RegTech Insight Financial Crime The latest content from across the platform

US SEC Charges Broker-Dealer Pinnacle Capital Markets with AML Related Customer Data Management Failings

In a move that mirrors some of the actions being taken across the pond with regards to customer data infractions, the Securities and Exchange Commission (SEC) has charged US-based broker-dealer Pinnacle Capital Markets with failing to comply with a key piece of anti-money laundering (AML) legislation and forced it to pay out a US$25,000 fine….

UK FSA’s £5.6m Fine for RBS Group Highlights Need for Greater Investment in Customer Data Management

The UK Financial Services Authority’s (FSA) £5.6 million fine for Royal Bank of Scotland (RBS) Group this week for the group’s failure to have adequate data checks in place to conduct mandatory anti-money laundering (AML) screening is indicative of the need for firms to get a better handle on their customer data. According to the…

UK FSA Slaps London Branch of Toronto Dominion Bank with £7m Fine for Pricing Failures

In the first of what could represent an avalanche of related fines for the financial services community, the UK Financial Services Authority (FSA) has this week fined the London branch of Toronto Dominion Bank £7 million for repeated systems and controls failings around the pricing of sophisticated financial products. This is the bank’s second fine…

Lack of Consistent Sanctions and Risk Customer Screening Standards Exposes Firms to Heightened Compliance Risk

Many large financial institutions are failing to implement consistent policies and procedures for sanctions, Politically Exposed Persons (PEP) and customer risk screening due to inconsistent, legacy-based systems, according to compliance screening and data management specialists, Datanomic. Fragmented and inconsistent legacy platforms with different criteria and capabilities deployed across multiple departments and/or countries are resulting in…