The Office of the Comptroller of the Currency established its Office of Financial Technology to supervise the fintech industry as it grows at a “rapid pace.”
Technology
Posted inRegulatory Enforcement
Wells Fargo fined $98M for facilitating sanctions violations in Iran, Syria, Sudan
Wells Fargo will pay nearly $98 million to settle charges a subsidiary facilitated more than $532 million worth of prohibited transactions in violation of sanctions against Iran, Syria, and Sudan.
Posted inData Privacy
Survey: Tech key to compliance in changing data privacy landscape
Respondents to a survey from Compliance Week and Exterro largely said they were confident their organizations are meeting regulatory requirements regarding data privacy despite evidence their data retention policies and procedures are outdated.
Posted inRisk Management
Report alleges Block’s Cash App facilitates fraud, disregards AML laws
Investment research firm Hindenburg Research accused financial technology payment company Block of facilitating money laundering, fraud, and scams on its platform.
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Tech’s role in changing data privacy compliance landscape
When it comes to keeping up with data privacy regulation, organizations would be wise to adopt a more comprehensive technology solution to drive efficiency and minimize human error.
Posted inAccounting & Auditing
Veradigm discloses ICFR weakness related to rev rec software tool
Healthcare technology company Veradigm disclosed it expects it misstated revenue by approximately $40 million during its 2021 and 2022 reporting periods.
Posted inRegulatory Enforcement
Webull fined $3M for failing to properly supervise automated trading system
The Financial Industry Regulatory Authority fined broker-dealer Webull Financial $3 million for alleged failures related to customer due diligence and processing and reporting of customer complaints.
Posted inEurope
U.K. moves forward with GDPR reform bill
The U.K. government formally introduced a bill to reform the country’s data privacy laws in a manner projected to save British businesses “billions.”
Posted inEthics & Culture
Ten things I’m excited for at CW National 2023
Ten weeks before Compliance Week National 2023 kicks off May 15 at the JW Marriott in Washington, D.C, CW Editor in Chief Kyle Brasseur shares what he’s looking forward to most at the annual event.
Posted inData Privacy
CFPB, NLRB to collaborate on monitoring employee surveillance
The Consumer Financial Protection Bureau and National Labor Relations Board pledged to share information regarding instances of improper employer use of surveillance tools and the sale of employees’ personal information.
