All articles by Aaron Nicodemus – Page 22
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PremiumABA resolution latest effort to separate lawyers from clients’ crimes
Under increasing pressure from federal lawmakers and regulators, the American Bar Association agreed to strengthen the obligations lawyers must meet when weighing whether to stop representing clients who might be using their services to commit financial crimes.
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PremiumSEC, CFTC call for self-reporting to reduce off-channel comms backlash
The Securities and Exchange Commission and Commodity Futures Trading Commission have indicated they will be more forgiving to financial services firms that voluntarily self-report recordkeeping violations and take remedial actions before being asked to do so.
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PremiumQ&A: FlightHub compliance officer on shift to culture of compliance
Sona Bedrossian, FlightHub Group’s general counsel and compliance officer, explains to Compliance Week how the online travel agency embeds compliance into its technology.
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PremiumCommon sanctions compliance trip points from 2023 enforcement cases
Penalties against companies including British American Tobacco, Wells Fargo, and Microsoft demonstrate the multiple ways in which businesses can run afoul of U.S. sanctions—an area receiving increased scrutiny by regulators.
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PremiumSurvey: Financial institutions doing more with less by outsourcing compliance
Respondents to a recent survey conducted by Compliance Week and Guidehouse largely indicated outsourcing improved the effectiveness of their compliance program in fighting financial crime, though limits remain on how much can be outsourced.
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PremiumInvestor lawsuit targets Bank of America over off-channel comms fines
Stockholder lawsuits have emerged as the latest aftershock from the regulatory crackdown against banks and financial services firms for allowing off-channel business communications by their employees.
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PremiumSurvey: U.S. bank failures prompt reassessment of third-party risks
Nearly half the respondents to a Compliance Week and Riskonnect survey regarding the recent U.S. banking crisis said they changed or considered changing their third-party risk management procedures as a result of the turmoil.
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PremiumExperts: XRP ruling offers little clarity on crypto regulation
A judge’s ruling the token XRP does not intrinsically possess the characteristics of a security that must be registered with the Securities and Exchange Commission has not cleared the uncertainty that remains around the regulation of digital assets, according to experts.
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PremiumSurvey: Investment adviser compliance ramps up testing on advertising, marketing
The most popular mock exams conducted by compliance professionals at investment adviser firms this year have been on the Securities and Exchange Commission’s advertising/marketing rule, according to a new poll.
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PremiumFed vice chair: Large banks should expect capital standards to increase
The Federal Reserve Board will propose increasing capital standards for large banks and holding companies to build up the banking system’s resiliency against unanticipated market shocks.
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PremiumSupreme Court to consider case that could affect corporate whistleblowing
The Supreme Court agreed to hear arguments in a case, Murray v. UBS Securities, that has focused attention on the burden of proof whistleblowers reporting misconduct internally must meet to establish retaliation by their public company employer.
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PremiumFed’s Powell: Three takeaways from recent bank failures
Federal Reserve Chair Jerome Powell shared in a speech three observations he had regarding the failures of Silicon Valley Bank, Signature Bank, and First Republic Bank earlier this year.
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PremiumKroll survey: Firms rapidly adopting AI tools for financial crime compliance
A new survey of senior leaders and risk professionals from around the world found more than half the respondents have turned to artificial intelligence technology to address a perceived rise in financial crime risks, although most solutions are still rather new.
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PremiumGoogle Cloud touts impact of new AML AI product
Google Cloud launched a new anti-money laundering product for financial institutions that utilizes artificial intelligence and machine learning to replace manually defined rules used to spot suspicious transactions.
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PremiumFed governor: Increased bank regulation may do more harm than good
Michelle Bowman of the Federal Reserve Board of Governors warned in a speech the agency’s response to the banking crisis might end up hurting the mid-sized financial institutions it is supposed to help.
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PremiumNAVEX report: Driven by cyber threats, infosec compliance top of mind
Compliance teams are taking more responsibility for issues related to information security and data privacy, motivated by increasing threats posed by data breaches and cyber intrusions, according to a new survey from NAVEX.
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PremiumOCC’s Hsu: FIs wise to include risk, compliance in tech product development
As financial institutions mull potential growth opportunities with digital asset and artificial intelligence tools, Acting Comptroller of the Currency Michael Hsu warned against leaving risk and compliance teams out of the loop.
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PremiumHow will regulators’ increased scrutiny of banks play out in practice?
Federal banking regulators have indicated they will be more assertive in their supervision of mid-sized banks in the aftermath of the collapses of Silicon Valley Bank, Signature Bank, and First Republic Bank. What actions might they take?
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PremiumKPMG report: Bank supervision, cyber among reg focus areas for rest of year
A new report by KPMG on key regulatory challenges for the second half of 2023 warned financial institutions to prepare for increased scrutiny, while all companies should expect more questions on how they oversee their cybersecurity and data management programs.
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PremiumSurvey: Social risks in supply chain prove vexing for GRC professionals
Respondents to a survey conducted by the International Compliance Association said they were confident they understood and are properly monitoring the social risks in their companies’ supply chains, though blind spots regarding cultures and strategic plans remain.