Sen. Elizabeth Warren is calling for the ouster of 12 board members at Wells Fargo due to the fake accounts scandal that has rocked the bank. In a letter sent Monday to Federal Reserve Chair Janet Yellen, the Massachusetts Democrat said the scandal has “revealed severe problems with the bank’s risk management practices.” Warren said the central bank has the authority under federal statute to remove the members who were on the board as the matter transpired.

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The FCA statement after Serious Fraud Office charges in Barclays Qatar capital raising case is as follows :  “We are pleased that this matter, which led to the stay of our own case, is now in the public domain. We welcome a fair and transparent hearing on the basis of the charges set out today by the SFO. We work closely with the SFO across a range of matters, in pursuit of our distinct objectives. ”

Moving transactions to rival hubs could affect much of their investment banking work

Some of the biggest US financial groups including Morgan Stanley, Bank of America and Citigroup, are examining whether to move transactions totalling hundreds of billions of dollars out of London to rival hubs because of Brexit, calling into question the City’s role as one of the world’s leading centres for investment banking.
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The former Chief Compliance Officer of MoneyGram International, Inc. reached a settlement Thursday with FinCEN and the DOJ after he was held personally responsible for his company’s anti-money laundering failures.

Thomas E. Haider agreed to pay a $250,000 penalty and be barred from working as a compliance officer for any money transmitter for three years.
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John Griffith-Jones, Chairman of the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR), has confirmed that he will leave both organisations at the end of his term of office, on 31 March 2018.

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It’s impossible to disentangle global geopolitical risk from other macro risks, argues Thierry Malleret, economist, author and chairman of the Global Risk Network at the World Economic Forum. And that’s why we don’t always see major upheaval or disruptive events coming until it is too late. Continue reading…

The U.S. Environmental Protection Agency (EPA) has officially postponed the effective date of a rule designed to help prevent accidents and explosions at refineries and other industrial facilities.

EPA Administrator Scott Pruitt signed a final rule to delay the effective date of amendments to its Risk Management Program (RMP) rule until Feb. 19, 2019. The rule was originally planned to take effect next Monday (June 19).
“We are seeking additional time to review the program, so that we can fully evaluate the public comments raised by multiple petitioners and consider other issues that may benefit from additional public input,” Pruitt said Monday.

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FinTech platforms account for an increasing share of credit provision and policymakers have to consider the opportunities and risks such activity brings, a new report by the Committee on the Global Financial System (CGFS) and the Financial Stability Board (FSB) finds.

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by Ken van Ierlant

Technological developments move so quickly that you can’t keep up with the requisite investments. Companies can build a complete in-house IT environment, but if they do they run the risk that it will be outdated before it even becomes operational. Moreover, these efforts distract from the core activities and core competencies of your business. It is much easier to purchase your IT landscape in the form of services.
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Banks have clearer guidance on how to best manage risks related to money laundering and the financing of terrorism under final revisions issued today by the Basel Committee on Banking Supervision. The revisions pertain to Annexes 2 (“Correspondent banking”) and 4 (“General guide to account opening”) of the guidelines on the Basel Committee’s Sound management of risks related to money laundering and financing of terrorism.
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