Articles | Compliance Week – Page 104
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ArticlePsychology of compliance: Counteracting bias in technology
Counteracting bias is part of the compliance officer job description, and now more than ever is it important for that duty to extend to new business technologies being implemented.
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ArticleExcellus Health Plan fined $5.1M for 2015 data breach
The U.S. Department of Health and Human Services’ Office for Civil Rights fined Excellus Health Plan $5.1 million for failures relating to a 2015 data breach that exposed the personal information of 9.3 million individuals.
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ArticleCFPB under Chopra will be aggressive consumer watchdog, experts say
Rohit Chopra’s nomination to lead the CFPB represents a full-throated return to the combative consumer protection agency under former director Richard Cordray, experts say.
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ArticleAnalysis: Improving SARs effectiveness takes more than act of Congress
In the wake of 2020’s FinCEN Files leaks, the U.S. Treasury this year will undertake a thorough reevaluation of the country’s AML program under the Bank Secrecy Act.
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ArticleFTC Chair Joseph Simons to step down Jan. 29
Federal Trade Commission Chairman Joseph Simons and a group of senior staff announced their resignations, making way for new leadership to be appointed by President-elect Joe Biden.
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ArticleEx-Wells Fargo general counsel fined $3.5M for fake accounts role
General Counsel James Strother agreed to a $3.5 million settlement to become the seventh former senior executive at Wells Fargo fined by the OCC for their role in the bank’s fake account scandal.
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ArticleCapital One fined $390M for ‘egregious’ AML compliance failures
Capital One will pay a $390 million civil penalty for compliance failures regarding banking services offered to its check cashing group, which—according to FinCEN—had a reputation for money-laundering risks.
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ArticleEU regulators beef up SCCs as temporary Privacy Shield alternative
The key data regulators that oversee the European Union’s strict privacy regulation agreed to a beefed up set of contractual terms to provide more clarity about the level of protection data transfers to countries outside the EU can enjoy.
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ArticleOFAC fines Indonesian manufacturer $1M in North Korea sanctions case
The Office of Foreign Assets Control announced a $1.02 million settlement with paper products manufacturer PT Bukit Muria Jaya for lapses in its compliance procedures that led to 28 apparent violations of North Korea sanctions.
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ArticleSurveys: Rushing technology decisions comes with big compliance risks
Embracing technology to help manage risk and improve efficiencies is a trend that’s been developing in the compliance space for a while, but the pandemic has fast-tracked the urgency behind it, according to a couple of recent surveys.
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ArticleToyota to pay $180M for shirking emissions-reporting requirements
Toyota settled a lawsuit with the Department of Justice and Environmental Protection Agency for $180 million—the largest civil penalty ever for violations of the EPA’s emission-reporting requirements under the Clean Air Act.
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ArticleSFO closes bribery probe into British American Tobacco
The U.K. Serious Fraud Office announced it has concluded without prosecution its investigation into British American Tobacco regarding whistleblower allegations of corruption in the conduct of business.
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ArticleBritish Airways breach could cost billions in landmark class-action push
British Airways faces the largest group claim ever made in U.K. legal history over a 2018 data breach that exposed the financial and personal details of more than 400,000 of its customers.
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ArticleSEC sets whistleblower annual award record ($176M) four months into fiscal year
The Securities and Exchange Commission has announced over $176 million in whistleblower awards in the first four months of the current fiscal year, already more than any other year in its history.
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ArticleOCC finalizes controversial ‘Fair Access’ rule as acting head departs
The Office of the Comptroller of the Currency published its much-criticized “Fair Access to Financial Services” rule the same day Acting Comptroller of the Currency Brian Brooks announced he is stepping down.
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Article‘A very strong and vocal regulator’: Biden taps Gary Gensler to lead SEC
Gary Gensler, former chairman of the Commodity Futures Trading Commission, has been picked to be the next chairman of the Securities and Exchange Commission by President-elect Joe Biden.
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ArticleBitGo adds compliance chief from competitor Coinbase
Digital asset platform BitGo announced the appointment of Jeff Horowitz as chief compliance officer. Horowitz joins BitGo from fellow cryptocurrency firm Coinbase, where he served as CCO for 2 1/2 years.
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ArticleEPA’s toxic love affair with high-polluting industries needs to end
A last-minute rule change by the EPA tucked into the Federal Register without a public comment period is the culmination of a years-long chumminess with high-polluting industries that can’t end soon enough, writes Jaclyn Jaeger.
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Visa announces new general counsel amid legal shakeup
Visa announced the appointment of Kelly Mahon Tullier to the newly created position of EVP, chief legal and administrative officer. Julie Rottenberg was subsequently appointed to succeed Tullier as general counsel and SVP.
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INX Limited adds chief compliance officer
INX Limited, a blockchain-based platform for trading digital securities and cryptocurrencies in accordance with U.S. and EU regulations, announced the appointment of Jon Rios as chief compliance officer.