Articles | Compliance Week – Page 7
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ArticleDOJ dismisses indictment against Cassava advisor amid legal flaws
The DOJ dropped a June 2024 indictment against a Cassava Sciences advisor, closing a case tied to an alleged short-selling scheme and related government probes. The case was criticized for fundamental flaws in evidence and legal procedures.
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ArticleFrench court calls out alleged deceptive net zero claims by TotalEnergies
Regulators in Europe are focused on punishing energy firms that make deceptive claims on net zero targets, as TotalEnergies recently discovered.
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ArticleFormer Capula CCO alleges misconduct and retaliation at the hedge fund firm
The former U.S. chief compliance officer of hedge fund firm Capula Investment Management has blown the whistle against his former employer, alleging he was terminated for raising concerns about improper expensing practices.
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ArticleFINRA fines First Trust $10M for allegedly giving too-generous gifts to brokers
First Trust Portfolios has been fined $10 million by FINRA for allegedly providing excessive meals, gifts, and other incentives to broker-dealers.
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ArticleCompliance officers accused of helping criminals run $346 million international payment fraud network
Four U.S. citizens were arrested in California Wednesday in connection with a massive, $346 million international credit card fraud scheme based in Germany, in which compliance officers were allegedly complicit, according to the DOJ.
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ArticleCompliance should protect firms from AI-washing investigations and insurance claims
Insurance firms are warning that AI-washing could trigger a slew of cases against directors, and are adjusting their directors’ and officers’ liability premiums accordingly. With regulators cracking down on AI-washing, compliance could be a crucial line of defense and save companies on their insurance costs.
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ArticleOCC proposes dropping its ‘recovery plan’ requirements for big banks
Less than a year after a new rule required more of the U.S.’s biggest banks to draft “recovery” plans in case of failure, the rule is on its way out.
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ArticleSanctions, money-laundering and supply chains top agenda for energy sector compliance
The energy sector faces rising regulatory activity, with more rules and enforcement. Bribery, corruption, and sanctions now dominate compliance concerns, driving rapid change and pressure on compliance officers.
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ArticleNavigate SEC cautiously during shutdown, experts advise
The U.S. government shutdown has brought most operations at the Securities and Exchange Commission (SEC) to a screeching halt, but that doesn’t mean compliance teams should be taking a breather, experts advised.
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ArticleRole for compliance as FCA urges U.K. asset managers to take up tokenization tech
The U.K. Financial Conduct Authority (FCA) has opened a consultation on its plans to support “tokenization” – the digital representation of assets on distributed ledger technology (DLT). It is calling for firms to respond to the consultation before November 21. The financial regulator said in a press release on Oct. ...
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ArticleComplying with the EU Data Act – What companies should know
Companies could face significant compliance challenges in trying to meet new EU legal requirements about how companies share data with third parties.
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ArticleSenate Democrats question Vought on comments about closing CFPB in months
Senate Democrats warned OMB Director Russell Vought Tuesday that it would be illegal for the Trump administration to shut down the Consumer Financial Protection Bureau, citing a recent court decision barring actions that could severely harm the agency.
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ArticleCalifornia climate rules cause uncertainty as CARB delays draft guidance
California has delayed the release of draft greenhouse gas reporting rules for businesses until early 2026, the California Air Resources Board said.
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ArticleHow to promote a positive compliance culture – and why behavior matters.
No matter what compliance managers do, people continue to disregard rules. Sandro Boeri, president of the U.K.’s Chartered Institute of Internal Auditors, says a new mandatory standard for internal audit teams can help.
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ArticleNine states collaborating on data privacy enforcement across state lines
Nine states are collaborating to write and enforce comprehensive data privacy laws, in an effort to protect consumers across jurisdictions and due to the absence of a broad, federal privacy law.
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ArticleOCC drops $10M fine against former Wells Fargo risk officer fingered in “fake accounts” scandal
A former Wells Fargo risk officer previously ordered to pay $10 million by the Department of the Treasury’s Office of the Comptroller of the Currency (OCC) for her alleged role in the bank’s “fake accounts” scandal is completely off the hook, according to an OCC consent order issued Tuesday.
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ArticleNYDFS to firms: apply cybersecurity rules to third-parties
The New York State Department of Financial Services (NYDFS) wants financial firms to step up their game when it comes to third parties and cybersecurity.
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ArticleExtra-territorial rules: How to navigate global compliance complexity
Sanctions, tariffs, economic crime, big tech, data privacy, and environmental laws are expanding global compliance risks. Tougher penalties now reach deep into supply chains, making even small suppliers accountable to customers or regulators.
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ArticleNY auto insurers on the hook for $19M for cybersecurity violations
Eight auto insurers failed to meet the requirements of New York’s cybersecurity regulations during widespread online attacks in 2021 and will pay $19 million under consent orders with the New York State Department of Financial Services (NYDFS).
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ArticleEmployee use of ‘shadow AI’ poses significant risks for companies
Companies face increased risk of cyberattacks, data loss, and even regulatory action because employees are using unapproved “shadow AI” tools to help with work-related tasks.