All Risk Management articles – Page 65
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ArticleBanks face complex compliance risks as they attempt to exit Russia
Once a bank decides to withdraw or wind down its Russian operations, there are a host of thorny compliance issues to navigate in a compressed timeframe, including sanctions implications, money laundering risks, and more.
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ArticleSEC staff warn broker-dealers ‘remain vigilant’ amid market volatility
Amid Russia’s invasion of Ukraine, SEC staff issued a statement warning broker-dealers and other market participants to “remain vigilant to market and counterparty risks that may surface during periods of heightened volatility and global uncertainties.”
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ArticleNomination deadline closed for 2022 ‘Excellence in Compliance Awards’
The nomination deadline for CW’s third annual “Excellence in Compliance Awards” closed March 15. Winners will be announced in May.
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ArticleLearning points from HSBC’s fine for AML failings
Significant investment in systems has not been fully effective in mitigating financial crime risk. A fine of nearly £64 million (then-U.S. $84 million) imposed on HSBC by the U.K. Financial Conduct Authority in December is a particularly potent example.
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ArticleGrowing list of companies halting Russian operations
As the Russia-Ukraine crisis unfolds, companies around the world have announced changes to their supply chains to reduce their footprint in Russia. Compliance Week looks at how businesses across multiple industries are responding.
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ArticleGoldman Sachs first major U.S. bank to exit Russia
Goldman Sachs announced the winding down of its business in Russia, becoming the first major U.S. bank to take such action in the wake of the invasion of Ukraine. JPMorgan Chase later announced similar plans to exit the country.
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ArticleSEC proposes companies report cybersecurity incidents within four days
Public companies would have to report material cybersecurity incidents no later than four business days after they occur if a rule proposed by the Securities and Exchange Commission takes effect.
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ArticleBiden executive order seeks to study crypto, evaluate Fed-backed digital currency
President Joe Biden has ordered federal regulators to study the risks and potential benefits of digital assets and their underlying technology while encouraging the Federal Reserve to continue evaluating the creation of a federally backed digital currency.
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ArticleTop 10 reasons to attend Compliance Week 2022
A keynote with two SEC commissioners; interactive sessions on global sanctions, ESG, and ethical leadership; and a new conference location and format highlight Dave Lefort’s list of reasons to be excited for CW’s first in-person event in nearly three years.
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ArticleFinCEN warns financial institutions of Russian sanctions evasion
The Financial Crimes Enforcement Network issued guidance highlighting the types of red flags financial institutions should be looking for to detect potential Russian sanctions evasion attempts.
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ArticleCiti chief compliance officer to step down; search for new CCO launched
Citi Chief Compliance Officer Mary McNiff will step down and accept another post within the bank as part of a reshuffling of leadership to comply with orders issued in 2020 by the Office of the Comptroller of the Currency and Federal Reserve.
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ArticleShould SEC hold securities lawyers accountable for bad advice?
A commissioner at the Securities and Exchange Commission has proposed establishing a minimum set of standards for lawyers advising public companies on securities law to combat a trend of “overzealous” representation.
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ArticleFATF adds United Arab Emirates to AML/CFT watchlist
The Financial Action Task Force added the United Arab Emirates to its “grey list” of countries subject to increased monitoring due to deficiencies in fighting financial crime.
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ArticleSource of funds/source of wealth: Knowing the difference and best practices
With the similarity of their nature and how they overlap, not to mention how often they are mentioned in the same breath, it can easily lead to confusion when trying to remember which is which between source of funds and source of wealth.
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ArticleSteps for preparing for potential Russian cyberthreats
As the West seeks to isolate Russia, the country might retaliate with state-sponsored cyberattacks. Although Russia is suspected to have launched such attacks before, the scale and scope could be much bigger this time, experts warn.
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ArticleTelenor caught in GDPR conundrum over Myanmar subsidiary sale
A complaint filed with the Norwegian Data Protection Authority alleges Telenor’s progressing sale of its Myanmar-based subsidiary violates the EU’s General Data Protection Regulation by potentially exposing its customers in the region to military surveillance.
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ArticleTreasury reports examine persistent and emerging AML/CFT risks
The Treasury Department outlined key areas where criminals, terrorist groups, and rogue nations are using the U.S. banking system to launder funds to finance their illicit activities.
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ArticleThe Cassava Sciences saga: Short sellers, ‘gaming’ the FDA, and the damaging ripple effects
The Federal Drug Administration’s decision last month to deny a citizen petition on behalf of short sellers with positions in Cassava Sciences stock highlights the damage the commonly exploited regulatory process can have on a company, regardless of innocence or guilt.
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ArticleAnalysis: Scope of supply chain disruptions from Russian invasion of Ukraine
Analysis conducted by supply chain risk management platform Interos highlights the scope of global supply chain disruptions on U.S. and European companies resulting from Russia’s invasion of Ukraine.
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ArticleHow compliance can help prevent illegal wildlife trade
Developing a reasonable understanding of the supply chain is the first step in ascertaining whether corporate entities might inadvertently participate or facilitate illegal trading in wildlife.