Emmanuel C.’s Post

Citigroup's potential fines to be suffered could be worst than TD Bank case. Citi has sued by NY AG last month, also was fined for Armenian clients discriminated, recent wistleblower claims and others SOX claims silenced when executives were forced to resign and suffered "#retaliation by supervisors" for have reported #moneylaundering see Perez V. Citigroup 2017-ARB-00031 (testimony available) Citi spended millions with Littler LLP in NY avoiding go to trial facing strong evidence by wistleblower, but damages caused persisted until today still NOT paid. TD Bank at leats announced appropiately to its investors that will pay at least 450M and any additional significant amount. TD Bank mentioned an US Treasury agency, (Fincen??Applying AMLA rules, still with no case, no fines imposed, no award given, no wistleblower protected, or also OCC-FEDRESERVE as US Treasury with powers given but still not applied) DOJ investigations/probe and SEC. Recently US Agencies, particularly DOJ announced strongly actions, new programs, but most fines even only against NON US Banks or Financial Institutions (Danske 2B, Binance 4B but CEO to jail just 4 months, Deutsche Bank 178M) but what has happened when is related to US Banks, as e.g. Citigroup with long list of Moneylaundering fines by FDIC, OCC-FED, DOJ more than 700M, particularly under Trump Administration. Citi #investors website link to 10K Feb 23, 2024 "As previously disclosed, the October 2020 FRB and OCC consent orders require Citigroup and Citibank to implement extensive targeted action plans...There can be no assurance that such improvements will be implemented in a manner satisfactory, in both timing and sufficiency, to the FRB and OCC" "Moreover, the OCC consent order provides that the OCC has the right to assess future civil money penalties or take other supervisory and/or enforcement actions. "More generally, the OCC and/or the FRB could take additional enforcement or other actions if the regulatory agency believes that Citi has not met regulatory expectations regarding compliance with the consent orders" "Moreover, the severity of the remedies sought in legal and regulatory proceedings to which Citi is subject has remained elevated" "For example, US and certain non-U.S. governmental entities have increasingly brought criminal actions against, or have sought and obtained criminal guilty pleas or deferred prosecution agreements from, financial institutions and individual employees. These types of actions by U.S. and other governments may, in the future, have significant collateral consequences for Citi, including loss of customers and business, operational loss, and the inability to offer certain products or services and/or operate certain businesses. Citi may be required to accept or be subject to similar types of criminal remedies, consent orders, sanctions, substantial fines and penalties, remediation and other financial costs or other requirements in the future" See comments WSJ full read

Government instructs banks to urgently implement new safeguards to protect customers from scams: https://buff.ly/43h0mYg The Government has fired a shot across the bow of the banking sector, calling for the immediate introduction of new measures to protect customers - and reimburse scam victims who lose life-changing sums of money. Talk* to us about your first / current / next investment today; we’ll help you evaluate your situation and connect you with the right people; call 0800890132 or visit EpsomTax.com for tax advice, strategy&structures and #investments, including #propertyinvestment cryptoinvestment nfts managed funds shares #investmentproperty #property #propertymarket #lending #rentalproperty #realestateinvestment #rentaltax #realproperty #investments #propertytax #propertytaxes #markets #shares #sharemarket #investment #investmentstrategies #investmentstrategy *我的中文说蹩脚，hablamos español, falamos português.

"based on JPMorgan’s size, the #bank can handle the hefty #fines imposed by the regulators. The bank typically has substantial #resources and #riskmanagement capabilities to absorb fines, but the impact on its overall #financialperformance and #reputation can still be significant" Is an average of around $1.7 Billion a year simply a cost of doing business? Interesting that they received fines EVERY year between 2020 and 2023, with 2011 and 2016 having a run of particularly notable fines. Is seems they have kicked off 2024 with a mere $18M, making 275 fines, #settlements and #civilpenalties in all. https://lnkd.in/eUycP7Cq #repeatoffender #compliance #compliancematters 2011: $153.6 million to settle #SEC charges of misleading investors 2012: $296.9 million to settle claims related to mortgage-backed securities. 2013: $13 billion to settle charges related to mortgage-backed securities. 2014: $614 million in fines and restitution to settle claims related to the #LondonWhale trading scandal. 2015: $550 million by the U.S. #ferc for manipulating energy markets. 2016: $264 million to settle allegations that it bribed Chinese officials. #jpmorgan #jpmorganchase #regulatorycompliance https://lnkd.in/ew5FZTN5

Biggest banking violation has just happened, it is hugeee 👇 Guilty Plea: TD Bank has pleaded guilty to violating anti-money laundering laws, marking a historic first as the largest U.S. bank to do so. Financial Penalties: The bank will pay over $3 billion in penalties as part of the plea agreement. Charges Against Units: Two of TD’s units admitted to conspiring to launder money and failing to maintain an effective anti-money laundering (AML) program. Drug-Related Transactions: The bank facilitated over $400 million in transactions linked to individuals selling fentanyl and other dangerous drugs. Neglected Oversight: For nearly a decade, TD failed to monitor over $18 trillion in customer activity, allowing three money laundering networks to operate. Asset Cap Imposed: The Office of the Comptroller of the Currency has imposed a rare asset cap, restricting TD’s ability to expand in the U.S. market. Independent Monitoring: The plea deal includes four years of independent monitoring to ensure compliance with regulatory standards. Stock Market Reaction: Following the announcement, TD Bank's shares dropped nearly 5%, indicating investor concerns over future growth. Leadership Commitment: Incoming CEO Ray Chuntold emphasized that rebuilding the bank's compliance framework is a top priority.

Please see the latest in Money Laundering Watch by Kristen Larson and Kaley Schafer on two FDIC consent orders with banks who partner with fintechs to offer “banking as a service,” related to safety and soundness concerns relating to compliance with the BSA, compliance with applicable laws, and third-party oversight.  A very timely topic, and presumably there will be more to come. https://lnkd.in/er_JGS6A

🇩🇪 Deutsche Bank Told by Regulator to Fix Controls, Once Again Germany’s financial watchdog has threatened to fine #DeutscheBank after the lender failed to fix flaws in its anti-money laundering controls, in the latest setback for chief executive Christian Sewing. Sewing promised to put an end to Deutsche Bank’s long-running legacy of control shortcomings and misconduct scandals after becoming chief executive in early 2018, forking out more than €2bn to improve internal control systems. Yet the bank on Thursday acknowledged that the improvements to its transaction monitoring systems demanded by BaFin had only been “partially completed”. The US Federal Reserve fined Deutsche Bank $186mn last year for a “material failure” to fix “unsafe and unsound banking practices” that the bank had promised to resolve as long ago as 2015. In 2022, the supervisory board capped Sewing’s bonus, along with nine other members of the management board, over the delays in improving internal controls. BaFin said on Thursday that it had extended the mandate of its special monitor, dispatched in late 2018, until October 2024. The monitor’s mandate had been due to end this spring. “BaFin has ordered specific measures to improve the IT systems used for transaction monitoring,” the watchdog said. Deutsche will have to pay a fine if it misses the deadline. In late 2023, BaFin dispatched a second special monitor to oversee Deutsche’s German retail banking unit, which was inundated with client complaints after a botched IT update last summer. It is the second time in less than two years that BaFin has threatened Deutsche Bank with fines over its flawed controls. Source: Financial Times #aml #regtech #fintech #banking #financialservices https://lnkd.in/dS7SYcbP

👀Latest News: TD Bank braces for U.S. penalties, setting aside $450M amidst ongoing talks with regulators over anti-money laundering practices. 🔎Key Findings: - TD Bank earmarks $450 million for expected fines linked to anti-money laundering lapses by U.S. regulators. - TD Bank acknowledges shortcomings in its anti-money laundering efforts, signaling a pressing requirement for enhanced compliance protocols. - Engagement in ongoing discussions with U.S. regulators, warning that the initial reserve might not suffice for all potential penalties, underscoring regulatory uncertainty. Read more here: https://lnkd.in/ddvrxcnh #TDBank #FinancialNews #ACAMS #ACAMSNV

Yesterday, at a joint conference, the Justice Department, FinCEN, the OCC, and the Federal Reserve announced a historic settlement with TD Bank. The bank has agreed to pay $3 billion in penalties and face growth restrictions in the U.S. after pleading guilty to charges related to failures in monitoring anti-money laundering (AML) systems. This case underscores a critical lapse in oversight, as TD Bank was unable to properly track illicit money flows from drug cartels and other criminal organizations. Highlights: • $3 billion settlement, including the largest civil penalty in Treasury’s history. • Growth cap on TD’s U.S. retail business. • Independent monitors in place for four years to ensure compliance. TD’s CEO, Bharat Masrani, took full responsibility, calling it a “sad day in our history,” and will be stepping down as announced earlier in September. A major shift in the regulatory landscape for banking compliance is underway. Read the full details here: https://lnkd.in/eU4uKeai #Finance #Banking #Compliance #Regulation #MoneyLaundering #FinancialCrime #AML

🔍💸 So, TD Bank just got hit with a $3 billion fine for money laundering—proof that even big banks can’t wash away their sins! 😅 Looks like “laundering” isn’t just a service they offer; it’s a whole business model! I guess with that kind of pocket change, they thought they could keep their compliance teams in the dark. For all of us in compliance, this is a reminder: transparency and vigilance are essential—even if some big banks seem to think they can operate in the shadows! Check out the details here: https://lnkd.in/gjvgZVk7 Let’s keep our practices clean, folks! 💼✌️ #BigBankLaughs #ComplianceMatters #Integrity

🚨 Breaking News: TD Bank Hit with Record $3B Fine! 💰 TD Bank pleads guilty to money laundering, facing the largest penalty ever for a bank! 🏦 U.S. authorities enforce an asset cap and demand tighter compliance controls. 🚫💸 This is a serious reminder: anti-money laundering rules are no joke! Stay updated with WikiFX for the latest financial news and insights. 📲 https://lnkd.in/gfF_Mkzb #TDBank #MoneyLaundering #FinanceAlert