Top Stories

WIC_3

Premium

‘We have to stop shrinking ourselves’: Strategies for confronting BIPOC bias

2024-06-14T12:08:00+01:00By

Attendees at Compliance Week’s Women in Compliance Summit discussed strategies for confronting bias against Black, indigenous, and people of color professional women working in compliance and risk.

Financial Crimes 2024 Pham

Premium

CFTC’s Pham critical of agency stances on CCO liability, self-disclosure credit

2024-06-12T21:18:00+01:00By

Caroline Pham, a commissioner at the Commodity Futures Trading Commission, said compliance officers have a lot to worry about if they or their firms are subject to CFTC enforcement during her fireside chat at CW’s Financial Crimes Summit.

Financial Crimes 2024 Axelrod

Premium

BIS’s Axelrod makes plea to financial services: ‘We want to work with you’

2024-06-12T21:47:00+01:00By

Matthew Axelrod, assistant secretary for export enforcement at the Bureau of Industry and Security, addressed efforts to reach financial services firms, working with the Financial Crimes Enforcement Network, and more during his fireside chat at CW’s Financial Crimes Summit.

Personalize this space

Tell us the subject areas most of interest to you in your job, and we can help you find what you’re looking for quicker. By selecting from our list of topics, industries, and regions, you can customize content on this page to suit your needs.

Sign in to set your preferences

More from Compliance Week

Sanctions compliance TPRM

Premium

Panelists break down robust sanctions landscape at TPRM Summit

2024-06-12T02:35:00+01:00By

Sanctions compliance officers face myriad challenges as complex geopolitical situations heighten risks worldwide, experts discussed during Compliance Week’s Third-Party Risk Management & Oversight Summit.

CityMD

News Brief

CityMD to pay $12M over Covid-19 false claims

2024-06-10T16:01:00+01:00By

CityMD, the largest provider of urgent care practices across New York and New Jersey, agreed to pay approximately $12 million as part of a settlement with the Department of Justice addressing the alleged submission of false claims for payment for Covid-19 testing.

Bank AML

News Brief

FinCEN BSA data: Fraud, money laundering top suspicious activities

2024-06-10T09:43:00+01:00By

The Financial Crimes Enforcement Network published its latest collection of Bank Secrecy Act data, including number and type of suspicious activity reports.

WIC_1

Premium

Experts: AI risk mitigation second nature for compliance professionals

2024-06-07T22:34:00+01:00By

Compliance has been “sleeping on” artificial intelligence, two panelists discussed at Compliance Week’s Women in Compliance Summit. The profession should be positioned to lead on AI governance at the business level.

Artificial intelligence

Premium

OCC’s Hsu encourages banks to apply guardrails to AI use

2024-06-07T21:51:00+01:00By

Warning of an “eventual reckoning” on artificial intelligence use by financial institutions, the acting head of the Office of the Comptroller of the Currency said the industry should learn lessons on how similar disruptive technologies evolved from being helpful to dangerous.

SEC

News Brief

HF Foods to pay $3.9M to settle execs’ alleged fraud

2024-06-07T18:18:00+01:00By

Food service distributor HF Foods Group agreed to pay a $3.9 million penalty as part of a settlement with the Securities and Exchange Commission regarding alleged fraudulent conduct carried out by its former chief executive officer and former chief financial officer.

Texas Capitol

News Brief

​Texas touts team ‘among the largest in the country’ to enforce privacy laws

2024-06-07T13:40:00+01:00By

The state of Texas forecasted “aggressive enforcement” of its upcoming data privacy law with the announcement of a dedicated team to oversee its implementation.

SEC headquarters

News Brief

‘Why us?’ SEC lists reasons it conducts examinations of broker-dealers

2024-06-06T19:22:00+01:00By

A risk alert from the Securities and Exchange Commission listed top reasons why a registered broker-dealer might be the subject of an examination.

Health data

News Brief

Bluestone Physician Services to pay $14.9M in false claims case

2024-06-06T19:07:00+01:00By

Bluestone Physician Services agreed to pay approximately $14.9 million and abide by a corporate integrity agreement to settle allegations that it filed false claims to federal and state health programs for chronic pain care to people in assisted living facilities.

ESG

News Brief

EU agencies examine efforts to identify and monitor examples of greenwashing

2024-06-06T17:00:00+01:00By

The European Securities and Markets Authority, European Banking Authority, and European Insurance and Occupational Pensions Authority issued reports on greenwashing in the financial sector, describing how they plan to call out examples of false or misleading sustainability claims.

London Financial District

Premium

Reignited calls to tighten up AML in London, crown dependencies

2024-06-06T13:52:00+01:00By

Despite repeated interventions, fines, and negative publicity, money laundering is rife in U.K. financial services firms, according to Deputy Foreign Secretary Andrew Mitchell.

SEC building

Premium

Court overturns SEC private fund adviser rule, calls out agency overreach

2024-06-05T20:21:00+01:00By

A federal appeals court struck down the Securities and Exchange Commission’s private fund adviser rule, agreeing with industry advocates that the agency overstepped its authority.

Whistle question

Premium

What to watch for as DOJ whistleblower program sprint ends

2024-06-05T19:14:00+01:00By

The Department of Justice’s 90-day sprint to developing and implementing a pilot whistleblower rewards program ended Wednesday, and many questions remain about what the program will entail.

Epoch Times

News Brief

Epoch Times CFO charged in $67M money laundering scheme

2024-06-04T18:40:00+01:00By

The chief financial officer of the Epoch Times was charged with laundering at least $67 million in illegally obtained funds to bolster the fortunes of the newspaper and himself.

Airbus

News Brief

Airbus U.S. unit dinged by BIS for antiboycott violations

2024-06-04T17:20:00+01:00By

Satellite communications company Airbus DS Government Solutions received a reduced penalty from the Bureau of Industry and Security for admitting self-disclosed violations of antiboycott regulations.

CFPB logo

News Brief

CFPB to require nonbanks to register outside enforcement orders

2024-06-04T16:58:00+01:00By

The Consumer Financial Protection Bureau passed a new rule requiring nonbank financial companies to register consumer protection orders filed against them by other federal agencies, courts, or states.

EEOC

News Brief

EEOC latest regulator to name AI chief

2024-06-04T14:10:00+01:00By

The Equal Employment Opportunity Commission announced the appointment of an officer overseeing the use of artificial intelligence, becoming the latest agency to create the role called for in a President Joe Biden executive order.

Business data

Premium

Big Tech data for finance: Will FCA plans set trend?

2024-06-04T12:26:00+01:00By

Plans in the United Kingdom to share Big Tech data with financial services firms could prompt other industry regulators to follow suit or result in “unintended consequences” that see Meta, Google, and others growing market share.

Ericsson

News Brief

Ericsson completes DOJ-imposed compliance monitorship

2024-06-03T18:48:00+01:00By

Swedish telecommunications giant Ericsson announced the conclusion of the independent compliance monitorship imposed on the company following its 2019 settlement for violations of the Foreign Corrupt Practices Act.

Accounting

News Brief

Autodesk says no restatements following accounting probe

2024-06-03T17:35:00+01:00By

Software company Autodesk said it won’t restate several years of financial statements following an audit committee investigation into potential accounting misconduct.

Hester_Peirce

Podcast

Podcast: SEC Commissioner Hester Peirce on regulatory demands, CCO input

2024-06-03T13:41:00+01:00By

Compliance Week’s Aaron Nicodemus sat down for an exclusive chat with SEC Commissioner Hester Peirce covering the flood of new regulation emanating from the agency, stresses on compliance at smaller firms, CCO liability, and more.

DOJ

Premium

Kanter says DOJ adapting antitrust enforcement for AI

2024-06-03T08:58:00+01:00By

The Department of Justice’s Antitrust Division is examining how its policies and enforcement mechanisms are suited to handle potential issues brought about by the proliferation of use of artificial intelligence.

Hyundai

News Brief

Hyundai Motor caught in DOL complaint over child labor

2024-05-31T18:41:00+01:00By

The Department of Labor sued three Alabama businesses, including a Hyundai Motor manufacturing plant, for employing a 13-year-old worker on an auto parts assembly line.

London dark

Premium

Experts express skepticism toward ‘challenging’ SFO strategy

2024-05-31T15:47:00+01:00By

The U.K. Serious Fraud Office last month published its five-year strategic plan outlining how it intends to improve information gathering and international cooperation, as well as its enforcement record.

Medical devices

News Brief

Innovasis, execs settle false claims case for $12M

2024-05-30T19:00:00+01:00By

Medical device manufacturer Innovasis and two of its top executives agreed to pay a total of $12 million to settle allegations originally brought by a whistleblower that they paid kickbacks to physicians.

Bank of America

News Brief

FINRA dings Bank of America unit over notification lapses

2024-05-30T18:41:00+01:00By

The Financial Industry Regulatory Authority fined a Bank of America subsidiary $90,080 for filing untimely or inaccurate notifications related to security distributions and failing to adopt an adequate supervisory system.

Gurbir Grewal SEC 3x2

Premium

SEC’s Grewal shares views on ‘Five Principles of Effective Cooperation’

2024-05-30T16:13:00+01:00By

Gurbir Grewal, director of the Enforcement Division at the Securities and Exchange Commission, spelled out plainly his view on the best path to earning cooperation credit during settlement negotiations with the agency.

N26

News Brief

BaFin relaxes growth restrictions on N26 following AML improvements

2024-05-29T20:31:00+01:00By

German financial regulatory authority BaFin lifted growth restrictions on N26, after the digital bank made improvements to its anti-money laundering program.

DOJ building

News Brief

Lessons from Arthur Grand ‘whites only’ case

2024-05-29T20:06:00+01:00By

IT company Arthur Grand Technologies’ settlements with the Department of Justice and Department of Labor regarding a discriminatory “whites only” job posting offer key takeaways regarding company liability and reputation risks.

Bank BW

Premium

OCC’s Hsu advocates requiring mid-sized banks create ‘robust’ recovery plans

2024-05-29T20:01:00+01:00By

Acting Comptroller of the Currency Michael Hsu said he favors requiring more mid-sized U.S. banks to conduct the same rigorous recovery planning as the largest banks, part of a lesson learned from the collapse of three mid-sized banks in 2023.

SEC office

News Brief

Mass Ave Global fined $350K for compliance, communication lapses

2024-05-29T19:01:00+01:00By

Mass Ave Global agreed to pay $350,000 for alleged failures that led the investment adviser to make false and misleading statements to investors, according to the Securities and Exchange Commission.

TD Bank sign

News Brief

TD Bank risk chief laments ‘procedural weaknesses’ in U.S. AML program

2024-05-28T19:45:00+01:00By

TD Bank Chief Risk Officer Ajai Bambawale said “procedural weaknesses” in the institution’s U.S. anti-money laundering program allowed bad actors to exploit its network.

GHG emissions

News Brief

Treasury, other agencies issue voluntary carbon market principles

2024-05-28T19:20:00+01:00By

The Treasury Department and other U.S. agencies announced a coordinated federal policy concerning carbon credits and other voluntary incentives to encourage businesses and agriculture to cut their carbon footprints.

OCC

News Brief

Lemont National, Comerica Bank unit avoid penalties in separate OCC deals

2024-05-24T17:39:00+01:00By

The Office of the Comptroller of the Currency reached agreements with Lemont National Bank and Comerica Bank & Trust over concerns related to risk governance practices.

AuditTransparency

News Brief

Broadway Financial discloses ICFR weaknesses due to training shortfalls

2024-05-24T16:27:00+01:00By

Los Angeles-based bank holding company Broadway Financial Corp. disclosed in a public filing weaknesses discovered in its internal control over financial reporting because of training shortfalls.

JPMorgan Chase

News Brief

JPMorgan will pay additional $100M to CFTC to settle trade surveillance lapses

2024-05-24T15:59:00+01:00By

A subsidiary of JPMorgan Chase will pay an additional $100 million to the Commodity Futures Trading Commission to settle charges it failed to adequately monitor and supervise its trading system.

FCC

News Brief

FCC fines Lingo Telecom $2M after CCO warned about fake Biden robocalls

2024-05-23T20:54:00+01:00By

The Federal Communications Commission proposed a $2 million fine against Lingo Telecom for facilitating robocalls that used artificial intelligence to fake President Joe Biden’s voice after the company’s chief compliance officer was warned in February.

Audit

News Brief

PCAOB dings MaloneBailey $400K over ‘pervasive’ quality control violations

2024-05-23T16:35:00+01:00By

Audit firm MaloneBailey agreed to pay a $400,000 fine to settle allegations levied by the Public Company Accounting Oversight Board over “pervasive” quality control violations.

HSBC

News Brief

HSBC fined $8M by FCA for mishandling customers in default

2024-05-23T15:55:00+01:00By

The U.K. Financial Conduct Authority fined HSBC nearly £6.3 million (U.S. $8 million) for failing to properly consider the financial position of customers who missed payments.

Whistleblower vector

Premium

​Debate: Experts discuss pros, cons of whistleblower process

2024-05-23T15:35:00+01:00By

Compliance Week Advisory Board members Eric Young and Ellen Hunt participate in a debate-style discussion regarding whistleblower-related topics including culture of compliance, monetary incentives, retaliation, and more.

DOJ

News Brief

MilliporeSigma’s ‘extraordinary cooperation’ earns it DOJ declination

2024-05-22T20:55:00+01:00By

The Department of Justice declined to prosecute Massachusetts-based biochemical company MilliporeSigma for its “extraordinary cooperation” in uncovering a “rogue” employee’s scheme to procure and ship discounted products to China using falsified export documents.

Intercontinental Exchange

News Brief

SEC orders Intercontinental Exchange to pay $10M over Reg SCI violations

2024-05-22T19:30:00+01:00By

Intercontinental Exchange and nine affiliates agreed to pay $10 million for allegedly failing to inform the Securities and Exchange Commission of a cyber intrusion as required by Regulation Systems Compliance and Integrity.

N26 office

News Brief

N26 fined $9.6M for not timely filing AML reports to BaFin

2024-05-22T18:31:00+01:00By

Germany’s financial supervisory authority issued a fine of €9.2 million euros against mobile bank N26 for “systematically” submitting late anti-money laundering reports.

Citi building

News Brief

Citi unit fined $78.6M by U.K. regs for trading control failures

2024-05-22T18:30:00+01:00By

The Financial Conduct Authority and Prudential Regulation Authority combined to fine a London-based Citigroup subsidiary approximately £61.7 million (U.S. $78.6 million) for control failures related to its trading system.

Cybersecurity

News Brief

​SEC official clarifies material incident reporting under new cyber rule

2024-05-22T16:35:00+01:00By

Erik Gerding, director of the Securities and Exchange Commission’s Division of Corporation Finance, issued a statement addressing early inconsistencies observed under the agency’s new cybersecurity incident disclosure rule.

McDevitt_opinion

Opinion

​Book review: How compliance can help build organizational trust at speed

2024-05-22T16:29:00+01:00By

Anne Morriss, co-author of “Move Fast and Fix Things,” advises compliance officers to tap into curiosity, communicativeness, and comfort with discomfort to build organizational trust, fast.

Water system

News Brief

EPA warns of increased cybersecurity scrutiny toward water systems

2024-05-21T19:27:00+01:00By

The Environmental Protection Agency is increasing its inspections of public drinking water systems after finding a majority of those reviewed were vulnerable to cyberattacks and related threats.

Martin Gruenberg 3x2

News Brief

FDIC chair to resign following report on toxic workplace culture

2024-05-21T18:04:00+01:00By

Martin Gruenberg announced he will step down as chairman of the Federal Deposit Insurance Corporation following the release of an independent review that criticized the agency’s lack of response to employee claims of sexual harassment and discrimination.

skycity_wb

News Brief

​SkyCity Entertainment bracing for nearly $50M in AML penalties

2024-05-21T16:59:00+01:00By

Australian gaming company SkyCity Entertainment Group faces nearly $50 million in penalties for admitted breaches of anti-money laundering and countering financing of terrorism obligations in Australia and New Zealand.

Messaging apps

Premium

Survey: Social media remains vexing issue for financial firms

2024-05-21T12:45:00+01:00By

A recent survey by surveillance technology firm SteelEye found most financial institutions do not monitor their employees’ use of social media or factor in market risks exacerbated by social media posts.

LinkedIn Group