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.
Technology
Posted inRisk Management
Treasury recommends more oversight for bank-fintech relationships
A new Treasury report found as the trend of nonbank fintech companies providing financial services in partnership with regulated entities continues to grow, regulators need to increase oversight of these relationships to curb the risks they pose.
Posted inRegulatory Enforcement
SEC investigating Apollo Global, Carlyle Group, KKR for employee off-channel communications
Three private equity firms have disclosed they are under investigation by the Securities and Exchange Commission (SEC) for having allowed employees to use unauthorized communication channels like WhatsApp and WeChat to conduct company business.
Posted inEthics & Culture
CW Europe: Compliance challenges in 2023 and beyond will look a bit different
Dealing with risks relating to artificial intelligence; diversity, equity, and inclusion; and shortfalls in staff, training, and expertise are set to be among the biggest challenges for compliance officers in 2023 and the years ahead, say practitioners.
Posted inRisk Management
Automation can improve AML compliance but won’t replace human touch
While automation has the potential to transform anti-money laundering compliance, it will not replace the human practitioners relied upon to get investigations to the finish line, experts discussed at the ACAMS annual conference in Las Vegas.
Posted inTechnology
New OCC office to supervise fintechs
The Office of the Comptroller of the Currency will heighten its focus on the financial technology space with the creation of a new department in early 2023.
Posted inEurope
French DPA latest to fine Clearview AI over GDPR violations
France’s CNIL became the fourth European data protection authority this year to fine Clearview AI over its controversial facial image aggregation practices, matching a pair of its counterparts with a €20 million (U.S. $19.6 million) penalty.
Posted inEthics & Culture
ICO guidance stresses importance of reasoning in employee monitoring
The U.K. Information Commissioner’s Office issued draft guidance to help ensure employers’ monitoring of staff performance does not turn into surveillance or harassment.
Posted inEthics & Culture
AI monitoring benefits must be weighed against employee skepticism
The EU’s agency for occupational safety and health released a report examining the risks and opportunities of AI-based worker management systems for employee’s physical and mental wellbeing.
Posted inEurope
Experts: EU Cyber Resilience Act puts pressure on tech developers, users
The EU’s proposed Cyber Resilience Act primarily puts pressure on tech manufacturers to ensure the cybersecurity of their products, but companies also have a duty of care to use the most secure products available.
