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News Headlines

20 October 2017 - Four forex bankers gone as Wells Fargo sales practices scandal widens
Wells Fargo & Co.
Source - https://www.thestreet.com/story/14351669/1/wells-fargo-ousts-four-forex-bankers.html
Four Wells Fargo & Co. foreign exchange bankers have left the firm following an investigation into that business and its practices by both the bank and regulators. The bank confirmed the four are no longer with Wells Fargo.

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19 October 2017 - Barclays sued by fund for $850 million for copper market abuse
Barclays Bank
Source - https://www.bloomberg.com/news/articles/2017-10-19/barclays-sued-by-fund-for-850-million-for-copper-market-abuse
Red Kite Management Ltd., the world’s largest metals hedge fund, is suing Barclays Plc for alleged market abuse in the copper market that it claims cost the firm at least $850 million between 2010 and 2013.

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19 October 2017 - Australia's Westpac to refund 200,000 customers for missed benefits
Westpac
Source - http://www.reuters.com/article/us-australia-banks-westpac/australias-westpac-to-refund-200000-customers-for-missed-benefits-idUSKBN1CO0H7?rpc=401&
Australia’s Westpac Banking Corp said on Thursday it will pay refunds to about 200,000 customers who should have received cash benefits, as the country’s lenders seek to ease concerns about their governance after a series of scandals.

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17 October 2017 - Rio Tinto plc fined £27m for breaching disclosure and transparency rules
Rio Tinto
Source - https://www.fca.org.uk/publication/final-notices/rio-tinto-plc-2017.pdf
The Financial Conduct Authority (FCA) has fined Rio Tinto plc (“Rio Tinto”) £27,385,400 for breaching Disclosure and Transparency Rules (“Disclosure Rules”).

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16 October 2017 - Wells Fargo to return $3.4 million to brokerage clients over risky products
Wells Fargo & Co.
Source - http://uk.reuters.com/article/us-wells-fargo-finra-fine/wells-fargo-to-return-3-4-million-to-brokerage-clients-over-risky-products-idUKKBN1CL230
A brokerage industry regulator on Monday ordered Wells Fargo & Co to return $3.4 million to customers after selling them inappropriate investment products, the latest sign that a culture of problematic sales practices have bled into areas outside its consumer bank.

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13 October 2017 - Citi, Deutsche Bank, HSBC get slap on the wrist in Libor rigging case
Citigroup
Source - https://www.rt.com/business/406574-banks-fine-libor-rigging/
Three banks accused of manipulating the Libor benchmark interest rate, Citigroup, Deutsche Bank, and HSBC, have agreed to pay a combined $132 million, according to a US court filing.

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13 October 2017 - IRS suspends contract with Equifax after new malware discovered
Equifax
Source - http://www.msn.com/en-us/money/companies/irs-suspends-contract-with-equifax-after-malware-discovered/ar-AAtnaSS?li=BBnbfcN&srcref=rss&ocid=iehrs
The IRS said late Thursday that it has temporarily suspended the agency's $7.1 million data security contract with Equifax after malware found on the credit bureau's website again called its security systems into question.

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10 October 2017 - Kobe Steel admits falsifying data on components used by 200 firms
Kobe Steel Ltd
Source - http://www.insurancejournal.com/news/international/2017/10/10/466896.htm
Japan’s government sought on Tuesday to contain the fallout from the disclosure by the nation’s third-biggest steel maker, Kobe Steel Ltd, that it had fabricated data on components used in cars, aircraft and space rockets, sending shock waves through the Japanese manufacturing sector.

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10 October 2017 - Wilmington Trust pays US$44m to settle securities fraud case
Wilmington Trust Bank
Source - https://www.law360.com/banking/articles/972615/breaking-wilmington-trust-pays-44m-to-settle-del-securities-case-
Private banking and US investment management giant, Wilmington Trust, has agreed to settle a years-long criminal securities fraud case with a pay out of US$44m.

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07 October 2017 - Government issues IT security warning after Taiwanese bank hacked
Far Eastern International Bank / 遠東國際商業銀行
Source - http://focustaiwan.tw/news/asoc/201710070007.aspx
Taiwan’s premier, Lai Ching-te, has issued an IT security warning after Far Eastern International Bank reported its system was hacked.

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06 October 2017 - Did JPMorgan use 'phoney' mortgages to pay RMBS fines?
JPMorgan Chase & Co
Source - https://www.thenation.com/article/how-americas-biggest-bank-paid-its-fine-for-the-2008-mortgage-crisis-with-phony-mortgages/
An exposé on news site Nation.com claims JPMorgan used a phoney mortgage scheme to pay off fines related to the 2008 RMBS mis-selling scandal.

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06 October 2017 - Wells Fargo C-suite to face shareholder lawsuit
Wells Fargo & Co.
Source - http://www.insurancejournal.com/news/national/2017/10/06/466644.htm
A US federal judge has ruled that former and current members of Wells Fargo senior management, including CEO Tim Sloan, must face a shareholder lawsuit over their involvement in the Wells Fargo false account scandal.

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29 September 2017 - Nomura and RBS' bid to overturn US$839m pay-out rejected
Nomura
Source - http://uk.reuters.com/article/uk-nomura-lawsuit/nomura-rbs-lose-bid-to-overturn-839-million-mortgage-bond-award-idUKKCN1C330H
Nomura and RBS have lost a court appeal to overturn a US$839m pay-out for mis-selling mortgage-backed securities to Fannie Mae and Freddie Mac in the lead-up to the financial crisis.

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29 September 2017 - HSBC pays US$175m to settle Fed forex probe
HSBC
Source - https://www.bloomberg.com/news/articles/2017-09-29/hsbc-to-pay-175-million-to-settle-fed-probe-of-fx-practices
The US Federal Reserve Board on Friday announced that it has fined HSBC Holdings London and HSBC North America Holdings New York US$175m for unsafe and unsound practices in its foreign exchange trading business.

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29 September 2017 - Deutsche Bank to pay US$190m to settle forex class action

28 September 2017 - Morgan Stanley fined US$500k for futures trading fee errors
Morgan Stanley
Source - https://www.law360.com/banking/articles/969354/morgan-stanley-to-pay-500k-for-future-trading-fee-errors
The US Commodity Futures Trading Commission (CFTC) is fining Morgan Stanley US$500,000 for trading fee errors.

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27 September 2017 - JPMorgan ordered to pay US$4bn to widow and family
JPMorgan Chase & Co
Source - https://www.bloomberg.com/news/articles/2017-09-27/jpmorgan-ordered-to-pay-more-than-4-billion-by-dallas-jury
JPMorgan has been ordered to pay US$4bn in damages in a private litigation case that accused the bank of mismanaging the estate of a deceased former American Airlines executive.

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25 September 2017 - Citigroup fined for swaps reporting failures
Citigroup
Source - http://www.foxbusiness.com/features/2017/09/25/cftc-fines-citigroup-over-swaps-reporting.html
The US Commodity Futures Trading Commission (CFTC) has fined Citigroup for failing to report regulatory information about its swap transactions.

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25 September 2017 - Deloitte hit by cyber-attack compromising confidential emails
Deloitte
Source - https://www.theguardian.com/business/2017/sep/25/deloitte-hit-by-cyber-attack-revealing-clients-secret-emails
Deloitte has been the victim of a sophisticated cyber attack which may have compromised confidential email correspondence between the accounting firm and some of its wealthiest clients.

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25 September 2017 - Morgan Stanley fined US$13m for UIT supervision
Morgan Stanley
Source - http://www.reuters.com/article/us-morgan-stanley-finra-fine/finra-orders-morgan-stanley-to-pay-13-million-in-fines-restitution-idUSKCN1C02AN
The Financial Industry Regulatory Authority (FINRA) has fined Morgan Stanley US$3.25m and ordered it to pay approximately US$9.78m in restitution for failing to supervise its representatives’ short-term trades of unit investment trusts (UITs).

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Events

Location: New York, NY
Host: marcusevans North America
• Media partner
Join top experts from Wells Fargo, Citi, Bank of America, PNC and others to discuss and share best practices in qualitative and quantitative capital planning, implementing CECL and IFRS 9 guidelines, defining accounting elements in SMA proposal changes, vendor models and non-model tools, feedback from the regulators post-2017 CCAR and DFAST assessments, deposit modeling, economic capital calculations, and more!


Location: Etc Venues, London, EC3M 1AE
Host: Center for Financial Professionals
• Media partners
3rd Annual New Generation Operational Risk 2017 will bring together industry professionals to provide a platform for discussion, insights and reviewing of the top priorities across the industry. Operational risk is an area that is expanding in focus with many institutions deploying large resources and focusing attention on better management, understanding and most importantly adding value to the enterprise to overcome the direct and indirect risks associated. The Center for Financial Professionals looks to provide high-level insight on critical operational risk areas through interactive panel discussions, thought provoking presentations, interactive Q&A’s, luncheon roundtables and extensive networking opportunities to further progress the discussions.


Location: 8 Fenchurch Place, London, EC3M 4PB
Host: Center for Financial Professionals
• Media partners
The International Fund Management 2017 Summit brings together 300 asset and fund management professionals over two days to discuss and debate the latest in regulatory change, liquidity risk measurement and management, product innovation and much more, across multiple streams.


Location: London
Host: Center for Financial Professionals
The Insurance Risk Forum 2016 brings together senior insurance risk professionals to review the regulatory agenda, Solvency II, data requirements, impact of BREXIT in an era of technological advances.


Location: London
Host: Center for Financial Professionals
The Center for Financial Professionals invite you to attend Liquidity Risk Management Europe, a forum featuring interactive discussions and presentations from over 20 senior liquidity risk, treasury and ALM professionals. You and your colleagues can gain valuable insight from Credit Suisse, Standard Chartered, Nationwide, Barclays Capital, HSBC and many more leading financial institutions.


Location: New York City
Host: Center for Financial Professionals
Hosted by the Center for Financial Professionals, Cyber Risk Across Financial Institutions will feature interactive discussions and presentations assessing cyber risk best-practices across financial institutions for better understanding, management and compliance. Hear from 20+ senior risk professionals from leading financial institutions including; Lazard, AIG, BNY Mellon, State Street, Deutsche Bank, Bank of the West and more.


Location: New York City
Host: Center for Financial Professionals
Hosted by the Center for Financial Professionals, the New Generation Operational Risk conference is a forum featuring interactive discussions and presentations from more than 20 senior operational risk professionals. Over the two days you and your colleagues can gain valuable insight from the OCC and Federal Reserve Bank of New York.


Location: London
Host: Center for Financial Professionals
The Center for Financial Professionals invite you to attend Stress Testing Europe 2016, the leading European stress testing conference, which features keynote addresses from the European Central Bank, another key regulator to be announced soon, and a review of US stress tests from the Federal Reserve Board. Attending the Conference to also hear from over 20 senior stress testing professionals from FI’s including Nomura, HSBC, Credit Suisse, BNY Mellon, Barclays, Lloyds Banking Group, and more.


Location: London | One America Square
Host: Center for Financial Professionals (CFP Events)
Risk EMEA 2016 Conference will bring together industry professionals from a diverse range of global FIs to discuss FRTB, Risk & Regulation, Liquidity Risk, Capital Management.


Location: Amba Marble Arch | Bryanston Street | London | W1H 7EH
Host: Center for Financial Professionals (CFP Events)
FRTB 2016 conference will provide insight from Senior Market Risk professionals who will assess the costs and benefits of the Fundamental Review of the Trading Book and the challenges of implementation.


Location: London
Host: Institute of Operational Risk
This concise one day workshop in London will focus on the core components of the operational risk framework. It will provide the delegates with refresh of the latest tools and techniques for conducting risk and control self-assessments, selecting and analysing key risk indicators, and perfecting the loss data collection process. The course is very practical, uses group exercises and case studies.


Location: Grange City Hotel | London | EC3N 2BQ
Host: Center for Financial Professionals (CFP Events)
New Generation Operational Risk sets to provide insight from industry professionals implementing forward looking operational strategies to ensure compliance and safeguard against increasing technology threats.


Location: Frankfurt, Germany
Host: Center for Financial Studies
• Mike Finlay, CEO of RiskBusiness, participating in a panel discussion on the future of reputational consequence management.

Location: 71 Queen Victoria Street. London
Host: Funding Circle and Broadgate Search
• Mike Finlay, CEO of RiskBusiness, chairing this industry expert panel.
A Q&A panel discussion on digital disruption, with panellists Jerome Le Luel - Chief Risk Officer - Funding Circle (Previously Head of Risk Analytics at Barclays); Raghu Menon - Chief Risk Officer, Regions - Standard Chartered; Paul Rippon – Chief Risk Officer/ Deputy CEO – Mondo Bank (Digital bank) and Paul Harrald – Visiting Professor in Computing Science – UCL Engineering School.


Location: Panama City
Host: Marcus Evans Conferences
The changing financial environment and new national and international regulations necessitate a strategic, forward-looking view on enterprise risk management. The instability of Latin American markets and recurrent political volatility of the continent makes comprehensive risk management crucial in order to create a more sustainable financial sector. This conference provides a platform to share experiences and insight and discuss strategies to help strengthen ERM within your organisation.