Ex-banker said to have described UBS unit as ‘toxic waste’

by The Compliance Exchange on October 24, 2014

Raoul Weil, who once ran UBS AG (UBSN)’s global wealth-management business, referred to accounts hidden by U.S. clients from the Internal Revenue Service as “toxic waste,” a witness at his tax-conspiracy trial said.

Martin Liechti, a former UBS banker cooperating with prosecutors, told federal jurors in Fort Lauderdale, Florida, that Weil knew in 2002 that thousands of accounts opened at the Swiss bank by U.S. clients didn’t comply with tax laws.

“Mr. Weil said, ‘The North American business is toxic waste,’” Liechti told jurors yesterday.

Liechti, the former UBS head of banking … Read More »

Regulators Shining a Light on Dark Pools

by The Compliance Exchange on October 24, 2014

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The regulatory net is continuing to tighten around dark pools as the list of badly behaved dark pool and high-frequency trading (HFT) firms grows. Indeed, Barclays is fighting allegations of misconduct relating to its LX dark pool in New York. CFA Institute has previously released a research report that highlights the issues surrounding off-market … Read More »

Fed lays out scenarios for 2015 bank stress tests

by The Compliance Exchange on October 24, 2014

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The U.S. Federal Reserve said on Thursday it would assume wider corporate bond spreads and a higher oil price in the most strenuous scenario it will use in next year’s run of its annual check of banks’ health.

Overall, however, the Fed said its “severely adverse” scenario was largely similar to … Read More »

SEC Official Says Too Many Regulators Are ‘Piling On’

by The Compliance Exchange on October 24, 2014

When too many U.S. authorities conduct overlapping investigations it can disrupt regulatory probes and lead to unnecessary lawsuits, a Securities and Exchange Commission official said.

“A particular firm could be sued by seven different regulators,” Scott Friestad, associate director of the SEC’s enforcement division, said today at a conference in London. “There’s … Read More »

Western Union CFO: Compliance Is Key

by The Compliance Exchange on October 24, 2014

Western Union Co.WU +1.17% is the company many people think about when they need to send money abroad. But the pioneer, founded in 1851, is facing new competition from … Read More »


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