Axiom Bank Faces Regulatory Action Over BSA/AML Violations and Weak Risk Management Practices
Axiom Bank is facing legal action due to alleged violations of the Bank Secrecy Act (BSA) and insufficient anti-money laundering (AML) controls, alongside concerns over inadequate risk management practices. The regulatory filing points to suspicious activities that went unchecked due to weak internal controls, exposing the bank to potential involvement in illegal financial activities.
TD Bank Fined Billions for Systemic AML Failures Over a Decade
Between 2014 and 2023, TD Bank faced serious allegations of having "long-term, pervasive, and systemic deficiencies" in its U.S. anti-money laundering (AML) policies, according to court documents. Despite multiple warnings from regulators and its internal audit group, the bank failed to take appropriate remedial action.
FDIC and Regulators Tighten Rules After Fintech Bankruptcy Exposes Banking Risks
In late July, the FDIC, along with the Office of the Comptroller of the Currency and the Federal Reserve, raised concerns about banks' account reconciliation practices. They issued specific guidance requiring all banks under their jurisdiction to monitor and regularly reconcile any accounts they manage, regardless of the source or type of relationship. This action came after persistent issues with partner bank account reconciliation, which left thousands of clients unable to access hundreds of millions in third-party account balances following the bankruptcy of a fintech intermediary in April.
Wells Fargo Shares Drop After Agreement with Regulators to Address AML Deficiencies
Wells Fargo's shares declined on Thursday after the bank reached a formal agreement with the Office of the Comptroller of the Currency (OCC) to address deficiencies in its financial crime risk management and anti-money laundering (AML) controls.
Global Governments Unite on AI Regulation with Council of Europe Framework
The Council of Europe has introduced a groundbreaking AI Framework Convention, signed by the UK, US, EU, and several other nations, to establish a legal foundation for the ethical development and deployment of artificial intelligence.
Federal Regulators Address Fintech-Banking Reconciliation Crisis
In response to the fallout from the Synapse Financial Technologies bankruptcy, federal regulators, including the FDIC, Office of the Comptroller of the Currency, and Federal Reserve, have issued joint guidance aimed at reinforcing reconciliation responsibilities for banks in fintech partnerships.
Bankrupt FTX Ordered to Pay $12.7 Billion Following Fraud Sentencing and CFTC Violations
FTX and Alameda Research, now bankrupt, must pay $8.7 billion in restitution and $4 billion in disgorgement following the sentencing of FTX founder Sam Bankman-Fried to 25 years in prison and another executive, Ryan Salame, to seven and a half years.
New Bill Proposes CISA and HHS Collaboration to Enhance Health Sector Cybersecurity
A new bill introduced in Congress seeks to strengthen cybersecurity in the healthcare sector by mandating collaboration between the Cybersecurity and Infrastructure Security Agency (CISA) and the Department of Health and Human Services (HHS).
