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The coronavirus pandemic has created an entirely new set of challenges and responsibilities for compliance, as the data from our second annual “Inside the Mind of the CCO” survey shows.
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So you want to mandate that all of your company’s employees get the coronavirus vaccine, once it’s available? Such a requirement is legal, but there are a host of considerations that might make it impractical, employment experts say.
A November executive order by former President Donald Trump banning U.S. investment in companies with ties to the Chinese military has proven difficult for compliance officers to navigate after taking effect earlier this month.
Capital One will pay a $390 million civil penalty for compliance failures regarding banking services offered to its check cashing group, which—according to FinCEN—had a reputation for money-laundering risks.
Embracing technology to help manage risk and improve efficiencies is a trend that’s been developing in the compliance space for a while, but the pandemic has fast-tracked the urgency behind it, according to a couple of recent surveys.
Financial institutions have been hit with $10.4 billion in global fines and penalties related to AML, KYC, data privacy, and MiFID regulations in 2020, according to a recent Fenergo report.
Current events have significantly accelerated the need for companies around the world to link ESG initiatives to their executive incentive plans, according to a recent poll conducted by Willis Towers Watson.
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