All Risk Management articles – Page 57
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ArticleFSOC recommends more regulation, oversight of digital assets
A new report by the Financial Stability Oversight Council identified three regulatory gaps in the current oversight of cryptocurrency, stablecoins, and other digital assets and recommended steps Congress and federal regulators should take to close them.
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ArticleSamsung facing class action alleging CCPA violations over data breaches
Samsung collected too much personal data from customers and failed to adequately secure it, leading to two data breaches this year and potentially millions of harmed individuals, a class-action lawsuit alleges.
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ArticleCFTC commissioner says Cantor Fitzgerald unit’s $1.9M fine too lenient
Christy Goldsmith Romero believes the Commodity Futures Trading Commission let a swap execution facility affiliate of financial services firm Cantor Fitzgerald off easy when it was fined $1.9 million.
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ArticleFINRA sets fine ranges for AML failures, removes limits on certain penalties
The Financial Industry Regulatory Authority increased penalties for member violations of securities rules, including removing upper limits on fines for certain instances of misconduct.
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ArticleUpheld ruling in Commerzbank compliance officer suit imparts discrimination lessons
A recent ruling against Commerzbank in a case brought by a compliance officer serves as reminder employers should not make “stereotypical” assumptions about what tasks pregnant female staff or those returning from maternity leave can perform, legal experts said.
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ArticleExperts: 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.
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ArticleFinCEN finalizes beneficial ownership rule, reporting requirements
The Financial Crimes Enforcement Network finalized its beneficial ownership rule, which will require certain reporting companies to file basic information with the agency about who controls their finances.
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Article
Fed recruits 6 large banks for climate scenario analysis pilot
Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo will participate in a pilot climate scenario analysis exercise organized by the Federal Reserve that seeks to enhance climate-related financial risk management efforts in the industry.
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ArticleCompliance deficiencies highlighted in $1.8B crackdown on messaging apps
Eleven banks, investment firms, and their affiliates will pay a total of more than $1.8 billion in fines for “widespread and longstanding failures” in monitoring, maintaining, and preserving electronic communications by employees.
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Resourcee-Book: Managing regulatory, financial crime compliance risks of virtual assets
This free e-Book considers the new opportunities the virtual asset space has opened, as well as the risks deriving from criminal exploitation and a lack of regulatory oversight in this burgeoning area.
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ArticleCredit Agricole to pay $1.1M to settle sanctions violations by 2 subsidiaries
Paris-based Crédit Agricole Corporate and Investment Bank will pay a total of approximately $1.1 million to settle charges its subsidiaries violated U.S. sanctions in five sanctioned countries.
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PremiumESG Summit: Adapting businesses should look beyond what is financially material
Christopher Geiger, vice president of internal audit and enterprise risk at Lockheed Martin, explained how businesses must form resilience as they prepare for future risks regarding environmental, social, and governance during CW’s virtual ESG Summit.
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ArticleDeutsche Bank agrees to settle Jeffrey Epstein-related class action for $26.3M
Deutsche Bank agreed to pay $26.25 million to settle a class-action lawsuit filed by a group of the bank’s investors over anti-money laundering compliance failures and deficiencies related to certain clients, including Jeffrey Epstein and Danske Bank’s Estonia branch.
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ArticleCompass Minerals fined $12M for disclosure control lapses
Compass Minerals International, a Kansas-based mining company, agreed to pay a $12 million fine to the Securities and Exchange Commission to resolve allegations deficiencies in its disclosure controls led to failures at facilities it operates in Canada and Brazil.
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PremiumESG experts see shades of conflict minerals for SEC climate disclosure rule
The climate-related disclosure rule proposed by the Securities and Exchange Commission will eventually pass but not before undergoing some changes, practitioners speaking at CW’s virtual ESG Summit predicted.
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ArticleBoeing fined $200M for material misstatements on fatal plane crashes
Boeing agreed to pay $200 million to settle charges laid by the Securities and Exchange Commission that it misled investors regarding what caused two crashes of 737 MAX airplanes in 2018 and 2019 that killed 346 people.
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PremiumAsk a CCO: Tech most subject to regulator scrutiny over next 5 years?
Four senior compliance practitioners offer what they believe will be the technology currently on the market that will receive the most attention from regulators over the next five years.
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ArticleCollateral damage aplenty in NYAG lawsuit against Trump Organization
The New York Attorney General’s lawsuit against former President Donald Trump is solely focused on penalizing his business and cohorts, but firms like Mazars and Deutsche Bank don’t come off well from a due diligence perspective.
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PremiumESG Summit: Holistic approach to supply chain risk an ‘investment differentiator’
Two experts explained how the C-suite as a whole—not just compliance officers—should be focused on the holistic approach to supply chain risk management during a session at CW’s virtual ESG Summit.
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PremiumAsk a CCO: Accounting for regulator expectations in using new tech
Regulatory environments are ever evolving; four senior compliance practitioners detail what their respective businesses do to ensure compliance while utilizing new technologies.