Banks and other financial firms are expected to encounter “increasing risks and exposure to losses” because of “hackers and online adversaries.” That is the top-line conclusion of the 2020 Global Financial Crimes Survey, conducted by Authentic8, in partnership with the Association of Certified Financial Crime Specialists (ACFCS). Authentic8 offers a platform that “enables anyone, anywhere,… Read More >>
FINRA Says Ex-Rep Hid $190M in Bond Trades
The Financial Industry Regulatory Authority reports that it has barred former Morgan Stanley Smith Barney registered representative John Batista Bocchino for “concealing approximately $190 million in Venezuelan bond trades from the firm, which had restricted such trading due to the regulatory, anti-money laundering and reputational risks it posed.” Instead, FINRA says, Bocchino, at the time… Read More >>
New Platform to Help Santander Manage Op Risk of Third Parties
Santander U.K. will be using a system from compliance solutions vendor Opus Global to help the bank address the regulatory, operational and reputational risk posed by third-party interactions Bank officials will be using the Hiperos 3PM platform from Opus, which intend to replace the review of third parties manually via spreadsheets. The Hiperos 3PM focuses… Read More >>
Opus Focuses on the Risks of Third-Party Providers
Compliance platform vendor Opus Global is debuting “an out-of-the-box solution” that offers pre-configured templates intended to help financial services firms assess and manage the risk that comes when working with third-party outsourcers and service providers. The solution, the Hiperos 3PM Banking Accelerator, has been designed to uncover risk problems to help firms comply with regulations… Read More >>
Why the Wells Fargo Mess Makes Wall Street Nervous
My guess is that the dizzying fall from grace for Wells Fargo Chairman and CEO John Stumpf is making some Wall Street executives a little nervous, especially if they have something to hide. To recap, after a scandal broke about the bank setting up fraudulent consumer accounts, the Wells Fargo board of directors decided this… Read More >>
