$40 billion dollar fine & lawsuit against JP Morgan Chase & Bessemer Trust
Federal crime against customers encompass a range of fraudulent and deceptive practices that target individuals.
Financial Crimes Experts & Consultants
- A financial crimes consultant helps organizations prevent, detect, and investigate financial crimes like money laundering, fraud, and other white-collar crimes. They advise on compliance, risk assessment, and internal controls,often focusing on programs and other regulatory requirements.
Key responsibilities and activities of a financial crimes consultant include:
- Compliance and Risk Management:Developing and implementing compliance programs, conducting risk assessments, and evaluating internal controls to prevent financial crimes.
- Investigation and Analysis:Conducting internal investigations,analyzing transactional data, and supporting law enforcement agencies in building cases.
Technology and Systems:Assisting with the implementation and validation of technology systems like AML software, fraud detection systems, and transaction monitoring systems.
- Expertise and Advice:Providing expert advice on regulatory compliance, due diligence, and third-party risk management.
- Training and Education:Developing and delivering training programs on financial crime prevention and compliance policies.
Federal banking violations encompass a wide range of infractions related to banking laws and regulations, potentially leading to enforcement actions by regulatory agencies.These violations can stem from various areas, including compliance with the Bank Secrecy Act(BSA), Home Mortgage Disclosure Act (HMDA) reporting, and other regulations aimed at preventing fraud, money laundering, and ensuring fair lending practices. Common Violations
- Bank Secrecy Act (BSA) Violations:These violations often involve deficiencies in suspicious activity report (SAR) filing, inadequate internal controls, and failure to comply with anti-money laundering (AML) regulations.
- Home Mortgage Disclosure Act (HMDA) Violations:Inaccurate data collection and reporting related to residential mortgage lending are frequently cited, particularly regarding HMDA requirements.
- Other Regulatory Violations:Violations can also occur in areas like strategic planning, capital planning, credit administration, liquidity risk management, and interest rate risk management.
- Unsafe or Unsound Practices:These are actions that jeopardize the safety and soundness of a bank, including those related to strategic planning, capital planning, and risk management.
- Breaches of Fiduciary Duty:Violations related to conflicts of interest, insider abuse, or failure to act in the best interest of the bank's stakeholders.
Enforcement Actions:Federal banking agencies, such as the Federal Reserve Board (.gov), the Office of the Comptroller of the Currency (OCC) (.gov), and the Federal Deposit Insurance Corporation (FDIC) (.gov), can take both formal and informal enforcement actions against banks and individuals for violations.
- Formal Actions:These include cease and desist orders, written agreements, prompt corrective action directives, removal and prohibition orders, and civil money penalties.
- Informal Actions:These are used when a less severe approach is warranted and can include commitments, board resolutions, and memoranda of understanding.
