The recent turmoil in the US financial markets and the collapse of Silicon Valley Bank and other regional banks have caused significant volatility. Internationally, UBS's acquisition of Credit Suisse aims to restore confidence in the Swiss banking system.
When investment professionals use their considerable expertise to perpetuate a fraud, they usually rely on that same expertise to cover it up. The more complex the financial instrument or approach, the better, since most people are uncomfortable questioning things they may not understand.
Investing in Your Compliance Culture
For nearly four years between April 2017 and October 2021, Wells Fargo Advisors went unnoticed in a financially threatening scandal involving its failure to file 34 suspicious activity reports. Risky wire transfers facilitating "money laundering, terrorist financing, and other illegal money transactions to and from foreign countries"1 were swept under the rug due to the faulty implementation of Wells Fargo's 2019 update to its internal anti-money laundering, or AML, monitoring and alert system.
Release Notes for CLEAR Compliance™ (Q2 - 2022)
Investment Giant Pays the Price for Misrepresented ESG Funds
