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Deutsche Bank

‘An unexpected stress test’: European banks weathering storm of U.S. failures


Except for Credit Suisse’s demise, Europe has so far largely patted itself on the back for preventing further contagion in the banking sector following the failures of Silicon Valley Bank, Silvergate Bank, and Signature Bank in the United States.

Wells Fargo

Wells Fargo fined $98M for facilitating sanctions violations in Iran, Syria, Sudan


Wells Fargo will pay nearly $98 million to settle charges a subsidiary facilitated more than $532 million worth of prohibited transactions in violation of sanctions against Iran, Syria, and Sudan.

Alicia Schwarz

Report: Disney parts with CCO, adds duties to general counsel


The Walt Disney Company is reportedly parting with Chief Compliance Officer Alicia Schwarz, whose responsibilities will be assumed by General Counsel Horacio Gutierrez.

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  • Survey: Cybersecurity, regulatory risks lead TPRM priorities in 2023

  • Survey: Measuring the impact of code of conduct training

  • Survey: How businesses are confronting governmental licenses in M&As

  • Survey: Firms early to prep for SEC’s climate-related disclosure rule

  • Desire for transparency launches FedEx on ESG journey

  • CW case study offers 360-degree view of ransomware attack

  • CW presents: ‘Coming Clean: Volkswagen’s Dieselgate scandal and compliance monitorship’

  • Compliance Week presents: ‘A Tale of Two Storms’

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More from Compliance Week

EIC cover img

Nomination deadline closed for 2023 ‘Excellence in Compliance Awards’


The nomination deadline for CW’s fourth annual “Excellence in Compliance Awards” closed March 31. Winners will be announced in May.


​SEC warns newly registered advisers of overburdening CCOs


Investment advisers newly registering with the SEC have been observed not devoting sufficient resources to their chief compliance officers, sometimes ladling additional responsibilities on the role that take away from time to focus on compliance.


FinCEN mulling beneficial ownership reporting changes amid criticism


The reporting requirements of the beneficial ownership information registry being developed by the Financial Crimes Enforcement Network will likely be revised following harsh criticism from lawmakers and businesses.


William Hill fined record $23.7M for social responsibility, AML failures


The U.K. Gambling Commission announced three units of British bookmaking service William Hill Group will pay a record fine of £19.2 million (U.S. $23.7 million) for failures regarding social responsibility and anti-money laundering.

SEC building

Vale to pay $55.9M in SEC settlement over dam disclosures


Brazilian mining company Vale agreed to pay $55.9 million to settle Securities and Exchange Commission charges it issued false and misleading statements regarding the safety conditions of its dams.

Big Four client turnover 2023

Audit client turnover 2022: Deloitte gains among Big Four, Marcum biggest winner


Deloitte was the only Big Four audit firm to net positive in new public company clients in 2022, while Marcum saw the largest overall gains a year removed from losing 110 clients, according to the latest annual study.

Iowa State Capitol

Iowa privacy bill signed into law; effective 2025


Iowa became the sixth U.S. state to pass comprehensive data protection legislation allowing residents control over how their personal information is accessed and shared.

Michael Barr

‘Textbook case of mismanagement’: Regs point blame at SVB for collapse


Banking regulators defended their supervisory actions and pledged to find answers as to what went wrong when discussing the factors leading to the failures of Silicon Valley Bank and Signature Bank before the Senate Banking Committee.


NAVEX: Record whistleblower report totals suggest ‘more cautious workforce’


More whistleblowers than ever before filed reports with their employers in 2022, with more than half doing so anonymously, according to the latest hotline benchmark report from NAVEX.

DOJ building

Labcorp to pay $2.1M in third party overbilling case


Laboratory Corporation of America agreed to pay $2.1 million to settle Department of Justice allegations the company overbilled the Department of Defense for genetic tests performed by a third party.


Friedman latest fined in PCAOB crackdown on unregistered auditor use


Friedman agreed to pay a $100,000 penalty to settle charges by the Public Company Accounting Oversight Board it over-relied on the work of unregistered Chinese firms across 12 public company audits.


Ex-Binance CCO accused of aiding and abetting CFTC rule violations


The Commodity Futures Trading Commission charged Binance and its founder with operating an illegal digital assets exchange, while former Chief Compliance Officer Samuel Lim faces charges of aiding and abetting the alleged misconduct.


Ex-OneCoin compliance head charged over alleged fraud role


The former head of legal and compliance at OneCoin was indicted on separate charges of conspiracy to commit wire fraud and money laundering for her role in the $4 billion cryptocurrency fraud scheme.

SVB dominoes

Leadership, resource support key to compliance navigating bank turmoil


In sudden bank buyouts, the workload on compliance departments skyrockets as new customers are nearly instantly assumed by the purchasing bank. Experts share their take on managing the resulting risks.

Silicon Valley Bank2

First Citizens to acquire deposits and loans of failed SVB


The deposits and loans of the failed Silicon Valley Bank have been purchased by First Citizens Bank & Trust, although about $90 billion in securities and other assets will remain in receivership.

Data lock

Survey: Tech key to compliance in changing data privacy landscape


Respondents to a survey from Compliance Week and Exterro largely said they were confident their organizations are meeting regulatory requirements regarding data privacy despite evidence their data retention policies and procedures are outdated.

Digital banking

Fed details Custodia Bank membership rejection over risk deficiencies


The Federal Reserve Board further expounded on the risk management deficiencies it found at Custodia Bank as part of the digital-first bank’s application to become a member of the Federal Reserve System.

Cash App

Report alleges Block’s Cash App facilitates fraud, disregards AML laws


Investment research firm Hindenburg Research accused financial technology payment company Block of facilitating money laundering, fraud, and scams on its platform.

CW2022 Kenneth Polite 2

Polite: Look to ABB case for ‘extraordinary cooperation’ example


Compliance officers seeking clarity on what the Department of Justice means by “extraordinary” cooperation or “immediate” self-disclosure should look to the agency’s case history, said Assistant Attorney General Kenneth Polite Jr. during a speech.


Veradigm discloses ICFR weakness related to rev rec software tool


Healthcare technology company Veradigm disclosed it expects it misstated revenue by approximately $40 million during its 2021 and 2022 reporting periods.


Coinbase facing SEC enforcement over potential securities violations


Coinbase said it was served a Wells Notice by the Securities and Exchange Commission for potential violations of securities law regarding multiple of its cryptocurrency products.

Compliance steps

Best practices to ensure your firm’s compliance resiliency


What is compliance resiliency, and why is it crucial for your organization to have it? Recent enforcement examples demonstrate why mapping out a clear business continuity plan can help thwart a risky management reshuffle.

Bank confusion

Experts: Fraud risks heightened amid banking turmoil


The stunning, rapid collapse of Silicon Valley Bank, fueled in its final days by droves of panicked depositors seeking funds, likely added to the chaos within the bank and ratcheted up the risk of fraud, according to legal experts.


TikTok CEO to boast data security efforts in Congress testimony


The fate of popular social media app TikTok in the United States could hinge on the testimony of CEO Shou Zi Chew before the House Committee on Energy and Commerce.

Janet Yellen

Yellen says regs might cover deposits of other struggling banks


Treasury Secretary Janet Yellen said federal regulators are willing to extend the same financial assistance—perhaps even extended deposit insurance—to mid-sized banks struggling to handle the fallout from the failures of Silicon Valley Bank and Signature Bank.


SEC chief accountant eyeing auditor use of network member firms


The Securities and Exchange Commission is paying added scrutiny toward audit firms’ increasing use of network affiliates in their work and the potential for inconsistent quality that comes with such an approach.

Joe Biden

Biden calls for banking exec clawbacks amid failures


President Joe Biden is calling on Congress to “do more to hold senior bank executives accountable” since the market turmoil that has followed the collapses of Silicon Valley Bank and Signature Bank.

Credit Suisse

‘Crisis of confidence’ leads Credit Suisse to merger with UBS


Credit Suisse will merge with UBS in a move approved by Swiss banking regulators after a proposed cash injection from the Swiss National Bank failed to stabilize Credit Suisse’s rapidly declining finances.

Business agreement

Five tips to secure your first role in compliance

2023-03-20T15:00:00+00:00By Judith Hawkins, International Compliance Association

Are you interested in taking that first step into a compliance career but aren’t sure where to start? Consider the following suggestions.

Tupperware Brands

Tupperware to delay annual report amid ICFR weaknesses


Tupperware Brands Corp. disclosed it uncovered material weaknesses in its internal control over financial reporting as part of an announcement its 2022 annual report would be delayed.


Bipartisan bill strengthening SEC whistleblower program reintroduced


Sens. Chuck Grassley (R-Iowa) and Elizabeth Warren (D-Mass.) revived a whistleblower protection bill aimed at shielding whistleblowers from retaliation and cutting down on the time it takes to receive an award from the Securities and Exchange Commission.

Silicon Valley Bank sign

Where will regulators turn following SVB, Signature Bank failures?


Small and mid-sized banks can expect more regulatory scrutiny in the aftermath of the collapses of Silicon Valley Bank and Signature Bank, according to legal experts. The time to prepare is now.


​Fed governor teases new TPRM guidance for banks


The Federal Reserve and other U.S. banking agencies are working to develop joint guidance to clarify regulatory expectations around third-party risk management, according to Fed Governor Michelle Bowman.

Sterling Bank

Sterling Bank spared fine, to pay $27.2M in restitution under DOJ plea deal


Sterling Bancorp pleaded guilty to falsifying securities statements prior to and following a 2017 initial public offering and will pay approximately $27.2 million in restitution, the Department of Justice announced.


CFPB eyeing data broker practices in planned rulemaking push


The Consumer Financial Protection Bureau is asking companies that “track and collect information on people’s personal lives” to provide information to the agency as it considers rulemaking under the Fair Credit Reporting Act.

Wells Fargo sign

Ex-Wells Fargo exec fined $17M for role in fake accounts scandal


Carrie Tolstedt, the former head of Wells Fargo’s community bank, will pay a $17 million fine issued by the Office of the Comptroller of the Currency for her role in the bank’s fake accounts scandal.


​TRACE enforcement report highlights anti-bribery trends from 2022


The United States broke from a three-year downturn in bribery-related enforcement actions, while Brazil continued its emergence in the space, according to the results of the latest annual Global Enforcement Report by nonprofit TRACE.

DOJ wall

Experts: DOJ clawback pilot to be ‘work in progress’


Businesses and compliance professionals should expect the Department of Justice’s new compensation clawback policies to be applied on a case-by-case basis, with broad discretion, according to legal experts.


CISA pilot program seeks to bolster ransomware preparedness


The Cybersecurity and Infrastructure Security Agency announced a pilot program designed to help critical infrastructure entities vulnerable to cyberattacks mitigate a ransomware incident before it occurs.


​SEC proposes Reg S-P updates on incident response, breach notifications


The Securities and Exchange Commission proposed amendments to its regulation requiring broker-dealers, investment companies, and registered investment advisers to establish policies and procedures to safeguard customer records and information.

DOJ building

​Web hosting company fined in DOJ cyber fraud case


Web hosting company Jelly Bean Communications Design and its manager agreed to pay $293,771 in the latest Department of Justice case holding government contractors accountable for poor cybersecurity practices.

ESG money

Accounting and reporting challenges of environmental credits


Companies are working on plans to reduce their carbon emissions. The popularity of environmental credits has grown as a way for companies to meet their emission reduction targets.

DXC Technology

DXC Technology fined $8M over non-GAAP disclosures


IT services provider DXC Technology Company agreed to pay an $8 million penalty to settle Securities and Exchange Commission charges it made material misstatements regarding its non-GAAP disclosures over a two-year period.

Rite Aid

DOJ intervenes in suit alleging Rite Aid helped fuel opioid crisis


The Department of Justice announced its intervention in a lawsuit alleging retail pharmacy chain Rite Aid filled hundreds of thousands of prescriptions for medically unnecessary oxycodone and other opioids in violation of multiple federal laws.

SEC office

Investment adviser fined $50K for compliance lapses following founder/CCO’s death


E. Magnus Oppenheim & Co. must pay $50,000 and hire an independent compliance consultant to settle Securities and Exchange Commission charges of failing to implement compliance policies and procedures following the death of its founder and CCO.

Credit Suisse sign

Credit Suisse discloses ICFR ‘not effective’ in 2022


Credit Suisse Group disclosed in its annual report its internal control over financial reporting was “not effective” for the fiscal year ending December 2022.


Evoqua Water Technologies to pay $8.5M for alleged revenue inflation


Evoqua Water Technologies Corp. agreed to pay $8.5 million to resolve charges the actions of a former company finance director led the firm to misstate its revenue in filings with the Securities and Exchange Commission.


Swedbank reserves $3.7M for OFAC settlement


Swedbank said it expects to pay 40 million Swedish krona (U.S. $3.7 million) as part of a settlement with the U.S. Treasury’s Office of Foreign Assets Control related to apparent sanctions violations.

Silicon Valley Bank2

Regulators on damage control following SVB, Signature Bank failures


The White House, Department of the Treasury, and other federal banking regulators swung into action over the weekend to prevent the failure of two banks with $264 billion in combined deposits from turning into a full-blown economic crisis.

Coal mining

DOJ declines to prosecute Corsa Coal in FCPA case


Corsa Coal Corp. was notified by the Department of Justice it won’t face prosecution for alleged bribes employees paid to Egypt’s Al Nasr Company for Coke and Chemicals to secure coal supply contracts.

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