Panelists discussing risk ownership at CW’s virtual TPRM and Oversight Summit share their experiences educating first-line leaders on their roles and responsibilities in the TPRM process.
Internal Controls
Posted inInternal Controls
Bankman-Fried fraud charges detail FTX’s lack of internal controls, risk management protocols
A flurry of criminal and civil fraud charges laid against FTX founder Sam Bankman-Fried have pulled back the veil on the cryptocurrency exchange’s complete lack of internal controls and toothless risk management procedures.
Posted inEurope
Compliance implications of Danske Bank’s $2B Estonia money laundering settlement
Danske Bank reached final resolutions with U.S. and Danish authorities to settle allegations regarding widespread anti-money laundering deficiencies at its former Estonia branch.
Posted inEthics & Culture
Compliance budgets, staffing brace for impact of recession prep efforts
Respondents to our “Inside the Mind of the CCO” survey whose businesses are anticipating an economic recession note smaller budgets and the delay of new initiatives among efforts already undertaken to cut costs.
Posted inEurope
Santander UK fined $132M for poor AML controls
The U.K. arm of Santander was fined approximately £107.8 million (U.S. $132 million) by the Financial Conduct Authority for “serious and persistent” gaps in its anti-money laundering controls.
Posted inAccounting & Auditing
Challenges for SPACs: Public company, now what?
Special purpose acquisition company transactions have unique risks and require awareness of what it takes to operate as a public business. Internal controls, governance, technology, and more are essential.
Posted inAnti-Bribery
Top ethics and compliance failures of 2022
Businesses not taking AML requirements seriously, years of noncompliant off-channel communications catching up to financial services titans, and a manufacturing firm that shared revenue with terrorists comprise CW’s list of the biggest ethics and compliance fails of 2022.
Posted inInternal Controls
No time managing risk? No wonder FTX collapsed
Sam Bankman-Fried’s admission he put no effort into risk management in leading cryptocurrency exchange FTX makes it easy to understand how the firm collapsed so quickly.
Posted inAccounting & Auditing
Avaya discloses ICFR weaknesses linked to whistleblower logs
Avaya Holdings disclosed its assessment of internal control over financial reporting in its fiscal year 2021 annual report can’t be relied upon, along with acknowledging weaknesses in its ethics and compliance program.
Posted inEurope
Danish financial regulator refers Jyske Bank to police for AML violations
The Danish Financial Supervisory Authority reported Jyske Bank to Danish police for allegedly violating the country’s anti-money laundering law regarding its customer due diligence measures.
