All Risk Management articles – Page 38
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PremiumSEC, CFTC call for self-reporting to reduce off-channel comms backlash
The Securities and Exchange Commission and Commodity Futures Trading Commission have indicated they will be more forgiving to financial services firms that voluntarily self-report recordkeeping violations and take remedial actions before being asked to do so.
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News BriefFund administrator Theorem to pay $122K over missed red flags
The Securities and Exchange Commission ordered Florida-based fund administrator Theorem Fund Services to pay more than $122,000 to settle allegations it missed red flags regarding a $39 million fraud.
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OpinionSEC’s latest whistleblower award worth note beyond $104M payout
The SEC announced a $104 million award split among seven whistleblowers, but the fact nearly a dozen claimants contacted the agency seeking to provide information related to one action should be notable to companies regarding the stakes of the current whistleblower landscape.
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News BriefWells Fargo fined $200M in latest SEC, CFTC off-channel comms sweep
The Securities and Exchange Commission and Commodity Futures Trading Commission continued their crackdown on financial firms’ recordkeeping failures regarding employee use of off-channel communications with $555 million in total fines levied against nine institutions and their affiliates.
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PremiumQ&A: FlightHub compliance officer on shift to culture of compliance
Sona Bedrossian, FlightHub Group’s general counsel and compliance officer, explains to Compliance Week how the online travel agency embeds compliance into its technology.
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PremiumCovington mulling appeal of ruling in SEC breached client case
Covington & Burling is leaving open the possibility of appealing a recent federal court order requiring the law firm to provide the names of hacked clients to the Securities and Exchange Commission.
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News BriefFed report highlights emerging cyber threats, including generative AI
The Federal Reserve listed the proliferation of generative artificial intelligence tools among areas of emerging cybersecurity threats for banks to monitor as part of its annual resilience report.
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News BriefACI Worldwide to pay $20M in settlement with states over data handling
ACI Worldwide is set to pay $20 million as part of a proposed settlement with states related to lax data handling and erroneous transactions that resulted in previous penalties against the company levied by the Consumer Financial Protection Bureau.
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News BriefAlbemarle reserves $219M for FCPA settlements
Chemical company Albemarle Corp. disclosed it is set to pay $218.5 million as part of proposed settlements reached with the Department of Justice and Securities and Exchange Commission regarding apparent violations of the Foreign Corrupt Practices Act.
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News BriefDubai financial regulator fines Mirabaud unit $3M for weak AML controls
A Middle Eastern unit of international banking group Mirabaud was ordered to pay a $3 million fine for inadequate anti-money laundering controls by the Dubai Financial Services Authority.
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News BriefFormer NatWest compliance officer awarded $112K in unfair dismissal case
A former risk and compliance officer at National Westminster Bank was awarded nearly £88,000 (U.S. $112,000) after a U.K. employment tribunal found she was unfairly dismissed and discriminated against during her sick leave for colon cancer.
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PremiumRisks, opportunities under SEC’s cyber incident disclosure rule
The clock is ticking for public companies to put in place policies and practices to meet the requirements of the Securities and Exchange Commission’s newly approved cybersecurity incident disclosure rule.
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News BriefSEC risk alert flags staffing, policy weaknesses in AML compliance exams
Broker-dealers complying with anti-money laundering/countering the financing of terrorism requirements put forward by the SEC must be mindful of the resources they are providing for their programs during the current heightened risk environment.
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ArticleFinancial crime investigations: Leveling up
The drive toward upskilling in the field of investigations is not exclusive to the law enforcement and intelligence communities. Investigations knowledge and expertise among those working within industry will also become an increasingly valued commodity.
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News BriefSenator pushes for probe into Microsoft’s ‘negligent cybersecurity practices’
Sen. Ron Wyden (D-Ore.) is calling on federal agencies to hold Microsoft accountable for “negligent cybersecurity practices” that played part in a Chinese hacking campaign that targeted U.S. government email addresses.
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PremiumCommon sanctions compliance trip points from 2023 enforcement cases
Penalties against companies including British American Tobacco, Wells Fargo, and Microsoft demonstrate the multiple ways in which businesses can run afoul of U.S. sanctions—an area receiving increased scrutiny by regulators.
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PremiumNeed to know: New York City AI bias law
Companies that use automated tools to screen candidates for jobs based in New York City must check those systems for bias or potentially run afoul of a first-in-the-nation law.
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News BriefBNP Paribas nearing settlements with SEC, CFTC over off-channel comms
BNP Paribas disclosed it reached proposed settlements with the Securities and Exchange Commission and Commodity Futures Trading Commission regarding alleged use of off-channel communications for business by employees.
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News BriefBanking regs seek enhanced resilience with large bank capital reforms
The Federal Deposit Insurance Corporation, Federal Reserve Board, and Office of the Comptroller of the Currency proposed rulemaking designed to increase capital requirements for large banks and large-scale traders.
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News BriefGuidance sets self-disclosure expectations for sanctions, export control lapses
Companies seeking credit for voluntarily self-disclosing potential violations of sanctions or export control laws must be mindful of the regimes at play from agencies including the DOJ, BIS, and OFAC and their differing expectations.