M&G Extends Current Arrangement M&G Corporate Services Ltd., a part of M&G plc, has picked State Street to provide outsourced middle office services in an arrangement that extends a 10-year partnership with M&G, officials say. M&G is already getting fund accounting and custody services from State Street. The extension will mean that State Street can… Read More >>
JPMorgan Chase & OCC Resolve Risk Control Charges
The Office of the Comptroller of the Currency (OCC), an independent bureau within the United States Department of the Treasury, has hit JPMorgan Chase, with a $250 million fine. The reason for the civil penalty: “The OCC found the bank’s risk management practices were deficient and it lacked a sufficient framework to avoid conflicts of… Read More >>
Multiple Shocks Are Driving Up Op Risks: OCC
The banking system is under stress on multiple fronts. Stress from the pandemic. Stress from a defeated presidential candidate and his coterie of enablers, denying the results of the recent election, fomenting rancor and unrest and deepening the country’s ideological divide, all the while insisting that “we are rounding the turn,” even as coronavirus cases… Read More >>
Climate Change Puts Banks at Risk: NYS DFS
“Climate change is happening now, and we have to take steps to manage the financial risks now,” says Linda A. Lacewell, the superintendent of the New York State Department of Financial Services (NYS DFS). “We simply can’t wait any longer to deal with it. “We want to ensure that every institution is managing its own… Read More >>
Morgan Stanley Buys Eaton Vance & E*TRADE
Amid a lot of conflicting news stories, Morgan Stanley recently announced that it wants to acquire the wealth and investment management firm, Eaton Vance Corp., and that it closed its acquisition of online, discount brokerage E*TRADE Financial Corp. — signs that Morgan Stanley and other Wall Street giants are trending toward safer waters than the… Read More >>
Regulators Discipline Citigroup Over Risk Management Defects
Citigroup Inc. has launched “significant remediation projects” to bolster its risk management controls, infrastructure, and governance as a result of two consent orders from federal banking regulators that found major shortcomings in Citi’s enterprise-wide risk management, compliance risk management, data governance, and internal controls. The Federal Reserve Board and the Office of the Comptroller of… Read More >>
Commerzbank Fills CEO Post via Deutsche Bank Hire
Manfred Knof to Replace Martin Zielke at Commerzbank Frankfurt-based Commerzbank has named its next CEO as Manfred Knof who comes from Deutsche Bank where he’s been head of a competing private banking business for Germany. Knof, 55, will oversee the bank’s managing directors, starting January 1 of next year. He will succeed Martin Zielke, the… Read More >>
NICE Actimize Targets Mid-Market via ‘Xceed’
The just-launched Xceed platform from NICE Actimize brings together aspects of anti-money laundering (AML), fraud prevention, artificial intelligence (AI), and behavioral analytics in a cloud-native offering. Cloud-native systems have been developed specifically for the cloud computing environment, and are intended to leverage the advantages of the cloud. They are not platforms that were originally designed… Read More >>
Trade Surveillance Platform Offers Self-Service Analytics
NICE Actimize, a financial crime, risk, and compliance solutions vendor, is enhancing a key trade surveillance solution with a self-service, analytics capability, intended to help financial services firms fill common surveillance gaps. Dubbed the SURVEIL-X Studio, the new component of the SURVEIL-X Holistic Trade Surveillance solution adds coverage that is not part of the out-of-the-box… Read More >>
Criminals Are Taking Aim During the Lockdown: Q&A
(Editor’s note: FTF News got a chance to ask Rachel Woolley, director of financial crime at Fenergo, about criminals who are taking advantage of more firms working remotely during the pandemic.) Q: In your opinion, why are fraudulent transactions and money laundering scams on the rise during the pandemic? A: As many of us have… Read More >>
