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In financial institutions across the United States, there’s a reflex that’s become almost ritual.
When a regulator walks in, or a board member asks whether the AML program is working, the answer is the same: “We just passed audit.” It’s delivered with confidence, sometimes even pride, as if the risk has been neutralized. But passing audit doesn’t mean your program is safe.
It doesn’t mean it’s effective. And in today’s threat landscape, it doesn’t mean much of anything at all.
The order barring three Mexican financial institutions from doing business with U.S. financial institutions has been delayed until October.
Legal firms face growing global regulatory pressure, requiring compliance managers to focus on integrated systems, identity verification, and staff training to prevent crime and penalties.
The Trump administration’s designation of Mexican cartels as terrorist organizations in February has made doing business in Mexico riskier than ever before for corporations.
Emerging enforcement priorities of the U.S. Department of Justice’s health care fraud division align with the Trump administration’s emphasis on prosecuting transnational criminal organizations and ending opioid trafficking.
Three Mexican financial institutions will be barred from transacting with U.S.-based banks after a U.S. Treasury agency determined that the institutions allowed their networks to aid the illegal fentanyl trade of Mexican criminal organizations.
Bank examiners at the Federal Reserve Board will no longer assess reputational risk during examinations, a concession to the banking industry already underway with two other U.S. regulators.
Compliance is increasingly in the spotlight as companies are tackling everything from artificial intelligence and other new technologies to risk management and mitigation. But it’s soft skills of communication and relationship building that are becoming the most critical tools for success.
Global supply chains are constantly in flux: crucial vendors could suddenly go bankrupt, fail to produce key components without warning, or even lose your firm’s data in a breach. The result has drawn ever more attention to third-party risk management as a critical element of many businesses.
After dismissing its lawsuit against the crypto exchange Coinbase in March, a second investigation into the exchange by the Securities and Exchange Commission has surfaced, according to a report from the New York Times. This comes as a bit of a surprise after the Trump administration has been scaling down regulatory enforcement on cryptocurrency companies in favor of scaling up mainstream adoption.
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