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SEC adopts amendments to broker-dealer Customer Protection Rule
Certain broker-dealers must now compute customer and reserve deposit requirements, making required deposits into reserve accounts on a daily rather than weekly basis.
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USAA dinged for failing to fix AML, IT, third-party oversight shortcomings
According to the OCC, this order includes parts of prior orders issued in 2019 and 2022 with which USAA was not yet in compliance.
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SEC charges Express with failing to disclose $1m in perks to former CEO
The SEC said the company understated the “All Other Compensation” portion of its CEO’s compensation by an average of 94 percent over three fiscal years.
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SEC modernizes submission of some forms and filings
The rule requires broker-dealers, securities-based swap dealers, exchanges, clearing agencies, and other SROs to submit forms in certain electronic formats.
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OFAC fines firm for sanctions lapses, failure to use technology properly
The NJ-based supply-chain logistics firm was charged because several subsidiaries’ brokerage management systems hadn’t yet been incorporated into C.H. Robinson’s system.
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Podcast: CCO Courtney Reid is optimistic about the state of compliance in 2025
US Content Manager Julie DiMauro spoke to Courtney Reid, CCO at MassMutual’s retail broker-dealer, about her outlook on the compliance role.
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ESG Corner: Best sustainable growth companies, exec pay & ESG performance
At the end of 2024, many entities and governments retain risk-based ESG initiatives as business commitments.
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FINTRAC cites Exchange Bank of Canada with AML failures
Monitoring and reporting shortcomings included not submitting SARs where there were reasonable grounds to suspect transactions were related to money laundering or terrorist financing.