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‘AI washing’: What is it and why regulators are on watch

2024-03-01T12:00:00+00:00By

Federal agencies, including the Securities and Exchange Commission, Department of Justice, and Federal Trade Commission, are taking every opportunity to warn firms that how they use—and represent their use of—artificial intelligence could result in violations.

Business ethics

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Best practices for determining need for a human rights policy

2024-02-29T13:21:00+00:00By

Does your business need a human rights policy? An increasing number of organizations believe they do, according to research firm Gartner.

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FCA vows transparency, faster case outcomes in new enforcement strategy

2024-02-28T18:26:00+00:00By

The U.K. Financial Conduct Authority will rein in its enforcement focus and commit to providing more updates on its ongoing investigations as part of a revamped strategy designed to quicken the pace and increase the deterrent impact of its cases.

Dark money

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FinCEN head touts compliance through enforcement approach

2024-02-27T19:01:00+00:00By

Andrea Gacki, head of the Financial Crimes Enforcement Network, said recent enforcement actions by the agency have addressed significant gaps in the U.S. anti-money laundering/countering the financing of terrorism regime and exposed specific risk factors, trends, and typologies.

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Nomination deadline for 2024 ‘Excellence in Compliance Awards’ extended

The nomination deadline for Compliance Week’s fifth annual “Excellence in Compliance Awards” has been extended and will now close March 15. Finalists will be announced in early April.

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FCA calls attention to continued trade manipulation tactics

2024-02-28T13:17:00+00:00By

Financial firms continue to flout rules designed to protect investors from being misled about the true value of financial products, according to a recent bulletin from the U.K.’s Financial Conduct Authority.

ESG

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Grewal: Investors care about ESG claims—so do SEC enforcers

2024-02-27T20:34:00+00:00By

Environmental, social, and governance issues are increasingly material to investors, and the Securities and Exchange Commission is checking to ensure businesses’ ESG statements are above board, according to the agency’s enforcement director.

Walmart

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Walmart shares successes behind supplier emissions reduction initiative

2024-02-27T12:25:00+00:00By

Retail giant Walmart announced the completion of an initiative to reduce emissions in its supply chain six years earlier than its intended target.

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CFPB exercises power to supervise installment lender World Acceptance

2024-02-26T21:01:00+00:00By

Installment lender World Acceptance Corp. was the subject of the Consumer Financial Protection Bureau’s first use of a dormant legal provision allowing it to establish supervisory authority over more nonbank financial companies.

Kenya flag

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FATF adds Kenya, Namibia to AML/CFT watchlist; UAE, Uganda removed

2024-02-26T20:14:00+00:00By

Kenya was one of two African countries included in the Financial Action Task Force’s latest update to its list of jurisdictions under increased monitoring for money laundering and terrorist financing, while the United Arab Emirates was among four countries removed.

Working two jobs

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Compliance’s role in managing challenges related to employee side hustles

2024-02-26T15:00:00+00:00By Camelia Gardot, CW guest columnist

Employees engaging in side businesses—part-time jobs or new company creations—can introduce a myriad of risks for a company.

AI for business

Article

CW National 2024 preview: Diana Kelley on AI implications for compliance

2024-02-26T11:30:00+00:00By

Artificial intelligence expert Diana Kelley will discuss what AI means for organizations and explore the technology’s implications for compliance and enterprise risk as part of a keynote address at Compliance Week’s National Conference in Washington, D.C.

DOJ wall

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DOJ official: Expect more cybersecurity false claim enforcements

2024-02-23T14:05:00+00:00By

The announcement of a record year in several areas of False Claims Act enforcement at the Department of Justice was accompanied by a warning that more significant cases are coming, particularly regarding cybersecurity-related claims.

Employee relations

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Experts: No easy fix for U.K. senior manager accountability shortcomings

2024-02-23T12:22:00+00:00By

Legal experts generally agree the U.K.’s record for prosecuting board-level executives for financial and economic crime could be better. But some believe there is a problem criticizing poor enforcement when the legislation in place has its own shortcomings.

Lloyds

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Lloyds discloses FCA probe into AML controls

2024-02-23T12:14:00+00:00By

Lloyds is the latest U.K. financial institution being probed by the Financial Conduct Authority regarding its anti-money laundering control framework.

Avast

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Avast to pay $16.5M in FTC case over deceptive data selling

2024-02-22T22:14:00+00:00By

The Federal Trade Commission proposed Avast pay $16.5 million and be prohibited from selling any browser data to settle charges the software provider sold consumer information to third parties after promising it would not.

DOJ building

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DOJ appoints first chief AI officer

2024-02-22T19:33:00+00:00By

On the heels of a warning by the deputy attorney general that the agency will seek stiffer penalties in cases involving the misuse of artificial intelligence, the Department of Justice announced Jonathan Mayer as its first chief AI officer.

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Opinion

Ten things I’m excited for at CW National 2024

2024-02-22T13:00:00+00:00By

A new month and a new venue but a lot of the same you love about Compliance Week’s National Conference. CW Editor in Chief Kyle Brasseur shares what he’s looking forward to most at the 2024 edition of the annual event.

DoorDash

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DoorDash fined $375K in second public CCPA enforcement

2024-02-22T12:54:00+00:00By

Food delivery company DoorDash agreed to pay a $375,000 fine as part of a settlement announced by California Attorney General Rob Bonta addressing alleged violations of the California Consumer Privacy Act.

Barclays

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Barclays says FCA probe into AML controls closed

2024-02-21T18:49:00+00:00By

Barclays Bank disclosed an investigation by the U.K. Financial Conduct Authority into the bank’s anti-money laundering controls has closed without a penalty.

Wells Fargo

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Wells Fargo says DOJ, SEC diversity hiring probes closed

2024-02-21T17:52:00+00:00By

Wells Fargo disclosed investigations by the Department of Justice and Securities and Exchange Commission into the bank’s diversity hiring practices concluded without enforcement action.

Silicon Valley Bank

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Fed upping supervisory pressure as SVB collapse nears 1-year mark

2024-02-21T15:59:00+00:00By

Since the failure of Silicon Valley Bank nearly one year ago, the Federal Reserve Board has revamped its supervisory procedures to respond more quickly and forcefully once it identifies emerging risks at mid-sized and large banks, according to the agency’s vice chair for supervision.

Employees

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U.K. labor shortage stakes up following tripled illegal worker fines

2024-02-21T15:11:00+00:00By

Fines for employing people who do not have a legal right to work in the United Kingdom have risen, meaning employers who fail to carry out the required checks or neglect to re-examine the status of those on temporary work visas could face substantial penalties.

London business district

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SFO raids kick off probe into collapsed Signature Group

2024-02-21T14:55:00+00:00By

The U.K. Serious Fraud Office carried out several residential raids as it announced the launch of a criminal investigation into collapsed property investment firm Signature Group.

JPMorgan Chase

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JPMorgan bracing for $350M in penalties over trade surveillance

2024-02-20T20:29:00+00:00By

JPMorgan Chase disclosed in a regulatory filing it expects to be penalized approximately $350 million by two unnamed U.S. regulators over lapses in its trading surveillance activities.

DOJ building

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The path to DOJ cooperation credit: Analyzing recent FCPA cases

2024-02-20T14:55:00+00:00By

Recent enforcement actions offer guidance on what the Department of Justice considers to be an “imminent threat” of disclosure or government action, what it means by “prompt” disclosure, and how a company can earn credit for revealing all relevant facts.

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Public consultation on GDPR opens door for changes

2024-02-20T14:24:00+00:00By

Feedback from a European Commission consultation on the six years of enforcement of the General Data Protection Regulation could result in tweaks to the rules and potential changes to the way data protection authorities enforce them.

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TIAA unit to pay $2.2M for Reg BI lapses

2024-02-19T16:00:00+00:00By

A subsidiary of the Teachers Insurance and Annuity Association of America agreed to pay more than $2.2 million as part of a settlement with the Securities and Exchange Commission for not acting in the best interest of its retail customers regarding their retirement accounts.

Van Eck

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VanEck fined $1.8M over influencer promo nondisclosure

2024-02-19T15:00:00+00:00By

Van Eck Associates agreed to pay $1.75 million as part of a settlement with the Securities and Exchange Commission regarding its alleged failure to properly disclose the planned involvement of a social media influencer in the launch of an exchange-traded fund.

James Levey 3x2

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Q&A: ManpowerGroup compliance director on CSRD prep efforts

2024-02-19T14:00:00+00:00By

James Levey, compliance director at global recruitment agency ManpowerGroup, discusses with Compliance Week his focus on preparing the group’s European operations to gather the data required for compliance with the EU’s Corporate Sustainability Reporting Directive.

Teamwork

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LRN survey: Compliance programs shifting focus from bribery, corruption

2024-02-16T22:35:00+00:00By

Many ethics and compliance programs have refocused their efforts away from bribery and corruption and onto data security and privacy, complex government regulations, artificial intelligence security, and other contemporary challenges, a survey from LRN found.

Ventialtors

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Lincare to pay $26M over Medicare billing violations

2024-02-16T19:55:00+00:00By

Lincare, a supplier of durable medical equipment, agreed to pay $25.5 million to settle allegations it billed federal health programs for the rental of ventilator machines after patients no longer needed to use them.

Morgan Stanley

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Morgan Stanley fined $1.6M by FINRA over municipal securities closeouts

2024-02-16T19:21:00+00:00By

Morgan Stanley will pay a $1.6 million fine levied by the Financial Industry Regulatory Authority for failing to close out certain municipal securities transactions over a five-year period.

CFTC

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CFTC appoints new head of whistleblower office

2024-02-16T16:53:00+00:00By

The Commodity Futures Trading Commission appointed Brian Young as director of its whistleblower office.

Treasury Department

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FinCEN head: Agency seeking to educate, not punish, BOI reporters

2024-02-16T13:55:00+00:00By

The Financial Crimes Enforcement Network will focus its attention regarding compliance with its new beneficial ownership reporting requirements on education and outreach during the first year of implementation, although “willful violations” will still merit punishment.

Sterling Bank

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Ex-Sterling Bank GC cited by OCC over BSA-related failures

2024-02-15T21:00:00+00:00By

The Office of the Comptroller of the Currency issued a cease-and-desist order against the former general counsel at Sterling Bank and Trust for not ensuring the institution’s Bank Secrecy Act compliance and failing to timely file suspicious activity reports.

Lisa Monaco

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DAG Monaco: AI to be top DOJ enforcement priority

2024-02-15T17:27:00+00:00By

The Department of Justice will seek stiffer penalties in cases where the threat of misconduct was greater because of misuse of artificial intelligence, according to Deputy Attorney General Lisa Monaco.

Climate

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Verifiable data key as companies begin TNFD-aligned disclosures

2024-02-15T14:47:00+00:00By

More than 320 organizations worldwide committed to disclosing their impact on nature following the recommendations of the Taskforce on Nature-Related Financial Disclosures.

Cloud Computing

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Toeing the ‘fine line’ of cloud security compliance

2024-02-14T22:26:00+00:00By

When organizations move their data or operations to the cloud, the compliance team has their work cut out and then some, experts discussed at CW’s Cyber Risk & Data Privacy Summit.

Human trafficking

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FinCEN: BSA data shows spike in crypto-financed human trafficking

2024-02-14T21:32:00+00:00By

Bank Secrecy Act reporting data disclosed by the Financial Crimes Enforcement Network revealed a significant spike in the use of cryptocurrency to finance human trafficking.

London dark

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New SFO director vows quicker cases, stumps for whistleblower payouts

2024-02-14T21:21:00+00:00By

“Under my leadership, the SFO will be bolder, more pragmatic, more proactive,” said Nick Ephgrave in his first public speech as head of the U.K. Serious Fraud Office.

Zoetis

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Zoetis says no action from OFAC in Iran sanctions matter

2024-02-14T15:53:00+00:00By

Zoetis, a developer and manufacturer of vaccines and medicines for animals, disclosed it was informed by the Office of Foreign Assets Control that it won’t face enforcement for potential violations of Iran sanctions uncovered during an acquisition integration.

Board table

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U.K. governance code revisions: Boards lead on culture, audit supports

2024-02-13T22:12:00+00:00By

Corporate culture, internal controls, and assurance moved up the boardroom agenda with the publication of the U.K.’s revised corporate governance code and its supporting guidance.

Treasury Department

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FinCEN to propose applying BSA requirements to investment advisers

2024-02-13T21:15:00+00:00By

The Financial Crimes Enforcement Network will propose categorizing investment advisers as financial institutions that must comply with the Bank Secrecy Act, including having an anti-money laundering program.

Financial Conduct Authority

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FCA fines, bans ex-London Capital & Finance compliance head over promos

2024-02-13T19:17:00+00:00By

The U.K. Financial Conduct Authority issued a fine of £31,800 (U.S. $40,000) against a former compliance director at London Capital & Finance for allegedly approving misleading promotions that led to investor deception.

Whistle

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Experts: SCOTUS ruling shifts onus to employers in whistleblower cases

2024-02-12T21:35:00+00:00By

The Supreme Court’s unanimous decision to reaffirm whistleblower protections under the Sarbanes-Oxley Act in a case involving UBS has wide ramifications in many other industries beyond financial services, according to legal experts.

Gallagher

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Insurance broker Gallagher off hook in DOJ FCPA probe

2024-02-12T14:45:00+00:00By

Arthur J. Gallagher disclosed the Department of Justice ended an investigation into the insurance broker’s business in Ecuador for potential violations of the Foreign Corrupt Practices Act.

Supreme Court

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SCOTUS reaffirms whistleblower protections in ruling against UBS

2024-02-09T20:27:00+00:00By

The Supreme Court reaffirmed whistleblower protections guaranteed under the Sarbanes-Oxley Act in a unanimous decision expected to set a precedent that impacts all corporate internal reporting cases.

Employee monitoring

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The blurred lines of employee monitoring under GDPR

2024-02-09T20:03:00+00:00By

The French data regulator’s fine against an Amazon warehouse manager for violating employees’ rights to privacy in the workplace once again raises questions about what constitutes an overzealous approach to employee monitoring and why companies fail to recognize the signs.

SEC building

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Latest SEC off-channel comms sweep nets $81M in fines against 16 firms

2024-02-09T17:05:00+00:00By

The ongoing off-channel communications sweep by the Securities and Exchange Commission netted 16 more broker-dealers and investment advisers, with the latest wave of fines totaling more than $81 million.

Bank of America

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Table: SEC, CFTC off-channel communications penalties

2024-02-09T17:00:00+00:00By Compliance Week

The Securities and Exchange Commission and Commodity Futures Trading Commission have combined to levy about $2.8 billion in penalties (so far) against firms and their affiliates in response to recordkeeping failures regarding employee use of off-channel communications for business purposes.

SEC

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SEC, CFTC adopt rule for enhanced large hedge fund disclosures

2024-02-09T14:06:00+00:00By

Large hedge fund advisers will be required to disclose more information on their investment strategies, investment exposure, operations, and more as part of a rule change jointly adopted by the Securities and Exchange Commission and Commodity Futures Trading Commission.

Treasury Department

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Anti-fraud groups praise FinCEN AML proposal for real estate transactions

2024-02-08T20:09:00+00:00By

The Financial Crimes Enforcement Network issued a notice of proposed rulemaking that would require the handlers of all-cash residential real estate transactions in all U.S. cities and counties to disclose the beneficial owners.

Raytheon

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Raytheon parent discloses indications of improper payments in Middle East

2024-02-08T19:46:00+00:00By

RTX Corp., parent company of aerospace and defense giant Raytheon, disclosed an internal investigation launched into potential improper payments in connection with contracts in the Middle East found indications of misconduct.

HHS

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Penn State Health to pay $11.7M over self-disclosed Medicare violations

2024-02-08T18:33:00+00:00By

Multihospital healthcare system Penn State Health agreed to pay more than $11.7 million to resolve self-disclosed violations of Medicare rules related to improper billing.

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