The U.K.’s Financial Conduct Authority has appointed two financial services attachés in India and the UAE to help boost the regulator’s presence in key global financial markets and to drive investment into the UK economy.
Top Stories
Posted inTop Stories
SEC charges former execs of auto subprime lender giant Tricolor with fraud, falsifying loan documents
Two former executives and a former manager at subprime auto lender Tricolor Holdings falsified documents in pursuit of a $1.9 billion fraud against investors and banks including JPMorgan Chase, according to the Securities and Exchange Commission (SEC). Tricolor, which formed in 2007 and had dealerships in California, Illinois and Texas, provided subprime car loans to […]
Posted inSanctions
How ordinary Russian investors got caught in the sanctions net
When sanctions against Russia began multiplying in 2022, the public images were hard to miss: Yachts seized in European ports, villas frozen, bank accounts linked to oligarchs blocked. What I remember from the compliance side looked less visible and much more procedural. It was passports, residence permits, source-of-wealth documents, ownership charts, explanations of old bank […]
Posted inData Privacy
Data regulator issues privacy guidance over smart devices
Companies that manufacture smart devices are set to face increased scrutiny from data regulators following concerns that most consumers are unaware of how they collect, use and sell their personal information.
Posted inAccounting & Auditing
New resource from PCAOB addresses compliance questions on QC 1000 standard
Compliance teams with questions about the new audit quality control standard should review the latest resource published by the PCAOB. QC 1000 Questions and Answers addresses issues ranging from roles and responsibilities to ethics, governance, and leadership.
Posted inBest Practices
Navigating the supply chain’s new normal
A supply-chain disruption can look simple: A supplier cannot deliver, procurement finds an alternative, engineering qualifies it and production continues. Geopolitical disruption rarely arrives labeled as a compliance problem. It arrives as a sourcing decision, engineering fix or logistics reroute before compliance becomes involved. Recent developments include: Enforcement shows what can be at stake. In […]
Posted inAML
FinCEN analysis finds smuggling transactions in SARs reached nearly $5 billion
Banks and money services businesses (MSB) reported nearly $5 billion in transactions over three years with suspected links to human smuggling and trafficking, according to an analysis by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). The federal Bank Secrecy Act (BSA) requires banks and MSBs, which include currency exchangers, check cashing businesses and […]
Posted inArtificial Intelligence
California’s AI labeling law takes effect, testing compliance with missing detection tools
California’s AI Transparency Act took effect Aug. 2, requiring generative AI developers to disclose AI-generated content. But a new investigation found several tech companies aren’t following the requirements yet.
Posted inSanctions
Inconsistent sanctions programs leave compliance struggling, while shadow fleet ships slip beneath the radar
Russian “shadow-fleet” ships are using simple tactics to evade sanctions from the U.S., U.K, and EU.
Posted inRegulatory Enforcement
Ex-Bridgestone Americas employee to forfeit $21M earned from stolen funds
A former employee of Bridgestone Americas has pleaded guilty to two counts of wire fraud for carrying out a scheme that resulted in his employer paying nearly $15 million in fraudulent invoices submitted through a fictitious vendor that he created.
