United States

KYC & CDD

FINRA Fines Five Firms Over Custodial Accounts for Minors

By Editors | 29/12/2019

Citigroup, JP Morgan, LPL Financial, Morgan Stanley and Merrill Lynch failed to properly monitor custodial accounts to ensure assets were transferred to beneficiaries once they came of age.

Capital Adequacy

Philippine Bourse Seeks Higher Capital Requirements for Brokers

By Editors | 26/12/2019

In the aftermath of a 700-million-peso stock theft, PSE president Ramon Monzon will reportedly propose to more than triple current capital requirements for older firms.

Market Abuse

CFTC Charges HSBC Exec with Manipulation, Fraud

By Editors | 24/12/2019

The former head of HSBC’s North American interest rates business allegedly manipulated prices for five-year basis swaps used to price a bond issuance and a related swap.

Structural Regulation

China, US in Talks on Allowing Joint Inspections of Auditors

By Editors | 19/12/2019

The CSRC has reportedly been in talks with the US audit regulator on allowing joint inspections of firms that audit Chinese companies listed in the US.

Payments & Settlements

Google Recommends India UPI Model for New US ‘FedNow’ Service

By Editors | 19/12/2019

UPI adoption has grown from 100,000 to 1.15 billion monthly transactions in four years, with 140 member banks using its rails to enable payments for customers.

Anti-Bribery & Corruption

US SEC Settles FCPA Charges Against Goldman’s Tim Leissner

By Editors | 18/12/2019

Leissner has agreed to be permanently barred from the securities industry for violating antibribery, internal accounting controls, and books and records provisions of federal securities laws.

Emerging Prudential Risks

Geopolitical Risk Surpasses Cyber as Top Overall Risk: Survey

By Editors | 12/12/2019

Geopolitical risk & trade tensions was cited as the top overall risk for 2020 in DTCC’s annual Systemic Risk Barometer Survey, though cyber was cited more frequently as a ‘top 5 risk’.

AI Risk & Governance

Big Data is Transforming Investigations

By Jeremy Birch | 12/12/2019

Big data is rapidly changing how regulators and law enforcement conduct investigations and build cases, say Jeremy Birch, Peter Jones and Kyle Wombolt at Herbert Smith Freehills.

Anti-Money Laundering

HSBC Switzerland to Pay $192mn to Settle US Tax Evasion Probe

By Editors | 12/12/2019

HSBC Switzerland has admitted to conspiring with US taxpayers to evade taxes and helping them to hide more than $1bn in assets from tax authorities.