Prudent chief compliance officers should ensure artificial intelligence-related risks are being properly addressed at their businesses considering growing scrutiny being paid to the technology by the Department of Justice.
Risk Management
Posted inEthics & Culture
Microsoft report describes its artificial intelligence safety efforts
Microsoft published a public report covering its artificial intelligence endeavors and steps it is taking to make the controversial technology safe.
Posted inRegulatory Enforcement
SoFi unit fined $1.1M by FINRA for fraud prevention failures
SoFi’s brokerage unit will pay a $1.1 million fine to the Financial Industry Regulatory Authority for fraud detection weaknesses that allowed thieves to create SoFi Money accounts using fake or stolen identities.
Posted inRisk Management
Federal banking regulators issue TPRM guidance for community banks
The Federal Deposit Insurance Corporation, Federal Reserve Board, and Office of the Comptroller of the Currency combined to provide guidance on third-party risk management focused on the unique risks faced by community banks in their third-party relationships.
Posted inData Privacy
Survey: Compliance digital transformation hampered by data access, AI concerns
Few compliance teams describe their access to company data as “robust,” according to a new survey conducted by Compliance Week and NAVEX, while apprehension toward the adoption of artificial intelligence remains a hurdle for the profession to clear.
Posted inData Privacy
Experts: APRA chances unlikely, more state privacy laws certain
The “American Privacy Rights Act” has steep hills to climb if it’s ever going to become law, but that’s no reason for businesses to delay their privacy tune-ups.
Posted inRegulatory Enforcement
FINTRAC fines TD Bank record $6.7M over AML program failings
The Financial Transactions and Reports Analysis Centre of Canada fined TD Bank nearly CAD$9.2 million (U.S. $6.7 million) for failing to comply with its anti-money laundering regulations.
Posted inEurope
EU charts green path forward with ECT withdrawal, new regs
The impending decision by the European Parliament to withdraw from the international Energy Charter Treaty and adopt further climate rules sets a clear direction for green regulations in the region.
Posted inRegulatory Enforcement
JPMorgan expects added $100M penalty for trade surveillance shortcomings
JPMorgan Chase said it expects to pay an additional $100 million to an unnamed regulator to settle alleged trade surveillance failures that have already warranted more than $348 million in penalties by two other agencies.
Posted inRegulatory Enforcement
PayPal off hook in CFPB probe into Venmo fund transfers
Digital wallet company PayPal disclosed it won’t face enforcement regarding a Consumer Financial Protection Bureau probe into its subsidiary Venmo.
