Enforcement Actions. The SEC and CFTC charged 16 of the largest banks and brokerage firms and their affiliates with recordkeeping failures relating to the retention of electronic communications and use of unapproved communication methods; fines totaled $1.8 billion
Financial Crime. FinCEN adopted a long-awaited final rule on beneficial ownership; two additional and related rules now anticipated. (See KPMG Regulatory Alert, here)
AML. FINRA revised its Sanction Guidelines for broker-dealer violations of the securities rules, including new anti-money laundering and penalties guidelines.
Climate risk. The Federal Reserve will launch a pilot climate scenario analysis in 2023 with six large financial institutions.
|Financial services regulatory news|
|Financial services policy news|
Industry news headlines
(Some links may require subscription)
- Wall Street to Pay $1.8 Billion in Fines Over Traders’ Use of Banned Messaging Apps (WSJ)
- Biden’s Student-Loan Forgiveness Faces Early Lawsuit (WSJ)
- Powell: Stablecoin regulation belongs to the Fed (American Banker)
- Landmark International CBDC Test Deemed Success, BIS Says (CoinDesk)
- Business Groups Sue CFPB Over Antidiscrimination Guidelines (WSJ)
- Forced Labor a Top-Tier Compliance Issue Says U.S. DHS Official (WSJ)
- Businesses Race for U.S. Climate Incentives (WSJ)