Morgan Stanley is reportedly facing investigations by several agencies into how its wealth management division vets and monitors clients who may pose money-laundering risks. The Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency (OCC), the Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC) and the Federal...
Anti-money laundering (AML) defenses might begin at the point of onboarding. The needs are for all manner of firms — and especially banks and investment management companies — to embrace technology in the service of beefing up their onboarding processes and automating them too. ...
This week, Michael Hsu, acting comptroller of the currency at the Office of the Comptroller of the Currency (OCC) called on U.S. financial institutions (FIs) to take steps to serve newly arrived immigrants before they can slip into the ranks of the country’s unbanked. “The OCC encourages...
This week, the Office of the Comptroller of the Currency (OCC) asked U.S. financial institutions (FIs) for their help in “improving the financial capability and financial health of their customers.” In a statement issued on Tuesday (April 2), the OCC said it believes the best way FIs...
March 02, 2023
Silvergate’s existential crisis may give regulators the ammunition they need to keep crypto and mainstream banking separate. As reported here, Silvergate Capital said in a U.S. Securities and Exchange Commission filing this week that a slew of issues could impact its “going concern” viability. In SEC-document-speak, we note that essentially means there’s the risk of shutdown and […]
August 16, 2022
In a policy letter that read like part announcement and part warning, the Consumer Financial Protection Bureau (CFPB) put FinTechs on notice in April, with CFPB Director Rohit Chopra saying...
December 14, 2018
Multiple regulators issued a joint statement encouraging banks to embrace innovation when it comes to battling financial crime. In an interview with PYMNTS, DLA Regulatory and Compliance Policy Advisor, Paola...
July 17, 2017
Innovation never sleeps and, from the current shape of things, it is also safe to assume that it isn’t much for taking a summer vacation, either. The big news of...
April 11, 2024
Morgan Stanley is reportedly facing investigations by several agencies into how its wealth management division vets and monitors clients who may pose money-laundering risks. The Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency (OCC), the Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC) and the Federal Reserve are probing the bank, The Wall Street Journal (WSJ) reported Thursday […]
February 21, 2024
Michael Hsu, the acting comptroller of the currency, emphasized the importance of banks actively managing risks associated with their relationships with FinTech companies. During a Wednesday (Feb. 21) speech at Vanderbilt...
February 15, 2024
The Office of the Comptroller of the Currency terminated a 2016 consent order against Wells Fargo. The consent order concerned deficiencies and unsafe or unsound practices in the bank’s risk...
January 29, 2024
A top U.S. financial regulator wants more transparency into bank mergers. The Office of the Comptroller of the Currency (OCC) on Monday (Jan. 29) introduced a proposal to update its rules for business...
