11/12/2020
FINRA Launches Targeted Exam of Fund Fee Waivers
The targeted exam was prompted by a June 4 settlement with Merrill Lynch.
Legal, Regulation & Compliance
11/11/2020
Goldman Sachs Got Caught
Goldman Sachs has to deal with unprecedented punishment for bribery.
11/10/2020
FBI Arrests Head of Wealth Management Firm for Fraud
Terrence Chalk, aka Dr. Cash, allegedly hid his criminal past to defraud investors out of more than $4 million.
11/10/2020
Canada Life makes WeCare a permanent service
Canada Life has announced it is making its recently launched ‘WeCare' a permanent support service available to all new and existing customers on CLASS, Canada Life's online group insurance platform.
11/10/2020
Julius Baer reaches agreement to resolve FIFA matter in the US
Julius Baer has reached an agreement in principle with the U.S. Department of Justice to settle an investigation in the FIFA matter.
11/10/2020
Brazilian Bank Slapped With Record Money Laundering Fine in Paraguay
This was the largest fine related to money laundering in Paraguayan history.
11/10/2020
What the US election result could mean for markets
There were and are bigger forces at work, driving the underperformance of those assets, than the vagaries of politicians indulging in rhetorical flourishes.
11/09/2020
Julius Baer reaches agreement to resolve FIFA matter in the US
Julius Baer has reached an agreement in principle with the U.S. Department of Justice to settle an investigation in the FIFA matter.
11/08/2020
Ex-Financial Advisor Who Stole $30 million From Pro Athletes Sentenced to Prison
Ash Narayan, 55, of Irvine received the 37-month sentence and was ordered to pay $18.8 million in restitution, the U.S. attorney's office said in a statement.
11/06/2020
Apple must face shareholder lawsuit over CEO Cook's China sales comments
The lowered revenue forecast was the first by Cupertino, California-based Apple since the iPhone’s launch in 2007.
11/06/2020
The Impact of SARs Disclosures on Financial Institutions
The surprising releases of information from Suspicious Activity Reports (SARs) that were filed with the Financial Crimes Enforcement Network have sent shockwaves through the financial industry
11/06/2020
United States: Retirement bill introduced as sequel to SECURE Act
In unveiling their legislation—dubbed the Securing a Strong Retirement Act of 2020—Neal and Brady stressed that strengthening Americans’ retirement security is a goal shared by both parties and that enactment of the long-stalled SECURE A
11/06/2020
Sound Practices for Operational Resilience Released by US Banking Regulators
Disruptions may come from any type of internal or external operational risk and include technology-based failures, cyber incidents, pandemic outbreaks, and natural disasters.
11/06/2020
UBS Sued for $500 Million by Chinese Tycoon Over Deal Gone Awry
It’s not the first time Guo has brought such a lawsuit, after failing to get the claim heard in New York.
11/05/2020
OFAC advisory notice highlighting potential sanctions risks stemming from dealing in high-value artwork
The Government usually takes this step—issuing a warning—as a precursor to embarking on some sort of action so that a target cannot later complain that it was not put on notice of the risks associated with violating a sanction.
11/05/2020
JP Morgan agrees to pay at least $800,000 in back wages to settle a lawsuit that accused the bank of underpaying at least 93 women
The lawsuit also alleged the company did not ensure there was a path to fair pay.
11/04/2020
Florida wealth adviser 'Dr. Cash' hit with fraud charges
According to charges here unveiled by the Department of Justice's Manhattan office, Chalk used the "Cash" name to hide a decade-old conviction for fraud-related offenses in New York.
11/04/2020
JPMorgan Faces Possible Fine Related to Internal Controls
A JPMorgan spokeswoman declined to comment. An OCC spokesman also declined to comment on the bank’s disclosure.
11/04/2020
Wells Fargo Lifts Hiring Bonuses for Advisors Hitting Asset-Transfer Targets
It will pay an additional 50% of T-12 to brokers who transfer 70% of their assets by the end of their sixth month, and another 30% at the end of each of their first, second and third years for hitting further asset-growth targets.
11/04/2020
Government Revises Base Difference Rules in New Foreign Tax Credit Regulations
In particular, these regulations limit the situations in which taxpayers are prevented from claiming foreign tax credits attributable to base difference items.