Managers of Wealth Americas

JPMorgan on Brink of $2bn Bernie Madoff Fed Fine

JPMorgan is set to stump up $2bn to resolve a case with the Federal Reserve over suspicions that the bank ignored signs of Bernard 'Bernie' Madoff's Ponzi scheme.

50 Percent Of Executives Surveyed Say Companies Have Limited Or No Protocols For Cross Border Investigations - KPMG

This revelation comes at a time when data and employee privacy issues, often triggered by investigations, are dominating the headlines and major corporations are facing increased regulatory scrutiny around anti-bribery and corruption legislation

US fines Barclays $3.75m over e-record failures

Regualtor fines British bank Barclays for failure to preserve order trade data, emails and instant messages

SEC Examinations Find Compliance Progress at Credit Rating Agencies

The Dodd-Frank Act requires the SEC to examine NRSRO at least annually

Russia accuses USA of violating bank secrecy

The U.S. authorities have violated several provisions of the Vienna Convention

U.S. Bank Group Threatens Lawsuit Over Volcker Rule

The American bankers Association on Monday said it would mount a legal challenge to the "Volcker rule" unless U.S. banking regulators softened a provision of the rule that restricts bank ownership of certain investments.

Deutsche Bank to Pay $6.5M in FINRA Civil Charges

A unit of Deutsche Bank AG will pay $6.5 million to settle civil charges stemming from "serious and operational deficiencies" uncovered by regulators in its enhanced lending program

New NAMA revelations from US courts

THREE more businessmen have come forward with serious allegations about the leaking of information at NAMA, as controversy surrounding the bad bank deepens.

Credit Suisse Fraud Exceeded $1 Billion: N.J.’s Hoffman

Credit Suisse Group AG defrauded investors of more than $1 billion by misrepresenting the risks of its residential mortgage-backed securities

U.S. Preparing civil charges against Citigroup, Merrill Lynch

Civil investigators have compiled evidence that allegedly shows that investors lost tens of billions of dollars after purchasing securities Citigroup had marketed as safe even though the bank had reason to believe otherwise, one person said.

Appleby Reports Offshore Incorporation Activity For The First Half Of 2013

The number of new incorporations across the whole offshore region has fallen slightly compared with the previous six-month period but as the number of firms ceasing to trade has also dropped, this has allowed most registries to continue to grow. Many are

The Volcker Rule Makes Us Safer, But Not Safe

Now that a round of mild applause is subsiding for the administration having finally issued regulations for the Volcker Rule, some five years after the 2008 financial crisis.

UBS 'not responsible' to shareholders in rogue trader claim

US shareholders, including two New York based pension funds, claimed UBS officials and then-chief executive Oswald Gruebel had misled investors by frequently touting the bank’s internal controls prior to Adoboli’s fictious trades being reveale

GLG Fined $9m for Overvaluing Stake

Hedge fund GLG is said to have overvalued the stake it held in a coal mining company by 60pc for two years

JPMorgan compliance costs to double in 2014

US banking giant JPMorgan Chase expects to spend US$2 billion in annual compliance costs starting in 2014

Merrill Lynch Settles CDO Charges for $132M

Bank of America’s Merrill Lynch unit has agreed to pay $132 million to settle civil charges

KPMG Turned Over China Documents to U.S. Regulators

The handover is part of a U.S.-China deal reached in May that allows the U.S. access to audit firms' documents about their Chinese clients, conveyed to the U.S. through Chinese regulators.

FATCA System Fails Government Probe, Threatens Privacy

IRS is still unprepared for the law, according to a report by the Treasury Inspector General for Tax Administration.

Dimon Applauds Certainty With Final Volcker Rule

J.P. Morgan Chase & Co. Chief Executive James Dimon was once a loud critic of the proposed Volcker rule

Madoff's Ponzi Scheme Taught Us 8 Unforgettable Lessons About Spotting A Fraud

Five years ago today, Bernie Madoff was arrested for running the largest Ponzi scheme.

Legal, Regulation & Compliance