In its annual report, which was just released, the Consumer Financial Protection Bureau (CFPB) offered a thorough examination of the more than 1.3 million complaints that customers filed in 2023. The CFPB carefully examined these complaints before forwarding them to more than 3,400 businesses for additional inquiry and resolution.
The stakes for compliance are higher than ever in an era where regulatory control of the wealth and asset management industry is expanding globally. This industry, which is vital to national economies, aids consumers in managing their assets and achieving their financial objectives. But because of its importance, it could also be abused by nefarious organizations looking to launder money.
The FCA, the Financial Conduct Authority, has declared its intention to accelerate its enforcement processes.
Recent allegations that the U.S. Securities and Exchange Commission (SEC) settled with sixteen well-known investment advisers and broker-dealers generated headlines.
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