Charles Zhu, vice president of product at Enigma, said “know your business” (KYB) mandates can be onerous on financial institutions (FIs) building an in-house compliance process. But for forward-thinking FIs, the benefits of harnessing data can extend well beyond the confines of satisfying compliance mandates. ...
England’s central bank is reportedly being pressured to forestall new capital requirements. That pressure, the Financial Times reported Sunday (Aug. 6) is coming from the British finance industry, which wants the Bank of England to hold off on adopting the rules for six months to give the UK’s...
The United Kingdom’s economic and finance ministry, HM Treasury, is proposing rules for banks to combat “unfair bank account closures.” The proposed rules are meant to protect freedom of expression, HM Treasury said in a Thursday (July 20) press release. “The government has stepped in to address...
The Federal Reserve has fined Deutsche Bank $186 million, saying it has made “insufficient remedial progress” on earlier consent orders around sanctions compliance and anti-money laundering (AML) controls. The new consent order and fine relate to consent orders issued in 2015 and 2017 that had...
Silicon Valley Bank’s parent company says America’s banking watchdog owes it $1.9 billion. To that end, SVB Financial filed suit Sunday (July 9) against the Federal Deposit Insurance Corporation (FDIC) to recover the funds, which the regulator has held since seizing Silicon Valley Bank earlier...
South Korea has launched a major expansion of its banking sector, currently dominated by just five lenders. The country’s Financial Services Commission (FSC) announced Wednesday (July 5) that it will permit more online banks, allow regional banks to expand their operations, and — for the...
The Swiss National Bank has called for a review of “too big to fail” (TBTF) regulations after the crisis around Credit Suisse in March. While measures taken by authorities and the acquisition of the bank by UBS stabilized the situation, the crisis highlighted a need for new measures to strengthen banks’...
American regulators are reportedly preparing to impose new capital requirements on the country’s larger banks. The changes, as reported Monday (June 5) by the Wall Street Journal (WSJ), are designed to help the system bounce back from this year’s banking crisis, and could increase capital...
The New York City Banking Commission has voted to limit new municipal deposits in the city’s accounts at Capital One and KeyBank. The three members of the commission voted to do so after the banks “failed to submit required plans demonstrating their efforts to root out discrimination,” New York...
