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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aly McDevitt2020-09-16T13:00:00
Two months after receiving the Department of Justice’s court order in June 2019, Carnival was able to tick off an important item from its to-do list: the hiring of a new chief ethics and compliance officer (CECO).
One of the court’s stipulations had been that Carnival appoint a new chief corporate compliance officer. Carnival did them one better: It found someone who could not only drive the movement of a centralized, enterprise-wide compliance department, but who also had big ideas about how to improve the ethical culture of the corporation. His name was Peter Anderson.
The emphasis on “ethics” in Anderson’s new job title, as well as in the corporate compliance department itself, was intentional. At least half of Carnival’s problems cited in court were ethics-based, according to Anderson. And if history repeating itself taught anything, it’s that the cause of Carnival’s problems may have been rooted in an ethical deficit all along. The solution had to be based on strengthening the corporate culture.
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News and analysis for the well-informed compliance or audit exec.
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2024-07-26T19:49:00Z By Aaron Nicodemus
Three federal banking regulators issued guidance on the risks posed by the use of third-party financial technology firms to deliver bank deposit products and services to customers.
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The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
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Why did JPMorgan Chase retain Jeffrey Epstein for more than a dozen years? How did the relationship persist despite glaring red flags? The “why” is straightforward; the “how” is more complicated.
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Jeffrey Epstein’s designation as a high-risk client should have subjected him to enhanced due diligence that never appeared to occur, most notably at Deutsche Bank. Instead, Epstein was allowed to continue his misconduct despite numerous red flags.
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