By
Aaron Nicodemus2022-06-24T18:19:00
The Office of the Comptroller of the Currency warned banks and financial institutions about elevated operational risks caused by geopolitical tensions and a heightened compliance risk environment complicated by regulatory changes, policy initiatives, and difficulties in hiring qualified professionals.
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2023-02-22T14:48:00Z By Kyle Brasseur
Deputy Secretary of the Treasury Wally Adeyemo said the agency is primed to step up its enforcement efforts regarding sanctions and export controls announced against Russia in the year since the country invaded Ukraine.
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The Office of Foreign Assets Control designated Magnitogorsk Iron and Steel Works, one of the world’s largest steel-producing companies, as part of its latest round of sanctions against Russia in response to the country’s invasion of Ukraine.
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Compliance functionality is vital to the future of financial services firms, but many are “struggling to meet their commitments while maintaining an appropriate risk and compliance culture,” according to the “Cost of Compliance Report 2022” by Thomson Reuters.
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U.S. oil and gas companies strong-armed into participating in the nationalization of Venezuela’s oil industry decades ago now face government pressure of the opposite kind: Invest billions into rebuilding a dilapidated oil and gas infrastructure for a high-risk country that still owes billions in unsettled debts.
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While companies focus on the risks, opportunities, and regulations emerging around AI, the next tech challenge is already on the horizon. Quantum computers are here – and so are the associated crime risks, plus some encryption protections.
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Geopolitical instability and a general focus on increasing growth and productivity by governments worldwide are causing a slew of regulatory changes in the financial services sector. But most firms are failing to identify potential compliance changes early enough to make meaningful decisions.
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