As has been widely reported, TD Bank last week became “the largest bank in U.S. history” to plead guilty to Bank Secrecy Act (BSA) and anti-money laundering (AML) program failures, according to Merrick B. Garland, U.S. Attorney General. TD Bank N.A. and its parent company TD Bank US Holding Company pleaded guilty to resolve the… Read More >>
Wells Fargo Broker-Dealer Settles AML Charges
Wells Fargo Advisors, the St. Louis, Missouri-based broker-dealer unit of the well-known stagecoach banking brand, will pay seven million dollars to settle SEC charges that it failed to “file at least 34 Suspicious Activity Reports (SARs) in a timely manner between April 2017 and October 2021.” Those suspicious activity reports that were not filed included… Read More >>
Stopping the Financial Exploitation of the Elderly
Among the most troubling issues that FTF News reports upon via our enforcement stories is the sad truth that a lot of very bad people prey upon the elderly to steal their life savings via securities trading scams. To help combat this problem, three key organizations for the securities industry — FINRA, the SEC, and… Read More >>
Score Priority Settles AML Case with FINRA
Broker-dealer Score Priority has settled with the Financial Industry Regulatory Authority, which charged the New York City-based firm with anti-money laundering (AML) violations. According to FINRA, the firm, which changed its name from Just2Trade, Inc. in January 2020, “failed to develop and implement an anti-money laundering (AML) program reasonably designed to achieve and monitor the… Read More >>
JPMorgan & Bloomberg Link Custodial Support to OMS
Bloomberg Works With JPMorgan Securities Services Data integration and “frictionless” workflows are the main goals of a new collaboration between JPMorgan’s Securities Services and Bloomberg. The news and market data vendor is working with the services provider business of JPMorgan to offer buy-side firms a new integration that will allow them to work from the… Read More >>
TORA Expands Outsourced Trading Team
TORA Adds Two New York-Based Traders A provider of outsourced trading systems, TORA, maker of a cloud-based order and execution management system (O/EMS), reports the addition of two traders to its outsourced trading team: Mark Mazor and Joe Zonenshine. Mazor has more than 15 years of experience as a trader, working as a global execution… Read More >>
DBS Hiring to Fill 2,000 Posts in Singapore
DBS Also Confirms No-Layoffs Policy The DBS banking group in Asia has just announced that it will be hiring more than 2,000 people in Singapore in 2020, a commitment “to creating and protecting jobs amid pandemic,” officials say. “The announcement follows an earlier pledge by the bank that it will protect the livelihoods of its… Read More >>
Should Hedge Funds Skip the Paycheck Protection Program?
In yet another sign of these pandemic times, the U.S. Congress has passed an act launching a $349 billion emergency loan program — the Paycheck Protection Program (PPP) — that operates through the Small Business Administration. Under the federal program, “most businesses with 500 employees or fewer are eligible for two-year loans with a 1%… Read More >>
Firms Fined $26B Over the Past Decade: Fenergo
Have you ever wondered how much financial services firms have paid over the past decade in fines when they have been in violation of anti-money laundering (AML), know your customer (KYC) and sanctions regulations? Fenergo, mostly known for its client management solutions, decided to find answers to that question using “various sources, including regulatory and… Read More >>
Goldman Sachs VP Charged with Insider Trading
An investment bank vice president has been arrested and stands accused in a SEC complaint filed in a New York federal court of using a nominee trading account, held in the name of a close friend, to make “numerous” securities trades on material nonpublic information (MNPI). According to the SEC complaint, Woojae Jung, 37, a.k.a…. Read More >>
