Oreeest

Billion-Dollar Bank Pays $65,000,000 Fine, Faces Cease-and-Desist Order After Violating Bank Secrecy Act, Deploying Poor Risk Management

layer011@newsletter.paragraph.com (Oreeest) — Sun, 04 Feb 2024 19:38:53 GMT

A Los Angeles-based lender known as the ‘bank to the stars’ will pay a $65 million fine for a number of violations, including failure to follow the Bank Secrecy Act. The Office of the Comptroller of the Currency (OCC) says City National Bank engaged in “unsafe or unsound practices” ultimately resulting in lapses in several areas including operational risk management, compliance risk management, strategic risk management and investment management. The OCC also finds that the lender violated the Bank Secrecy Act and failed to comply with regulatory standards that were created to ensure the health of large insured national banks. On top of the civil penalty, the OCC also issued a cease-and-desist order to City National Bank which requires the lender to form a Compliance Committee. The body will be tasked to create an action plan that would address the lender’s systemic deficiencies, present a “reasonable and well-supported timeline” for completion and name the people responsible for accomplishing the OCC’s remedial measures. In a statement to Reuters, City National Bank says it is intent on resolving the issues identified by the OCC at the soonest possible time. “Our focus will continue to be on both strengthening our infrastructure and systems to reflect a bank of our size and business model.” The bank has agreed to pay the fine and take remedial actions without admitting or denying the OCC’s findings. City National Bank manages over $93 billion in assets and is known for having close ties with Hollywood.

PlanB Predicts Timeline for New Bitcoin All-Time High, Says BTC Won’t Go Below This Floor Price

layer011@newsletter.paragraph.com (Oreeest) — Sun, 04 Feb 2024 19:37:31 GMT

In a new video update, the quant analyst tells his 96,300 YouTube subscribers that BTC is unlikely to ever dip below $31,000 again based on Bitcoin’s 200-week moving average. “Historically when Bitcoin is diverging from the moving average line, [it] won’t drop below that line, so that could mean – not a guarantee – but it could mean, that’s also my opinion, that we will not drop below $31,000 again. It’s sort of the floor at the moment. The nice thing is that this floor is rising because as you can see the 200-week moving average is always going up, it’s always rising, so next month it will not be $31,000, it could be $32,000 or $35,000.” PlanB goes on to say that the top crypto asset by market cap will likely see a new all-time high in Q4 of this year before ultimately crashing. “After the 90% [orange dots] always comes 100% [red dots], the new all-time high. So this means that we [will] see another all-time high before another crash in my opinion, and usually that is six months after the halving, so that would be October [of] this year, we could see a new all-time high.”

JPMorgan Chase To Blame After $2,220,000 Drained From Bank Accounts in ‘Obvious Fraud,’ Alleges New Lawsuit

layer011@newsletter.paragraph.com (Oreeest) — Sun, 04 Feb 2024 19:35:17 GMT

tru or no?

Bitcoin’s muted price volatility shifts traders’ focus to LINK, ICP, RNDR and SUI

layer011@newsletter.paragraph.com (Oreeest) — Sun, 04 Feb 2024 19:32:31 GMT

Bitcoin

BTC

$42,634

remains stuck in a range and is on target to end the week with a marginal gain of about 2%. Trading suite DecenTrader said in an update that the sideways price action could continue for one more month before a buying surge in anticipation of the halving in April.

While the spot Bitcoin exchange-traded funds (ETFs) have opened the gates for institutional investments, the inflows have been slow as large trading platforms are doing their due diligence, according to a Bloomberg report.

btc progress

layer011@newsletter.paragraph.com (Oreeest) — Sun, 04 Feb 2024 19:30:31 GMT

correction or bullrun?)