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Washington Report 360 | September 30, 2022

Enforcement Actions. Financial Crime. AML. Climate risk.

Key Highlights

Enforcement Actions. The SEC and CFTC charged 16 of the largest banks and brokerage firms and their affiliates with recordkeeping failures relating to the retention of electronic communications and use of unapproved communication methods; fines totaled $1.8 billion

Financial Crime. FinCEN adopted a long-awaited final rule on beneficial ownership; two additional and related rules now anticipated. (See KPMG Regulatory Alert)

AML. FINRA revised its Sanction Guidelines for broker-dealer violations of the securities rules, including new anti-money laundering and penalties guidelines.

Climate risk. The Federal Reserve will launch a pilot climate scenario analysis in 2023 with six large financial institutions.

 Financial services regulatory news

SEC
  • Enforcement actions against:
CFTC
  • Charged multiple firms for recordkeeping failures, including electronic communications
  • Market Risk Advisory Committee meeting discussing digital asset markets, investor and consumer protections, and climate-related market risks
FINRA
  • Revised sanction guidelines for broker-dealer violations of securities rules, including new AML and penalties guidelines
Interagency
  • FRB, FDIC, OCC, and NCUA joint statement on supervisory practices regarding financial institutions affected by hurricanes Fiona and Ian
FRB
FDIC
CFPB
Treasury
FHFA
  • Annual report on low-income housing and community development activities
  • Proposed amendments to its Duty To Serve Underserved Markets regulation
HUD
  • FHA expansion of credit assessment factors for first-time homebuyers to include positive rental history
BIS

 

                                                               Financial services regulatory news

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Amy S. Matsuo

Principal, U.S. Regulatory Insights & Compliance Transformation Lead

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