Amid growing concerns over governance issues, India fintech company BharatPe announced that it would be conducting an independent audit of its internal process and systems. The development comes just days after its founder Ashneer Grover took voluntary leave after an audio clip surfaced that exposed a fight between Grover and Read More
Global bank Citi recently announced plans to hire more than 100 employees to join its global internal audit function. The new auditors will be hired at offices in Jacksonville and Wilmington, Del. as the newest strategic locations for the internal audit function in the United States. The open roles will Read More
The Reserve Bank of India called on India-based banks to align their internal audit functions with international best practices, such as those issued by the Basel Committee on Banking Supervision (BCBS). According to a 2002 guidance note, India banks are required to put in place a risk-based internal audit system Read More
The second-largest lender in Australia, Westpac, says that millions of breaches of anti-money laundering (AML) laws resulted from technology shortcomings and human error, but were not intentional, according to an internal audit. Westpac has recently faced accusations of 23 million instances of AML compliance violations, including failures to detect money Read More
Deutsche Bank’s regulators in the United States have criticized the German lender in an internal audit for weaknesses in fighting money laundering and in risk management, according to a German newspaper on Wednesday. The paper, Sueddeutsche Zeitung, said the bank has 90 days to respond to the audit, which was Read More
The Securities and Exchange Commission announced that Morgan Stanley Smith Barney has agreed to pay $5 million to settle charges that it provided misleading information to clients in its retail wrap fee programs regarding trade execution services and transaction costs. The penalty for charging hidden fees will be distributed to Read More
The demand for internal auditors with financial services knowledge and experience is growing rapidly, propelled by regulatory pressures to appropriately staff internal audit programs with the right volume and caliber of professionals. This has led many internal audit activities within the highly regulated financial services industry to increase their staff Read More
The board of the Federal Deposit Corp. voted to approve changes to the Volcker Rule, which could ease some restrictions under the regulations and provide more clarity on what types of trades are and are not permitted. The Volcker Rule, which is part of the Dodd-Frank Act, generally prohibits banks Read More
