Financial crimes cost banks and other financial services institutions big bucks. This means that complying with the rules and processes meant to deter those financial crimes costs big bucks too. Makes sense, right? Now, thanks to our friends at LexisNexis and Forrester Research, we have a snapshot of the actual numbers. According to the report “True Cost… Read More >>
FINRA: Wells Fargo Units Fumbled AML for 9 Years
Wells Fargo Advisors (WFA) and Wells Fargo Advisors Financial Network (WFAFN) have to pay the Financial Industry Regulatory Authority (FINRA) a joint fine of $1.5 million for failing to comply with anti-money laundering (AML) requirements over a nine-year period, say FINRA officials. FINRA officials say that for nine years two St. Louis, Mo.-based broker-dealers failed… Read More >>
Financial Crime Update
A single IT platform may not be achievable for an anti-financial crime strategy because such frameworks have to prevent money laundering, promote sanctions compliance and provide quality data for know-your-customer requirements, according to panelists who took part in FTF’s Financial Crime & AML conference in New York last week.Financial crime prevention and mitigation requires financial… Read More >>
