Risk

FTX ex-CEO says he ‘unknowingly commingled funds’

In his first public appearance since his former company's collapse, Sam Bankman-Fried said he doesn’t think he has criminal liability, but what happens with him is “not the important part.”

By Gabrielle Saulsbery • Dec. 1, 2022

Epstein accusers sue JPMorgan Chase, Deutsche Bank

Two unnamed women who allege the disgraced financier sexually abused them are seeking unspecified damages from the banks, which they say enabled Epstein’s behavior.

By Rajashree Chakravarty • Nov. 28, 2022

Explore the Trendline➔

Fraud and AML in banking

Peer-to-peer payments, crypto platforms, ESG investment vehicles and COVID-era relief programs continue to be sources of fraud-related frustration.

By Banking Dive staff

Fed, FDIC order Citi to address data management weaknesses

Citi must submit a “mapping document” addressing the issues by Jan. 31. The bank promised “more streamlined systems that improve the quality of our data as well as the speed with which it can be accessed.”

By Anna Hrushka • Nov. 23, 2022

Lawmakers question SoFi CEO, regulators over crypto activity

The Fed gave SoFi two years from its acquisition of a California bank to divest from a digital-assets business, the lawmakers wrote. But two months later, SoFi touted an “expansion” of crypto services.

By Rajashree Chakravarty • Nov. 22, 2022

FTX owes more than $3 billion to its top 50 creditors

The bankrupt crypto exchange has launched a strategic review of global assets to prepare for the sale or reorganization of some businesses.

By Gabrielle Saulsbery • Nov. 21, 2022

JPMorgan maintains status as world’s most systemically important bank

Citigroup and HSBC maintained their position since last year at a 2% buffer while BNP joined Deutsche Bank and Goldman Sachs at the 1.5% level this year.

By Rajashree Chakravarty • Nov. 21, 2022

Can Congress come together on crypto?

Perhaps even a divided Congress can make bipartisan headway in crafting a regulatory framework for crypto following FTX’s failure.

By Lynne Marek • Nov. 18, 2022

New FTX CEO blasts ‘complete failure of corporate controls’ under Bankman-Fried

CEO John Ray didn’t mince words in discussing mismanagement of the crypto exchange by its founder and others.

By Gabrielle Saulsbery • Nov. 17, 2022

BankProv braces for $27.5M hit on bad crypto mining loans

The Massachusetts-based bank said it has delayed the release of its financial statements for the most recent quarter, adding that losses could exceed the $27.5 million estimate.

By Anna Hrushka • Nov. 17, 2022

Treasury calls for more fintech oversight

Fintechs are re-bundling core banking services outside the bank regulatory perimeter and contributing to competitive pressure in the banking industry, the Treasury Department said in a 122-page report.

By Anna Hrushka • Nov. 16, 2022

Regulators defend their caution on crypto in Senate panel hearing

Some GOP lawmakers blasted a dearth of guidance from the OCC, Fed and FDIC, and one suggested it's up to Congress to establish the rules.

By Dan Ennis • Nov. 16, 2022

BlockFi teeters on bankruptcy as Gemini, Genesis units halt redemptions: reports

The dominos from FTX’s collapse are knocking down players across the crypto industry, with some companies pausing withdrawals and a group of U.S. investors suing FTX's former CEO.

By Gabrielle Saulsbery • Nov. 16, 2022

FTX may have more than 1 million creditors

New CEO John Ray has appointed a new slate of directors at each of the main companies within FTX to guide them through Chapter 11, including a former federal judge.

By Gabrielle Saulsbery • Nov. 15, 2022

Custodia Bank’s master account lawsuit against Fed advances

Custodia’s claim that its master account application has been “unreasonably delayed” by the regulator holds water, a U.S. district court judge ruled Friday.

By Anna Hrushka • Nov. 15, 2022

OceanFirst, Partners call off $186M merger

OceanFirst had closed seven acquisitions since 2015 but cited regulatory delays in the Partners deal’s disintegration. The tie-up recently passed its initial one-year deadline.

By Rajashree Chakravarty • Nov. 14, 2022

Bahamas law enforcement investigating FTX

The crypto exchange has faced a multimillion-dollar hack since filing for bankruptcy Friday.

By Gabrielle Saulsbery • Nov. 14, 2022

Sam Bankman-Fried steps down as FTX CEO amid bankruptcy filing

FTX.com’s assets were frozen in the Bahamas, where the company is headquartered. Crypto lender BlockFi also paused withdrawals because of its exposure to FTX.

By Gabrielle Saulsbery • Nov. 11, 2022

SEC, DOJ probe FTX as Binance backs out of acquisition

Regulator investigations have been going on for months but came to light amid Binance’s now-canceled bid to purchase the exchange.

By Gabrielle Saulsbery • Nov. 10, 2022

BMO Harris ordered to pay $564M in Ponzi scheme case

The bank said it will take a $833.6 million charge in connection with the ruling, which it may appeal. The verdict spotlights the responsibility banks may have for the actions of institutions they acquire.

By Dan Ennis • Nov. 9, 2022

UBS chief risk officer quits to pursue photography career

The Swiss bank tapped Damian Vogel, CRO in its global wealth-management business, to take Christian Bluhm’s place at the beginning of May.

By Anna Hrushka • Nov. 9, 2022

Banks create guide to manage fintech due diligence

The framework isn’t meant to replace existing regulatory guidance, but rather help banks better implement it, said Alloy Labs Alliance CEO Jason Henrichs.

By Anna Hrushka • Nov. 9, 2022

Deutsche may face BaFin penalty over slow AML progress

A warning Friday suggests the German regulator wants quicker action from the bank in response to 2018 and 2019 orders. But Deutsche said it’s “fully aligned” with BaFin ahead of a mid-2023 deadline.

By Dan Ennis • Nov. 7, 2022

Goldman launches digital asset classification system

Datonomy is intended to help institutional investors make sense of the new asset class.

By Gabrielle Saulsbery • Nov. 4, 2022

Banks processed $1.2B in ransomware-related payments in 2021, FinCEN says

It’s not clear if an uptick in ransomware-related filings signifies an actual increase in ransomware-related incidents, FinCEN noted. The bump could be related to improved reporting and detection, the agency said.

By Rajashree Chakravarty • Nov. 3, 2022

U.S. Bank data breach impacts 11K customers

A third-party vendor accidentally shared the names, addresses, Social Security numbers, birthdays, closed account numbers and outstanding balances of about 11,000 customers, the bank said.

By Gabrielle Saulsbery • Oct. 31, 2022