All Third Party Risk articles
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News BriefDOJ orders Wynn Las Vegas to forfeit $130M over BSA/AML violations
Wynn Las Vegas agreed to forfeit $130 million to settle a range of criminal allegations, including allegedly helping foreign customers hide money transfers and shielding patrons from Bank Secrecy Act and anti-money laundering rules, the Department of Justice said.
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News BriefBank of America unit reaches $3M settlement with FINRA over surveillance lapses
A subsidiary of Bank of America agreed to pay $3 million and take remedial measures to resolve allegations that its surveillance system didn’t detect manipulative trading, the Financial Industry Regulatory Authority said.
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News BriefNordea Bank to pay $35M to resolve NYDFS probe into AML shortcomings
Finland-based Nordea Bank will pay $35 million to resolve an investigation by the New York Department of Financial Services (NYDFS) into “significant compliance failures” in its anti-money laundering and Bank Secrecy Act program.
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WebcastCPE Webcast: Third party due diligence: A practical deep dive
A corporate code of conduct can be internally enforced, but how do you ensure third parties measure up to your values and requirements?
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PremiumHow are you keeping up? The adoption of AI in compliance
Artificial intelligence is rapidly transforming the business landscape, and this is especially true for anyone working in compliance. But while AI offers immense potential to streamline processes, enhance decision-making, and mitigate risks, it also introduces a new set of challenges that compliance professionals must navigate.
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PremiumU.K. forced labor ruling raises bar for supply chain monitoring
Companies will need to tighten up how they monitor their supply chains after a recent U.K. ruling determined that corporates could be open to money laundering charges if they fail to act in cases where they believe there is a risk of forced labor.
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PremiumICO proposes $7.8M fine against NHS contractor in warning to IT providers
The U.K. Information Commissioner’s Office proposed a 6.1 million pound (U.S. $7.8 million) fine against Advanced Computer Software Group, an IT contractor for the National Health Service that allegedly failed to secure the data of 83,000 people after a cyberattack.
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PremiumLexisNexis survey: Compliance costs soared for U.K. banks in 2023
Nearly all but a tiny minority of financial institutions saw their costs of financial crime compliance rise in 2023, a survey by LexisNexis and Oxford Economics found.
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PremiumDORA set to enhance cyber resilience requirements for EU financial firms
The European Union’s Digital Operational Resilience Act, which is set to take effect next year, will require financial services firms to implement stronger measures to protect not only themselves from disruption caused by cyberattacks but also the sector as a whole.
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News BriefBanking regs issue guidance on risks posed by bank-fintech relationships
Three federal banking regulators issued guidance on the risks posed by the use of third-party financial technology firms to deliver bank deposit products and services to customers.
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News BriefDOJ orders Admera Health to pay $5.5M to settle kickback allegations
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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PremiumRisk visibility striking fear in companies onboarding new customers
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
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News BriefFTC wants answers from Mastercard, JPMorgan, others on use of AI to collect data
Eight large companies, including Mastercard and JPMorgan Chase, have been ordered by the Federal Trade Commission to provide detailed reports about their possibly secret use of artificial intelligence to track customers and use the information to set prices.
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News BriefGreen Dot fined $44M by Fed over compliance deficiencies, deceptive practices
The Federal Reserve Board of Governors fined financial technology and bank holding company Green Dot $44 million for numerous unfair and deceptive practices and a deficient consumer compliance risk management program.
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News BriefFINRA fines UBS unit $850K for failing to properly monitor customer transactions
UBS Financial Services, a subsidiary of the Swiss banking giant UBS, has been fined $850,000 for failing to properly monitor transactions between its broker-dealers and third parties.
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PremiumHow fintechs can overcome major compliance hurdles in embedded finance
Margaret Holmes Tibbets, chief compliance officer at financial technology company Pipe, explains how firms are facing an existential compliance crisis, and to survive they’ll need to overcome not one but two hurdles.
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PremiumBanks must bolster awareness of fintech partner risks, experts advise at Fordham
During a panel at Compliance Week’s Financial Crimes and Regulatory Compliance Summit, held June 10-11 in New York, experts discussed nuances in bank-financial technology partnerships, offering best practices for how banks should protect themselves.
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News BriefMondo TV reaches $538K settlement with OFAC over N. Korea sanctions violations
Italy-based Mondo TV agreed to pay $538,000 to settle charges with the Treasury Department’s Office of Foreign Assets Control over 18 apparent violations of North Korea sanctions regulations.
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News BriefDOE offers supply chain cybersecurity guidance for energy, oil, gas industries
The U.S. Department of Energy released supply chain cybersecurity principles meant to help strengthen key technologies used to manage and operate electricity, oil, and natural gas systems.
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News BriefOFAC sanctions nearly 50 entities for ‘shadow banking’ benefiting Iranian military
The Treasury Department’s Office of Foreign Assets Control sanctioned nearly 50 entities connected with so-called “shadow banking” networks that help Iran’s military evade U.S. sanctions and to sell the country’s oil and petrochemical products.