FINRA Flags Gaps in Oversight as Gen AI Expands Across Financial Operations

The Financial Industry Regulatory Authority (FINRA) is reportedly investigating misconduct allegations against two former executives of collapsed banking-as-a-service (BaaS) provider Synapse Financial Technologies. FINRA is looking into Synapse’s brokerage arm’s former chief compliance officer, Mark Paverman, and the unit’s former president and CEO, Jeffrey Stanley,...

Morgan Stanley is reportedly facing a regulatory investigation into its money laundering prevention measures. The Financial Industry Regulatory Authority (FINRA) has launched a probe into whether the investment banking giant property vetted customers for money laundering risks, The Wall Street Journal (WSJ) reported Tuesday (July 22) evening. The investigation deals...

TD Bank is reportedly settling a case involving illegal “spoof” orders by a former trader. The Canadian bank will pay more than $20 million as part of a deal with American prosecutors, Bloomberg News reported Monday (Sept. 30), citing court filings. That deal involves TD...

Wells Fargo has reportedly fired more than a dozen workers accused of faking work. These employees, all part of the banking giant’s wealth/investment management arm, were “discharged after review of allegations involving simulation of keyboard activity creating impression of active work,” Bloomberg News reported Thursday...