A Treasury Department report assessing the use of artificial intelligence tools by the financial sector identified a “growing capability gap” in in-house AI use between large and small financial institutions.
Aaron Nicodemus
Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass.
Email: aaron.nicodemus@complianceweek.com
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Posted inRisk Management
SEC to review registrants’ preparation for next-day trade settlements
The Securities and Exchange Commission wants broker-dealers and certain clearing agencies to know the expectations for the reduction of the settlement cycle for national and international trades from two business days after the trade date to one day.
Posted inAccounting & Auditing
NAVEX whistleblower report finds third parties lead on business integrity
A new report on corporate whistleblowing and hotline trends in 2023 found reporting volume at an all-time high, with key disparities uncovered between reports filed by third parties and those filed by employees.
Posted inEthics & Culture
OCC’s Hsu: ‘Sense of fairness’ key to bank compliance initiatives
Acting Comptroller of the Currency Michael Hsu argued banks should adopt a “strong sense of fairness” to bolster the effectiveness of their compliance programs, particularly regarding lending decisions guided by AI and machine learning tools.
Posted inRisk Management
FDIC proposes strengthening, modernizing bank merger reviews
The Federal Deposit Insurance Corporation proposed to strengthen its approach to evaluating bank mergers under the Bank Merger Act, particularly how it would address factors like competition, financial resources, the convenience and needs of communities, financial stability, and money laundering.
Posted inAnti-Bribery
Adani Group on defense over reports of FCPA probe
Indian conglomerate Adani Group said it is aware of an investigation by the U.S. Department of Justice into bribery allegations against a “third party” but denied a relationship with it.
Posted inAccounting & Auditing
Experts: Legal noise around SEC climate disclosure rule no excuse for standing still
Legal experts are advising their public company clients to move forward with plans to comply with the SEC’s climate-related disclosure rule, despite lawsuits and other challenges being brought against the controversial policy in the aftermath of its approval.
Posted inRegulatory Enforcement
Genesis penalized $21M by SEC for sale of unregistered securities
Crypto firm Genesis Global Capital agreed to pay a $21 million civil penalty to the Securities and Exchange Commission to settle charges that the Gemini Earn investment program was an unregistered security offering.
Posted inEthics & Culture
Policy changes underscore need for enhanced child labor due diligence
Rooting out potential child or forced labor violations in your company’s supply chain can have benefits beyond protecting reputation and being ethically sound. The process can also help your firm comply with pending child labor laws in other jurisdictions.
Posted inRegulatory Enforcement
EFG International settles Cuba, blocked persons U.S. sanctions case
Swiss-based global private banking group EFG International agreed to pay more than $3.7 million as part of a settlement with the Office of Foreign Assets Control addressing apparent violations of U.S. sanctions against Cuba and two blocked individuals.
