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U.K. Regulator Fines Charles Schwab Unit $12.1 Million Over Client Assets

However, Charles Schwab failed to protect its clients’ assets under U.K. rules and didn’t put in place the necessary safeguards to ensure, if required, that there could be an orderly return of client assets, the regulator said.
“The firm took remedial action at various points after discovering the breaches. There was no actual loss of client assets and CSUK stopped holding client assets from Jan. 1, 2020,” the FCA said.
If CSUK hadn’t agreed to settle the case, it wouldn’t have received a 30% discount to the fine. CSUK would then have been fined £12.8 million, the regulator added.
The customers that suffered the consequences of the breaches were all retail customers, the FCA said. ....

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MoneyGram, After Spending Millions on Compliance, Wants Stronger Due-Diligence Rule

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FinCEN and the Fed proposed keeping the threshold at $3,000 for domestic transactions. The so-called travel rule regulations are intended to help law enforcement and regulators later investigate and prosecute illicit activities by preserving an information trail.
“Criminals are using smaller-value transfers and convertible virtual currencies to facilitate terrorist financing, narcotics trafficking and other illicit activities,”
Kenneth Blanco,
director of FinCEN, said this month at a financial crimes enforcement conference, noting that regulators had received about 2,900 comments regarding the proposed rule.
FinCEN and the Fed will review the comments and then decide whether to approve the final rule.
The American Bankers Association, in a comment letter in November, urged FinCEN and the Fed to withdraw the proposed rule. The association asked the regulators to consider the costs the reduced threshold would impose on en ....

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