial harm for over 200,000 customers, and the Department's investigation also revealed unsafe and unsound practices within Gemini.

via DFS.NY.gov|

#adrienne-a-harris #compliance-failures #dollar11-billion-return

finance1 year ago•1 min saved

"SEC Imposes $81M in Fines on Wall Street Firms for Communication Violations"

Several Wall Street firms, including Oppenheimer and US Bancorp, have agreed to pay over $81 million in fines to settle SEC charges of record-keeping failures related to employees' use of personal devices and apps like WhatsApp for work-related communications. The SEC's multi-year initiative has uncovered widespread off-channel communications, leading to fines totaling $1.7 billion since 2021. The firms admitted to the violations and are improving compliance policies and procedures.

via New York Post |

#compliance-failures #finance #fines

finance2 years ago•1 min saved

Swiss Banks UBS and Credit Suisse Under Investigation for Alleged Russian Sanctions Violations

The US Department of Justice is intensifying its investigation into Credit Suisse and UBS over suspected compliance failures that allowed Russian clients to evade sanctions. The probe, which began with subpoenas earlier this year, has now focused on Credit Suisse, with UBS being briefed on its alleged exposure to sanctions violations since acquiring the smaller rival. The DOJ is also looking into possible compliance failures at UBS.

via Bloomberg|

#compliance-failures #credit-suisse #department-of-justice