The drumbeat of news regarding Bank of America's compliance (or lack thereof) with the national mortgage settlement has been unrelentingly negative.
For those of you who think that SAC Capital amounts to a den of insider trading, the irony of the news from the embattled hedge fund firm was almost too much to bear. The company has informed customers that it is beefing up its compliance program.
Citigroup has become an all too familiar target of regulators when it comes to money laundering lapses.
Banks and brokerages have grown accustomed to laws requiring them to report suspicious financial activity, an area in which they have been forced over the years to invest heavily.
The Atlantic offers a scathing indictment of the banking industry, arguing that sophisticated investors now regard banks as little more than black boxes.
When Goldman Sachs invested in Facebook, the irony was obvious: The bank was investing in a firm whose product was not allowed in the company offices.
When the top five mortgage originators and servicers agreed to the landmark $25 billion settlement in February, they were required to report on the progress toward fulfilling the terms of the deal at regular intervals. All have filed their first annual reports, with Bank of America winning praise for its aggressive compliance steps.
The Facebook compliance fallout may be starting to hit.
Banks faced a critical deadline earlier this week to implement a slew of new regulatory mandates, and the top banks say compliance will not be a problem.
This is how compliance and anti-fraud controls ought to work.