Nearly two-thirds of senior compliance executives anticipate third parties to be the most heightened area of risk to their businesses in 2023, according to the results of a new study.
Technology
Posted inRegulatory Enforcement
HSBC to pay $45M to settle CFTC spoofing, recordkeeping violations
HSBC was fined $45 million by the Commodity Futures Trading Commission over allegations its traders used manipulative and deceptive trading practices. The bank and its subsidiaries were separately fined $30 million by the CFTC for business use of off-channel communications by employees.
Posted inEurope
French DPA fines Clearview AI $5.7M for noncompliance with previous order
France’s data protection authority last month fined facial recognition company Clearview AI €5.2 million (then-U.S. $5.7 million) for failing to comply with an October order to cease and desist from further violations of the General Data Protection Regulation.
Posted inRegulatory Enforcement
HSBC, Scotiabank latest caught in regs’ off-channel comms sting
The Bank of Nova Scotia and HSBC were fined $22.5 million and $15 million, respectively, by U.S. regulators for admitted recordkeeping failures regarding employee use of off-channel communications to conduct company business.
Posted inEthics & Culture
Chapter 2: ‘All in the same family’: How Flex’s 100-plus facilities align on sustainability
The global sustainability team at Flex is “the connectors” across the enterprise, said program head Barjouth Aguilar. Company leaders share observations, strategies, and technologies driving their coordinated sustainability efforts.
Posted inEthics & Culture
KPMG survey finds CCOs gearing to add staff, increase tech spend
A new KPMG survey of chief compliance officers at Fortune 500 companies found nearly three out of every four expect to enhance their compliance functions in response to pressure from regulators and their own boards.
Posted inRegulatory Enforcement
FTC attorney says agency concerned with generative AI use
The Federal Trade Commission is closely tracking company use of artificial intelligence tools for possible rule violations involving deception, discrimination, excessive manipulation, or unfairness.
Posted inEurope
ChatGPT back in Italy after user privacy updates
ChatGPT restored access for Italian users after changes to its privacy controls were welcomed by the country’s data protection authority.
Posted inRisk Management
SEC risk alert flags branch office cybersecurity controls
The protection of customer personal data by branch offices of broker-dealers and investment advisers should be just as robust—and as well-coordinated—as protocols used by the firm’s home office, according to the Securities and Exchange Commission.
Posted inRegulatory Enforcement
U.S. authorities reiterate enforcement focus on AI discrimination
Officials at four U.S. agencies warned they are prepared to act against bias or discrimination that involves artificial intelligence.