All Risk Management articles – Page 71
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ArticleSEC, CFTC fine JPMorgan Chase $200M for recordkeeping violations
JPMorgan Chase will pay $200 million in fines to settle charges brought by two federal regulators regarding the bank’s failure to maintain records of communications on securities, commodities, and swaps business matters made on bank employees’ personal devices.
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ArticleCommunityBank of Texas fined $8M over AML failures
CommunityBank of Texas has agreed to pay $8 million as part of a consent order reached with the Financial Crimes Enforcement Network regarding deficiencies in its anti-money laundering program linked to understaffing.
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ArticleSEC rulemaking frenzy: New proposals for security-based swaps, mutual funds, share buybacks
The SEC and its Democratic majority ushered in a slew of rulemaking proposals Wednesday that include new disclosure requirements for the security-based swaps market, mutual funds, and share buyback arrangements.
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ArticleTCFD recommendations more than building block for SEC climate disclosure rules?
SEC Chair Gary Gensler has hinted the agency’s highly anticipated climate-related disclosure rules will likely be pegged to an international framework, specifically mentioning the Task Force on Climate-Related Financial Disclosures. How can the TCFD help companies prepare for what’s ahead?
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ArticleFinCEN seeking feedback on AML/CFT regime ahead of report to Congress
The Financial Crimes Enforcement Network has issued a request for information on ways to modernize the Bank Secrecy Act ahead of a report Treasury Secretary Janet Yellen must provide Congress by Jan. 1, 2022.
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ArticleGrindr fined $7.2M for GDPR consent violations
The Norwegian Data Protection Authority announced a fine of NOK 65 million (U.S. $7.2 million) against gay dating app Grindr for sharing personal data with third parties without users’ consent.
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ArticleBiden corruption strategy puts FCPA in spotlight overseas
President Joe Biden’s strategy on countering corruption shows tackling corporate abuses overseas is firmly back on the U.S. agenda. As such, European companies and executives should beware: The Foreign Corrupt Practices Act is likely to get a dusting off.
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ArticleCCO Q&A: How Prime Trust is managing compliance in evolving crypto space
Compliance Week discusses with Nirvana Patel, chief compliance officer and BSA officer at Prime Trust, the unique challenges of practicing compliance in the cryptocurrency industry and his thoughts on the regulatory landscape moving forward.
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ArticleRisk and compliance considerations for fintech startups and their bank relationships
Fintech startups are typically free to enjoy rapid growth without the burden of strict regulatory oversight. But as scrutiny over the industry grows, so does the urgency for fintechs to get their compliance house in order.
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ArticleCredit Suisse sets executive board roles in line with new risk strategy
Credit Suisse reemphasized its corporate restructuring plan in the wake of this year’s Archegos and Greensill Capital meltdowns as part of a series of executive board appointments, including the return of Francesco De Ferrari to lead Wealth Management.
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ArticleSociete Generale CEO to assume oversight of risk and compliance
The CEO of Société Générale will assume direct supervision of the risk and compliance control functions at the French multinational investment bank following the completion of remediation programs in line with two U.S. deferred prosecution agreements.
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PremiumGraphic: Ranking the pillars of ESG
Environmental, social, or governance—which does your company prioritize? Respondents to our Inside the Mind of the CCO survey were generally split, with trends emerging at industry level.
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ArticleFed reminds large banks of investment risks in Archegos postmortem
The Federal Reserve reminded large banks of its expectations regarding risk management practices in investment banking after the collapse of Archegos Capital Management earlier this year led to more than $10 billion in losses.
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ArticleTen things I’d like to see happen in 2022 (2021 in review)
ESG and cryptocurrency figure to be key topics in 2022, but we’re also keeping an eye on President Biden’s anti-corruption efforts, details on Amazon’s record GDPR fine, the status of Facebook’s first CCO, and more.
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ArticleFINRA fines Wells Fargo subsidiaries $2.25M for recordkeeping violations
Two Wells Fargo broker-dealers agreed to jointly pay a $2.25 million fine to settle charges levied by FINRA regarding a failure to store approximately 13 million customer records in the proper format over a 17-year span.
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ArticleSEC 2022 rulemaking preview: Clarity to come on ESG, crypto?
In his first year leading the Securities and Exchange Commission, Gary Gensler has tipped his hand regarding stricter oversight of companies’ environmental disclosures and the cryptocurrency industry. Year 2 will likely see words turn to actions.
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ArticleNYDFS guidance addresses common MFA problems—and how to fix them
The New York State Department of Financial Services outlined common vulnerabilities in multi-factor authentication and how to address them from a cybersecurity risk management standpoint.
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ArticleSEC staff stresses importance of fallback language in LIBOR transition
Companies looking to avoid running afoul of the SEC in their LIBOR transition efforts would be wise to include fallback language in their contracts and investments that reference the soon-expiring benchmark rate.
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ArticleOCC report: Cyberattacks, pandemic among top bank risk areas in 2021
Banks and financial institutions regulated by the OCC faced elevated risks in 2021 from cyberattacks launched on them and their third parties, as well as compliance risks related to the pandemic, according to the agency’s latest report.
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ArticleFive compliance triumphs from 2021
A key CCO appointment, a company committed to transparency, and a bank that spent big on improving its AML controls highlight CW’s annual list of laudable ethics and compliance moments.