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News Headlines

Wednesday, July 18, 2018 - Infinex Investments fined $125,000
Infinex Financial Group
Source - http://www.investmentnews.com/article/20180718/FREE/180719916/william-galvin-infinex-investments-fined-125000?NLID=daily&NL_issueDate=20180718&utm_source=Daily-20180718&utm_medium=email&utm_campaign=investmentnews&utm_visit=707484&itx[email]=39633ebdc6461
Infinex Investments has settled with Massachusetts securities regulators for failing to adequately supervise agents who were selling high-commission securities products, including real estate investment trusts and variable annuities, primarily to senior customers at local banks who didn't understand the products.

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Tuesday, July 17, 2018 - Court finds Travelers crime policy covers money transfer loss due to email spoofing
American Tooling Center Inc.
Source - https://www.insurancejournal.com/news/national/2018/07/17/495389.htm
For the second time in about a week, a federal appeals court has sided with a commercial policyholder where the insurer denied coverage under a computer fraud provision of a crime insurance policy for a money transfer involving fraudulent emails.

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Friday, July 13, 2018 - Anything Visa can do...Mastercard takes time out
MasterCard
Source - https://www.finextra.com/newsarticle/32384/anything-visa-can-domastercard-takes-time-out?utm_medium=dailynewsletter&utm_source=2018-7-16&member=22821
Mastercard has followed Visa in suffering an intermittent outage that caused some card payments to be denied overnight. The downtime was first picked up yesterday evening and persisted for a four-hour period until 10pm, hitting customers at multiple banks in the UK and US.

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Friday, July 13, 2018 - Facebook fined £500k under information commissioner investigation into data use in political campaigning
Facebook
Source - https://www.cmo.com.au/article/643775/facebook-fined-uk500m-pounds-under-information-commissioner-investigation-into-data-use-political-campaigning/
The UK’s Information Commission Office has fined Facebook £500,000 million and called for a new statutory Code of Practice for use of personal information in political activity following its investment into the practice of using data analytics in political campaigns.

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Thursday, July 12, 2018 - CFTC orders commodity trading firm to pay $34 million penalty for attempted manipulation of agricultural markets
Lansing Trade Group, LLC
Source - http://www.mondovisione.com/media-and-resources/news/cftc-orders-commodity-trading-firm-to-pay-34-million-penalty-for-attempted-man/
The Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Lansing Trade Group, LLC (Lansing), a commodity merchandising firm with headquarters in Overland Park, Kansas, for the attempted manipulation of the price of certain wheat futures and options contracts that were traded on the Chicago Board of Trade (CBOT) and for aiding and abetting the attempted manipulation of the cash price for yellow corn from Columbus, Ohio (Columbus Corn).

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Tuesday, July 10, 2018 - Hong Kong fines Citi Asia unit $509,710 for 'dark pool' breaches
Citigroup
Source - https://www.reuters.com/article/us-hongkong-regulator-citigroup/hong-kong-fines-citi-asia-unit-509710-for-dark-pool-breaches-idUSKBN1K0144
Hong Kong’s securities commission has fined a unit of Citigroup HK$4 million ($509,710) for breaching “dark pool” regulations, the regulator said on Tuesday.

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Monday, July 9, 2018 - Hong Kong’s SFC fines CCB International Capital for failing duty as IPO sponsor
China Construction Bank / 中国建设银行
Source - https://www.scmp.com/business/banking-finance/article/2154491/hong-kongs-sfc-fines-chinese-bank-failing-duty-ipo-sponsor
The Securities and Futures Commission on Monday reprimanded and fined CCB International Capital HK$24 million (US$3.06 million) for failing its duty as a sponsor in the initial public offering application in Hong Kong of Fujian Dongya Aquatic Products, the latest in a spate of disciplinary actions against investment banks.

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Monday, July 9, 2018 - Impact of court ruling Chubb unit’s crime policy covers ‘spoofed’ wire transfer
Federal Insurance Company (part of the Chubb Group)
Source - https://www.insurancejournal.com/news/national/2018/07/09/494384.htm
In a closely-watched case on insurance coverage in an age of expanding cyber risk, a federal appeals court in New York has upheld a lower court ruling that a commercial crime insurance policy covers wire transfer losses resulting from a spoofing attack.

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Monday, July 9, 2018 - Ex-Goldman banker weighing plea deal on corruption charges in 1MDB probe
1Malaysia Development Bhd. (1MDB)
Source - https://www.zerohedge.com/news/2018-07-09/ex-goldman-banker-weighing-plea-deal-corruption-charges-1mdb-probe-wsj
One week after former Prime Minister Najib Razak was arrested and charged with misusing state funds over the 1MDB scandal, the Wall Street Journal (the news outlet that originally broke the 1MDB story) is reporting that the former Goldman banker who arranged the three bond offerings that helped fill Razak's slush fund is in talks with US prosecutors over a potential guilty plea in connection to the scheme, which resulted in billions being looted from the Malaysian treasury.

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Sunday, July 8, 2018 - 'VBS paid R5m bribe to PIC executive'
VBS Mutual Bank
Source - https://www.timeslive.co.za/news/2018-07-07-vbs-paid-r5m-bribe-to-pic-executive/
An oversized suitcase stuffed with R5-million was flown to Johannesburg in a helicopter and handed to a Public Investment Corporation executive as a bribe from VBS, according to an affidavit by the broke bank’s former head of treasury.

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Friday, July 6, 2018 - Royal Bank of Scotland settles with Illinois for $20 million in securities case
Royal Bank of Scotland (RBS)
Source - https://chicago.suntimes.com/news/bank-of-scotland-settles-with-il-for-20-million-over-pre-recession-misconduct/
The state of Illinois has reached a $20 million settlement with the Royal Bank of Scotland resulting from the bank’s marketing and sale of mortgage-backed securities a decade ago.

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Thursday, July 5, 2018 - Credit Suisse to pay $77m over Chinese nepotism case
Credit Suisse
Source - http://www.france24.com/en/20180705-credit-suisse-pay-77-mn-over-chinese-nepotism-case
Credit Suisse agreed to pay $77 million to US authorities after admitting it hired the under-qualified relatives of influential Chinese officials in order to win business, the government announced Thursday.

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Monday, July 2, 2018 - From data security darling to cyber fall guy, Monzo experiences a breach of its own
Monzo
Source - https://www.finextra.com/newsarticle/32336/from-data-security-darling-to-cyber-fall-guy-monzo-experiences-a-breach-of-its-own?utm_medium=dailynewsletter&utm_source=2018-7-3&member=22821
After basking in the glow of exposing the Ticketmaster data breach last week, digital challenger bank Monzo has itself become the victim of a data leakage that saw the personal details of some 20,000 customers lifted from third party survey firm Typeform. Monzo generated plenty of favourable news print last week for its role in first spotting a spike in fraud on Ticketmaster customer accounts back in April, some three months before the breach that affected the payment card details of 40,000 people was officially confirmed by the live events site.

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Monday, July 2, 2018 - Commonwealth Bank hit with new class action over money-laundering breaches
Commonwealth Bank of Australia (CBA)
Source - https://lawyerly.com.au/commonwealth-bank-hit-new-class-action-money-laundering-breaches/
The Commonwealth Bank of Australia is facing a second shareholder class action after agreeing to fork over $700 million to settle anti-money laundering claims by the government’s financial intelligence agency.

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Monday, July 2, 2018 - AFLAC, Transamerica hit with $2.5m in fines, restitution for insurance law violations
American Family Life Assurance Company of Columbus (AFLAC)
Source - https://www.law.com/newyorklawjournal/2018/07/02/no-ducking-aflac-transamerica-hit-with-2-5m-in-fines-restitution-for-insurance-law-violations/?slreturn=20180604055505
Two insurers agreed to pay close to $2.5 million in restitution and penalties on Monday for failing to provide information required by law to policyholders in New York state.

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Friday, June 29, 2018 - DFS fines insurance companies over lapse in mandated communication with policyholders
Athene Life Insurance Co. of New York
Source - https://www.law.com/newyorklawjournal/2018/06/29/dfs-fines-insurance-companies-over-lapse-in-mandated-communication-with-policyholders/?slreturn=20180602161350
Athene Life Insurance Co. of New York was fined $15 million by state regulators Thursday after an examination by the agency found the company violated the state’s insurance laws and regulations by failing to make required disclosures to their policyholders.

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Friday, June 29, 2018 - Adviser's alleged fraud costs Morgan Stanley $3.6m in SEC penalty
Morgan Stanley
Source - https://onwallstreet.financial-planning.com/news/advisors-alleged-fraud-costs-morgan-stanley-36m-in-sec-penalty
One broker's alleged misconduct is costing Morgan Stanley millions.

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Friday, June 29, 2018 - Securities firm faces fine over manipulation in bond futures
Mitsubishi UFJ Morgan Stanley Securities
Source - http://www.asahi.com/ajw/articles/AJ201806300024.html
Mitsubishi UFJ Morgan Stanley Securities Co. faces the prospect of a hefty fine over market manipulation by an employee trading in government bond futures.

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Thursday, June 28, 2018 - Deutsche Bank's U.S. brokerage fined $1.4 million for reporting problems
Deutsche Bank
Source - http://uk.businessinsider.com/r-deutsche-banks-us-brokerage-fined-14-million-for-reporting-problems-2018-6
Deutsche Bank AG's U.S. securities division agreed to pay a $1.4 million fine to the Financial Industry Regulatory Authority on Wednesday to settle charges that it violated reporting and supervisory rules related to equity and municipal bond trades.

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Thursday, June 28, 2018 - Deutsche Bank fails US 'stress test'
Deutsche Bank
Source - https://www.yahoo.com/news/us-fed-deutsche-bank-fails-stress-test-205252282.html
German banking giant Deutsche Bank's American operations failed the US Federal Reserve's annual stress test due to "widespread and critical deficiencies" in its risk management, the central bank said Thursday.

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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.