Wells Fargo Securities agreed to pay a $425,000 penalty as part of a settlement with the Financial Industry Regulatory Authority addressing allegations of disclosure lapses affecting millions of trade confirmations and related supervisory failures.
Technology
Posted inRisk Management
Study: AML pros say tech, not hiring, will keep them ahead of financial crime
A survey of financial crime professionals found that while three of every four companies added more anti-money laundering employees in 2023, nearly all respondents said growing their department’s headcount alone won’t keep up with emerging risks.
Posted inEthics & Culture
NYDFS proposes AI use guidance for insurers
The New York State Department of Financial Services issued for public comment guidance for insurers operating in the state regarding their use of artificial intelligence systems and other predictive technologies.
Posted inAnti-Bribery
Lessons from Albemarle, ABB: How data-driven compliance can help your firm
Andrew McBride, chief risk officer of Albemarle Corp., and Tapan Debnath, head of integrity, regulatory affairs and data privacy at ABB, discussed how and why their respective organizations use data analytics to conduct business as part of a recent webcast.
Posted inRisk Management
NIST report: Mitigating the risks of cyberattacks on AI systems
Cyberattacks on artificial intelligence systems are increasing, so it’s important users know their vulnerabilities and try to soften the damage if they get hit, according to a new report by the National Institute of Standards and Technology.
Posted inRisk Management
Deepfakes: A silent threat to digital integrity and AML efforts
Deepfakes have emerged in the digital world as a silent pandemic threatening not only our digital integrity but becoming a major risk to anti-money laundering efforts.
Posted inRisk Management
FinCEN analysis: Most common identity-related suspicious activities
Fraud remains the leading form of identity-related suspicious activity cited in Bank Secrecy Act reports by a large margin, while technologies enable greater overall risks around exploitation, according to new research from the Financial Crimes Enforcement Network.
Posted inRegulatory Enforcement
Report: Canada’s FINTRAC to increase reliance on AI
Canada’s financial intelligence agency aims to increase its use of artificial intelligence technology to improve its capabilities to analyze data and detect suspicious activity, according to an agency official.
Posted inAccounting & Auditing
Ten things I’d like to see happen in 2024
Election years in the United States, United Kingdom, and at European Parliament, along with ongoing geopolitical tensions, make 2024 difficult to predict—aside from the expectation compliance officers will be busy.
Posted inEthics & Culture
Compliance lessons from Rite Aid facial recognition case
The Federal Trade Commission was clear in its recent enforcement action against Rite Aid regarding its expectations for companies using facial recognition technology or any biometric security or surveillance systems.