The European Union’s key banking regulator has issued guidelines to help large banks manage the risk of disruption if an important IT provider has an outage or a third party cannot continue to supply critical services.
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Posted inTop Stories
Former Florida TD Bank employee admits laundering millions for Colombian criminals
A former employee at a Florida TD Bank branch has pleaded guilty to laundering about $4.8 million for Colombians involved in criminal activity in exchange for small bribes.
Posted inAML
Vietnam’s AML rules require banks to trace owners beyond its borders
Vietnam has introduced temporary measures to strengthen its anti-money laundering framework. It requires financial institutions to collect and clarify how they identify beneficial owners.
Posted inSanctions
Why the rise of countersanctions is increasing compliance risks on multiple fronts
Compliance teams in global companies are already grappling with constantly evolving sanctions regimes in the US, UK, and EU. Now, they must also watch countersanctions emerging in countries including Russia and China.
Posted inRetail
Alcohol distributor settles with FTC over higher prices charged to small stores
The largest U.S. distributor of wine and spirits has agreed to change its pricing practices toward mom-and-pop liquor stores to settle allegations that it selectively charged small retailers more for its products.
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ECI Compliance Week Monthly Membership Spotlight: Effective AI Governance
AI has produced no shortage of demos, claims, and new terminology. But after the initial wave of experimentation, TPRM teams need a more useful conversation: What is actually working?
Posted inAccounting & Auditing
Compliance urged to respond to consultation on modernizing international audit standards
Important revisions to three International Standards on Auditing are now open for consultation.
Posted inWhistleblowers
Whistleblower program coming to DOJ’s fraud division, McDonald says in memo
The DOJ’s Corporate Enforcement Section will oversee businesses’ compliance with criminal resolutions, and the department’s fraud division will create a whistleblower program to encourage substantial tips about business fraud.
Posted inAsia
China’s draft Anti-Cross-Border Corruption Law adds compliance burden on foreign companies
China’s draft Anti-Cross-Border Corruption Law seeks to prevent and punish cross-border corruption, cracking down on corruption conducted across borders, both domestic companies bribing foreign officials and foreign companies bribing officials in China.
Posted inArtificial Intelligence
FCA warns AI may reveal more cyber vulnerabilities firms can cope with
The UK’s financial regulator has warned that the rapid pace of AI development is revealing vulnerabilities in firms’ cybersecurity arrangements because their existing controls cannot keep up with the risks new technology can either create or exploit.
