Report: Banks' AML crackdown falls short

Report: Banks' AML crackdown falls short | Commentary: Optimism for bank shares despite new stress test | Calls for climate change stress testing grow louder Created for {EMAIL} | [Web Version]( September 23, 2020 [SIGN UP]( ⋅ [SHARE]( [] Risk Management and Insurance [] [Report: Banks' AML crackdown falls short]( Increased regulatory pressure on banks to report suspicious transactions since the 2008 financial crisis has failed to clean up the financial system, according to a [report]( by the International Consortium of Investigative Journalists. Documents obtained by BuzzFeed News and analyzed by hundreds of journalists across 88 countries, dubbed "the FinCEN Files," reportedly reveal many instances of banks failing to root out nefarious transactions. Full Story: [BuzzFeed News]( (9/20), [Bloomberg (tiered subscription model)]( (9/21) [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] [Commentary: Optimism for bank shares despite new stress test]( The Federal Reserve is about to impose a new stress test on banks, but Telis Demos writes investors should not be unduly concerned, as some positive signals are emerging for the banking sector. While permission from the Fed to resume dividend payouts or stock buybacks remains in question, Demos notes "the fact it didn't immediately commit to an extension of the payout restriction or to recalibrating stress-capital buffers might unleash some bullish sentiment in banks — and a surprise decision to not extend the payout rule could be a big stock booster." Full Story: [The Wall Street Journal (tiered subscription model)]( (9/18) [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] - [Calls for climate change stress testing grow louder]( American Banker online (subscription required) (9/20) [] - [New version of postal banking bill introduced]( NNY360 (Watertown, N.Y.) (tiered subscription model) (9/18) [] Cybersecurity [] [Report documents more sophisticated ransomware scams]( Ransomware operators are teaming up for elaborate operations resembling organized cybercrime, reports Positive Technologies, a provider of enterprise security. Also, cybercrooks are increasingly threatening to publish data online if a ransom is not paid. Full Story: [TechRepublic]( (9/17) [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] - [Duplicate data can be a good defense against ransomware]( TechRadar (9/17) [] Government Regulation [] [Fed issues guidance aimed at boosting MSLP use]( The Federal Reserve has updated its guidance for banks on use of the Main Street Lending Program in hopes of prompting more use of the relief loans. Produced in partnership with the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency, the guidance assures lenders they will not be reprimanded for issuing loans, as long as they are in accordance with the program's requirements. Full Story: [Reuters]( (9/18) [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] - [More capital to flow to firms under Volcker Rule change]( Institutional Investor online (9/15) [] News from Aon [] Q&A: Professional sports in a pandemic When sports, like other businesses, shuttered this year in an effort to control the spread of the novel coronavirus (COVID-19), their absence was one more sign of the enormity of the crisis confronting us. Now, sports around the world are coming back, but their return has not been easy. [Learn more.]( [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] Helping clients navigate increasing complexity: Aon and Willis Towers Watson Greg Case, CEO of Aon, on the heels of the recently overwhelming shareholder vote of approval, discusses how the combination of Aon with Willis Towers Watson is a once-in-a-generation combination that establishes the combined Aon as the firm to help clients navigate today's challenges and together tackle some of the greatest issues facing society. [Find out more.]( [LinkedIn]( [Twitter]( [Facebook]( [Email]( LEARN MORE ABOUT Aon Financial Institutions: [Aon Home Page]( | [Aon Financial Institutions]( [Thought Leadership]( | [Media Room]( [] [] Dare to be irrational! - keep free from formulas, open to any fresh impulse, fluid. Edward Weston, photographer [LinkedIn]( [Twitter]( [Facebook]( [Email]( About Aon Financial Institutions The Aon Financial Institutions Practice develops risk transfer and consulting solutions for a wide range of businesses including banks, insurance companies, asset managers and diversified investment and finance firms. Our experts draw on deep experience in developing products involving management and professional liability, property and casualty, cyber, operational and enterprise risk management, environmental liability, employee benefits, and transactional solutions. These solutions help clients build a tailored risk management program that empowers results for their organizations. Contact Aon Joel Sulkes Aon Global Financial Institutions Practice Leader t 212-441-2364 joel.sulkes@aon.com [www.aon.com]( [Linkedin]( [Twitter]( About Aon Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. 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