All Risk Management articles – Page 11
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News Brief
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.
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News Brief
Genesis Global Trading fined $8M by NYDFS over AML, cyber lapses
Virtual currency brokerage firm Genesis Global Trading agreed to pay an $8 million penalty levied by the New York State Department of Financial Services for alleged compliance failures that left it vulnerable to illicit activity and cybersecurity threats.
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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.
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News Brief
Morgan Stanley to pay $249M in SEC, DOJ fraud settlements
Morgan Stanley agreed to pay approximately $249 million as part of settlements with the Securities and Exchange Commission and Department of Justice to resolve an admitted fraud scheme involving block trades perpetrated, in part, by a former senior employee at the firm.
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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.
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News Brief
SEC risk alert flags observed deficiencies at security-based swap dealers
A new risk alert from the Securities and Exchange Commission highlighted common deficiencies and weaknesses in the compliance programs of security-based swap dealers.
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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.
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News Brief
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.
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News Brief
FINRA report: Exam trends on off-channel comms, crypto, cybersecurity
A new report from the Financial Industry Regulatory Authority provides observations from examiners on emerging issues affecting the industry, including surveilling potential use of off-channel communications by employees, crypto-asset developments, cybersecurity trends, and more.
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News Brief
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.
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Webcast
CPE Webcast: If it’s not auditable, is it real?
Learn the importance of creating a unified environment to keep up with compliance regulations and how critical having a central source of information is for compliance professionals.
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Opinion
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.
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Need to know: FinCEN beneficial ownership information reporting
Many reporting companies are still unsure whether their organization is required to file beneficial ownership information with the Financial Crimes Enforcement Network or are completely unaware of the new requirements. For those with questions, we have answers.
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Premium
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.
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News Brief
Binance.US names new chief compliance officer
Cryptocurrency trading platform Binance.US, an affiliate independent of its embattled parent company, announced the appointment of Lesley O’Neill as chief compliance officer.
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Ethical compliance for facial recognition technology
The lack of clear regulations and guidelines for the ethical use of facial recognition technology further exacerbates concerns of discriminatory practices and potential infringements on human rights.
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News Brief
NYDFS issues guidance for responding to climate-related risks
The New York State Department of Financial Services issued guidance to regulated banking and lending institutions on managing material financial and operational risks related to climate change.
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Premium
Compliance with CSRD, CS3D, national laws an EU balancing act
Companies could be in danger of failing to comply with a raft of social responsibility-minded legislation at the European Union and national level because they might mistakenly think duties on corporates overlap when they do not.
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News Brief
Ex-ChristianaCare CCO wins $12M in False Claims Act settlement
The former chief compliance officer of ChristianaCare Health System will receive more than $12 million as part of a settlement addressing his allegations of kickbacks and other False Claims Act violations at the Delaware-based hospital network.
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News Brief
PURE Insurance to pay $466K in OFAC sanctions case
Insurance organization Privilege Underwriters Reciprocal Exchange agreed to pay $466,200 as part of a settlement with the Office of Foreign Assets Control addressing alleged sanctioned transactions on behalf of designated Ukrainian-Russian oligarch Viktor Vekselberg.