All articles by Aaron Nicodemus – Page 19
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Automation can improve AML compliance but won’t replace human touch
While automation has the potential to transform anti-money laundering compliance, it will not replace the human practitioners relied upon to get investigations to the finish line, experts discussed at the ACAMS annual conference in Las Vegas.
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Credit Suisse names new CCO, plans strategic overhaul
Credit Suisse announced sweeping changes to its strategy that includes selling off parts of its investment banking portfolio and shrinking its global headcount—an attempt to pivot from risky investment ventures and back toward its historic specialty of wealth management.
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SEC passes Dodd-Frank executive pay clawback rule
The Securities and Exchange Commission passed a rule to require public companies to recover incentive-based compensation doled out to current and former executives up to three years before issuing an accounting restatement.
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Former JPMorgan compliance exec settles with bank over SOX whistleblower suit
Shaquala Williams, a compliance executive who sued JPMorgan Chase after she said she was fired for blowing the whistle on deficiencies in the bank’s anti-money laundering compliance program, agreed to settle her case.
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ICICI Bank cited by OCC for BSA/AML compliance failures
The Office of the Comptroller of the Currency ordered the New York branch of ICICI Bank to implement sweeping changes to its anti-money laundering and Bank Secrecy Act compliance programs but will not fine the bank if the improvements are completed.
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CFPB facing ‘existential threat’ following appeals court funding ruling
An appeals court’s finding the Consumer Financial Protection Bureau’s funding mechanism to be unconstitutional could affect a multitude of lawsuits filed against the agency, according to legal experts.
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FATF classifies Myanmar as high risk for money laundering, terrorist financing
The Financial Action Task Force designated Myanmar as a high-risk jurisdiction with “significant strategic deficiencies” regarding its anti-money laundering, countering the financing of terrorism, and financing of proliferation prevention efforts.
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Barclays facing $56M fine over Qatari investor disclosures
The U.K. Financial Conduct Authority provisionally notified Barclays it intends to fine the bank £50 million (U.S. $56 million) for failing to properly disclose financial arrangements made with Qatari investors in 2008.
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CFIUS issues first-ever enforcement and penalty guidelines
The Committee on Foreign Investment in the United States issued its first-ever enforcement and penalty guidelines for entities that violate mitigation agreements with CFIUS or otherwise run afoul of the Defense Production Act of 1950.
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Uber CSO ruling fallout: Individual liability extends to data breach response
The case of the Uber chief security officer found guilty by a jury on two felonies for covering up a data breach and misleading federal regulators opens up another potential individual liability issue executives handling cyber incidents face, according to legal experts.
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NodusBank avoids fine in OFAC case over Venezuela sanctions violations
Nodus International Bank was found to have violated U.S. sanctions against Venezuela by the Office of Foreign Assets Control for allowing three unlicensed transactions on a blocked account.
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Lafarge to pay $778M for supporting terrorist groups ISIS, ANF in Syria
French multinational building products company Lafarge pleaded guilty to providing material support and resources to two U.S.-designated foreign terrorist groups in Syria, representing the Department of Justice’s first corporate material support for terrorism prosecution.
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AT&T to pay $23M to settle Illinois bribery probe
An Illinois-based subsidiary of AT&T will pay $23 million and revamp its ethics and compliance program following a criminal investigation into bribes the company paid attempting to influence the Illinois state legislature.
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Gatehouse Bank fined $1.77M for inadequate customer due diligence
Gatehouse Bank was fined £1.58 million (U.S. $1.77 million) by the U.K. Financial Conduct Authority for failing to address “significant weakness” in AML checks the bank conducted on customers who posed a higher risk of committing financial crime.
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State Street recruits global CCO from Google
State Street Corp. hired Yvette Hollingsworth Clark to be its global chief compliance officer and executive vice president. Hollingsworth Clark joins from Google, where she served as head of compliance for the consumer trust business.
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U.S. includes surveillance concessions in new transatlantic data flow framework
President Joe Biden’s executive order on a data privacy framework aims to provide a workable, legally resilient solution for companies to continue moving and storing the personal data of EU-based citizens to American-based servers without running afoul of the GDPR.
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FCA faults board oversight of compliance in fining Sigma Broking $589K
London-based brokerage firm Sigma Broking was fined £531,000 (U.S. $589,000) for failing to report certain transactions to the U.K. Financial Conduct Authority.
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Ex-Uber security chief found guilty of obstructing FTC data breach probe
Joseph Sullivan, the former chief security officer of Uber Technologies, was found guilty of two felonies connected to allegations he covered up a massive data breach at the ridesharing company and misled federal regulators about Uber’s response.
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Q&A: Hellmann compliance head on choosing a whistleblower tool
Dominik Waszczynski, head of global compliance at Hellmann Worldwide Logistics, shares with Compliance Week the decision-making process that led to the company’s selection of a new and improved whistleblower hotline tool.
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PCAOB fines 4 firms for failing to identify who led, participated in audits
The Public Company Accounting Oversight Board penalized four audit firms for failing to disclose who led specific audits for their firms and whether any other firms were involved in those audits.