Another day, another multimillion dollar fine for a big bank. This week’s $100 million settlement with JPMorgan Chase by the Commodity Futures Trading Commission is notable for reasons that go beyond the hefty sum — $100 million – levied against it as further fallout from its now infamous “London Whale” derivatives trades that lost more […]
Joe Mont
Posted inUncategorized
Are Your Third Parties Violating Sanctions Against Iran, Syria?
Despite a potential thaw in the icy relationship between the United States and Iran, regulators are coming down harder than ever on companies that do business with rogue states, including those whose only connection to countries like Iran and Syria is through third parties. The Securities and Exchange Commission is also playing a bigger role […]
Posted inUncategorized
Government Shutdown Chokes New Regulations to a Trickle
As Congress works on an eleventh-hour plan to end the standoff over the shuttered government and potential default on the federal debt, regulators are laboring to oversee business activities with a skeleton crew. Even after the federal budgets are restored, regulators such as the Securities and Exchange Commission, the Food and Drug Administration, and the […]
Posted inEurope
New EU Privacy Rules Detailed at Compliance Week Europe
As early as this spring, European Union officials will update privacy regulations with changes that will affect not just member nations, but anyone who does business there. Delivering the keynote address to kick off the inaugural Compliance Week Europe conference, Peter Hustinx, head of the European Union’s Data Protection Supervisor, discussed trends and changes afoot […]
Posted inFrom the Archive
Dig Into CFPB Database Finds Firms Improved Complaint Resolution
New analysis by Deloitte studies what’s inside the Consumer Financial Protection Bureau’s controversial complaint database and finds that customer misunderstandings may generate more complaints than errors do, that affluent people in high-end neighborhoods were most often those doing the complaining, and that firms are doing a much better job responding to those complaints. The CFPB […]
Posted inFrom the Archive
SEC Goes Live With Public Website for Crunching Exchange Data
As previewed in a recent speech by Securities and Exchange Commission Chairman Mary Jo White, the Commission on Wednesday launched a website that gives investors the ability to interactively crunch billions of market activity data records from exchanges. Earlier this year, the SEC launched its internal Market Information Data Analytics System (MIDAS), which for the […]
Posted inRegulatory Enforcement
Financial Regulation Blitz Spawns the Regulatory Liaison Officer
Just as the Sarbanes-Oxley Act ushered in the era of the chief compliance officer, the rapid pace of new regulations hitting the financial services industry is spawning a new executive position—the regulatory liaison officer. For now, the new position is emerging mostly at the nation’s largest financial institutions, but some say the specialized function may […]
Posted inFrom the Archive
Shop Talk: Building an Effective Anti-Corruption Compliance Program
Companies that conduct business internationally have always faced tough decisions on bribery and corruption. The gray area of what constitutes a reasonable gift, meal, or stipend versus what could be considered a bribe has caused plenty of sleepless nights for compliance officers. With U.S. regulators and their counterparts abroad continuing to ramp up enforcement of […]
Posted inAccounting & Auditing
Regulators Warn that Death of Windows XP Could Pose Risks
Financial institutions still using the Windows XP operating system should prepare now for glitches and data breaches that could occur when it ceases to be supported by its maker next year, regulators say. On April 8, 2014 Microsoft plans to discontinue support for the once ubiquitous operating system. The announcement by the company, intended to […]
