New York is Infested With Bugs, Banks And Billion Dollar Fines

by Jack J. Kelly on August 21, 2014

Giant fund manager Pimco is closing its New York offices today to be fumigated for bug infestation, according to Reuters.

A Pimco spokesperson, attempting to downplay the embarrassing (and gross) situation, said “Our New York office is addressing an isolated issue with insects…” He added a variation to the old “everybody else is doing … Read More »

Coinbase Case Demonstrate the Pitfalls of Regulatory Compliance

by The Compliance Exchange on August 21, 2014

A Reddit user ostensibly representing SatoshiBet, an online casino, posted a warning to Coinbase users Wednesday that the payment processor had begun closing accounts of customers who transferred bitcoins from gambling sites.

“In the last day we have had players who found their Coinbase account closed because they … Read More »

Standard Chartered N.Y. Deal Suggests More Business Bans

by The Compliance Exchange on August 21, 2014

Standard Chartered Plc’s settlement with New York regulators indicates authorities are finding that banning banks from certain businesses is a more effective punishment than just fining them for wrongdoing, Fitch Ratings Ltd. said.

“These restrictions may have longer-lasting implications for banks’ business profiles than one-off fines,” Fitch said in the statement today. “This may … Read More »

Chinese Hackers Vacuum Data From U.S. Health Industry

by The Compliance Exchange on August 21, 2014

For four years, a sophisticated group of Chinese cyberspies has cut a digital swath through the health-care industry, stealing everything from trade secrets to trial data, say security firms probing the campaign.

The group infiltrated one U.S. drugmaker by hacking into a company it was about to acquire, said a … Read More »

Europe Investment Bank Fees Climb Faster Than Rest of World

by The Compliance Exchange on August 21, 2014

Investment-banking fees in Europe, growing faster than in Asia and the Americas, are set to reach a seven-year high as sales of debt and stock and a buoyant U.K. economy outweigh stagnant income from trading.

Revenue from arranging mergers, stock and bond sales and loans in Europe, the Middle East and Africa climbed 30 percent to … Read More »

RBS can now use previously blocked trade finance software

by The Compliance Exchange on August 21, 2014

Royal Bank of Scotland Group Plc (RBS.L) said on Wednesday it had reached a settlement allowing it to use a key piece of software in its trade finance business that a U.S. judge had prevented the bank from using due to copyright infringement.

Terms of the settlement with … Read More »

Bank of America and DOJ near $17 billion settlement over mortgage securities

by The Compliance Exchange on August 21, 2014

Final terms are almost in place for the record $17 billion settlement between Bank of America and the Justice Department over allegations that the nation’s second-largest bank knowingly sold faulty mortgage securities that contributed to the financial crisis, people familiar with the talks said Wednesday. An announcement could come as early as Thursday.

The … Read More »

Strategies shift as regulators renew scrutiny of bank compliance

by The Compliance Exchange on August 21, 2014

Logos of HSBC, BNP Paribas, Standard Chartered

In an episode of hit television series Homeland, US intelligence agents track the finances of Iranian terrorists to a fictional western lender called “HLBC Bank”.

This barely disguised reference to one of the world’s biggest banks underlines how the historically dull world of guarding against money laundering … Read More »

Standard Chartered Aims to Fix Money-Clearing System

by The Compliance Exchange on August 21, 2014

Standard Chartered PLC swallowed a $300 million fine for operating allegedly flawed anti-money-laundering systems. Now, it is digesting a bigger problem: how to fix them.

The Asia-focused bank’s settlement with the New York State Department of Financial Services, announced Tuesday, could … Read More »

Warren Buffett’s Company Fined by Justice Dept. Over Stock Purchase

by The Compliance Exchange on August 21, 2014

Warren E. Buffett may be one of the most admired investors in the world. But that does not exempt his company, Berkshire Hathaway, from having to follow federal securities investment … Read More »



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