All Risk Management articles – Page 69
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ArticleElizabeth Holmes verdict primes DOJ for white-collar crackdown
For Department of Justice leadership that recently laid out plans to strengthen their response to corporate crime, the outcome of the Elizabeth Holmes trial is an arrow in the quiver for what might be a new age of white-collar enforcement.
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ArticleMishcon de Reya fined $316K for AML failings
The Solicitors Regulation Authority, the regulatory body for solicitors in England and Wales, announced British law firm Mishcon de Reya has agreed to pay a financial penalty of £232,500 (U.S. $316,000) for AML compliance violations.
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ArticleReport: Cryptocurrency-related crime reaches record $14B in 2021
The amount of illicit cryptocurrency transactions reached an all-time high in 2021 at $14 billion, according to a Chainalysis study due out next month. The rise coincides with significant increases in the overall volume of crypto transactions.
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ArticleSupply chains brace for Uyghur Forced Labor Prevention Act
President Joe Biden signed into law a measure that introduces a U.S. import ban on goods mined, produced, or manufactured wholly or in part from the Xinjiang Uyghur Autonomous Region of China through forced labor.
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ArticleWells Fargo chief risk officer to retire
Amanda Norton, Wells Fargo’s chief risk officer since 2018, will retire at the end of June, according to a memo from CEO Charlie Scharf distributed internally.
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ArticleHow to identify ultimate beneficial owners
As financial institutions continue to face enhanced public scrutiny and potential regulatory attention, it is important they allocate competent resources to their AML programs regarding beneficial ownership.
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ArticleMorgan Stanley agrees to $60M settlement over compromised personal data
Morgan Stanley has agreed to establish a $60 million fund to settle a class-action lawsuit filed by nearly a dozen customers regarding personal data that was compromised when the bank decommissioned two wealth management centers.
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ArticleDeutsche Bank fined $9.8M for Euribor control weaknesses
Germany’s market regulator BaFin imposed an administrative fine of 8.66 million euros (U.S. $9.8 million) on Deutsche Bank for breaches of the European Union’s Benchmarks Regulation.
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ArticleICA: Three major compliance talking points from 2021
With 2021 nearing its end, Jon Prentice of the International Compliance Association recaps three major compliance topics and talking points that have stood out this year.
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ArticleRiot Games to pay $100M in gender discrimination lawsuit settlement
Video game developer Riot Games has agreed to pay more than $100 million as part of a settlement in California resolving allegations of sex discrimination against female workers and harassment.
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ArticleFinancial crime risk management: Old crimes, new methods
Times and technologies change, but the fundamental means by which criminals attempt to launder money and carry out their nefarious acts are still rooted in the same criminal process.
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ArticleDiMauro: Seven compliance areas to watch in 2022
If 2021 was about transition under the Biden administration, 2022 is looking as if it will be a year of action. CW Director of Compliance Programs & Training Julie DiMauro shares her list of key areas she expects to receive enhanced scrutiny in the year ahead.
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ArticleS&T AG orders Deloitte audit of short seller allegations
Austrian technology company S&T AG has ordered a forensic audit of its corporate structure and several recent acquisitions in response to allegations made by short seller Viceroy Research.
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ArticleShould lawyers, accountants be filing more SARs?
A study of suspicious activity reporting data in the United Kingdom suggests accountants, lawyers, estate agents, and other service-facing professionals could be doing more to contribute to the fight against financial crime.
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ArticleBlueCrest facing $55.5M fine for failing to manage fairly a conflict of interest
The U.K. Financial Conduct Authority announced its intention to fine hedge fund BlueCrest Capital Management £40,806,700 (U.S. $55.5 million) for failing to manage fairly a conflict of interest. BlueCrest has challenged the decision.
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ArticleFinCEN report highlights uptick in wildlife trafficking SARs
Suspicious activity reports flagging potential financial crime risks posed by wildlife trafficking are on the rise, according to a report published by the Financial Crimes Enforcement Network.
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ArticleDissatisfaction with GDPR pushing EU countries toward local laws
So far, Europe’s wide-reaching data privacy rules have seemingly failed to curb Big Tech firms’ use and abuse of citizens’ personal data. As a result, some EU data regulators are pursuing their own investigations—often through other legislation.
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ArticleStandard Chartered fined record $61.5M for liquidity reporting failures
The U.K. Prudential Regulation Authority imposed a record fine of £46.55 million (U.S. $61.5 million) against Standard Chartered Bank for repeatedly misreporting a key metric to determine liquidity risk.
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ArticleDesjardins reaches $155M proposed settlement in data breach class action
Desjardins Group has reached a proposed C$201 million (U.S. $155 million) settlement agreement in a class-action lawsuit following a long-running data breach that ultimately compromised the personal information of nearly 10 million individuals in Canada and abroad.
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ArticleCybersecurity trends continue in 2021 audit committee transparency report
The most dramatic increase in audit committee disclosures in proxy statements for the second consecutive year was in responsibility for cybersecurity risk oversight, according to the latest report from the Center for Audit Quality and Audit Analytics.