Ethics & Culture


Epstein case study cover 3x2

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Chapter 1: Compliance v. complicity: The ‘underbelly’ of bank culture

2024-03-18T16:00:00+00:00By

Why were decisions made the way they were at the banks that serviced Jeffrey Epstein? Evidence points to a cultural tension: a tug-of-war between the allure of profit and the drag of compliance, with the former having all the pulling power.

Epstein case study cover 3x2

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Case study: ‘The Banks Behind the Epstein Enterprise’

2024-03-18T15:50:00+00:00By

This Compliance Week case study offers a deep dive into the anti-money laundering compliance failures—and alleged complicity—of JPMorgan Chase and Deutsche Bank, the two banks that enabled the Jeffrey Epstein enterprise to flourish for decades.

Supply chain

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Policy changes underscore need for enhanced child labor due diligence

2024-03-18T13:20:00+00:00By and

Rooting out potential child or forced labor violations in your company’s supply chain can have benefits beyond protecting reputation and being ethically sound. The process can also help your firm comply with pending child labor laws in other jurisdictions.

ABN AMRO

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Departing ABN AMRO risk chief says climate, cyber among priorities

2024-03-15T19:27:00+00:00By

Tanja Cuppen, chief risk officer of ABN AMRO, shared her view on the Dutch bank’s biggest risk focus areas and the accomplishments of her tenure a month ahead of her planned departure.

WhistleblowerEmployee

News Brief

CFTC awards $1.25M to compliance/audit whistleblower

2024-03-15T11:41:00+00:00By

The Commodity Futures Trading Commission announced a landmark whistleblower award of approximately $1.25 million to an individual in an internal compliance or audit function who came forward with information on misconduct occurring at his or her employer.

Auditinspection

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The auditor’s role in supply chain due diligence

2024-03-14T17:54:00+00:00By

Although compliance should be the company’s primary responsibility, auditors have become the last line of defense and are getting pressured and blamed for supply chain issues, including instances of child labor. Is this expected to become the normal for the profession?

Business collaboration

Article

Want to be an ethical supply chain influencer? It’s all about the ‘collab’

2024-03-13T12:10:00+00:00By Gwendolyn Hassan, CW guest columnist

Supply chain and ethics and compliance professionals could take a page out of the social media influencer playbook and look to collaborate with suppliers more to create their own win-win scenarios.

Department of Labor

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DOL seeking more authority in crackdown on child labor violations

2024-03-12T16:56:00+00:00By

The Department of Labor has stepped up its enforcement of child labor law amid a concerning rise in child labor exploitation, yet the agency acknowledges its resources are not great enough to be a significant deterrent for such misconduct.

Child labor

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Child labor violations are on the rise in U.S. Are they in your supply chain?

2024-03-11T16:31:00+00:00By

The compliance community has not been spending time addressing a problem mistakenly thought to be a rarity: The proliferation of child labor violations occurring in the United States.

DOJ

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DOJ eyeing more FCPA cases with whistleblower program

2024-03-08T18:33:00+00:00By

The Department of Justice anticipates its upcoming whistleblower reward program will help the agency increase its pipeline of cases involving apparent violations of the Foreign Corrupt Practices Act, said Acting Assistant Attorney General Nicole Argentieri.

European Commission

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EU to ban sale of products made with forced labor

2024-03-08T15:20:00+00:00By

The European Union announced an agreement to ban products made with forced labor, a decision that will oblige organizations to track and declare more information about their supply chains for goods entering EU markets.

Koenig_web

Article

CW National 2024 Q&A: JBS CECO on compliance post-settlement

2024-03-08T15:17:00+00:00By

Michael Koenig, global chief ethics and compliance officer at JBS Foods, previews his session on rebuilding the compliance department following settlements with the Department of Justice and Securities and Exchange Commission at CW’s National Conference in Washington, D.C.

Whistle

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DOJ on sprint toward pilot whistleblower reward program

2024-03-07T21:07:00+00:00By

Deputy Attorney General Lisa Monaco said the Department of Justice will look to fill gaps in its whistleblower procedures with the launch of a 90-day sprint toward a DOJ-led pilot whistleblower reward program.

Ericsson

News Brief

Ericsson promotes investigations head to CCO

2024-03-06T18:28:00+00:00By

Ericsson shook up its reporting structure with the promotion of Head of Corporate and Government Investigations Rebecca Rohr to chief compliance officer.

UK compensation

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Top brands shamed for U.K. minimum wage failings ahead of hike

2024-03-06T18:09:00+00:00By

The U.K.’s Department for Business and Trade named 524 businesses found to have failed to pay the national minimum wage, ahead of wage hikes for certain workers that will take effect April 1.

Andrew McBride

Podcast

CW National 2024 preview: Former Albemarle CCO on FCPA case lessons

2024-03-04T16:17:00+00:00By

Andrew McBride, former chief risk and compliance officer at chemical company Albemarle Corp., joins the Compliance Week podcast with Aaron Nicodemus to preview his session at CW’s National Conference in Washington, D.C.

JBS

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NYAG lawsuit: JBS misleading public with sustainability claims

2024-02-29T20:54:00+00:00By

Two U.S. subsidiaries of Brazilian meat processing company JBS are the subject of a lawsuit filed by the New York attorney general accusing the businesses of using misleading statements and marketing regarding their environmental commitments.

Business ethics

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Best practices for determining need for a human rights policy

2024-02-29T13:21:00+00:00By

Does your business need a human rights policy? An increasing number of organizations believe they do, according to research firm Gartner.

EIC cover img

Event

Nomination deadline closed for 2024 ‘Excellence in Compliance Awards’

2024-02-28T20:00:00+00:00By

The nomination deadline for CW’s fifth annual “Excellence in Compliance Awards” closed March 15. Finalists will be announced in April.

ESG

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Grewal: Investors care about ESG claims—so do SEC enforcers

2024-02-27T20:34:00+00:00By

Environmental, social, and governance issues are increasingly material to investors, and the Securities and Exchange Commission is checking to ensure businesses’ ESG statements are above board, according to the agency’s enforcement director.

Walmart

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Walmart shares successes behind supplier emissions reduction initiative

2024-02-27T12:25:00+00:00By

Retail giant Walmart announced the completion of an initiative to reduce emissions in its supply chain six years earlier than its intended target.

Working two jobs

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Compliance’s role in managing challenges related to employee side hustles

2024-02-26T15:00:00+00:00By Camelia Gardot, CW guest columnist

Employees engaging in side businesses—part-time jobs or new company creations—can introduce a myriad of risks for a company.

AI for business

Article

CW National 2024 preview: Diana Kelley on AI implications for compliance

2024-02-26T11:30:00+00:00By

Artificial intelligence expert Diana Kelley will discuss what AI means for organizations and explore the technology’s implications for compliance and enterprise risk as part of a keynote address at Compliance Week’s National Conference in Washington, D.C.

Brasseur_opinion

Opinion

Ten things I’m excited for at CW National 2024

2024-02-22T13:00:00+00:00By

A new month and a new venue but a lot of the same you love about Compliance Week’s National Conference. CW Editor in Chief Kyle Brasseur shares what he’s looking forward to most at the 2024 edition of the annual event.

Wells Fargo

News Brief

Wells Fargo says DOJ, SEC diversity hiring probes closed

2024-02-21T17:52:00+00:00By

Wells Fargo disclosed investigations by the Department of Justice and Securities and Exchange Commission into the bank’s diversity hiring practices concluded without enforcement action.

Employees

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U.K. labor shortage stakes up following tripled illegal worker fines

2024-02-21T15:11:00+00:00By

Fines for employing people who do not have a legal right to work in the United Kingdom have risen, meaning employers who fail to carry out the required checks or neglect to re-examine the status of those on temporary work visas could face substantial penalties.

DOJ building

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The path to DOJ cooperation credit: Analyzing recent FCPA cases

2024-02-20T14:55:00+00:00By

Recent enforcement actions offer guidance on what the Department of Justice considers to be an “imminent threat” of disclosure or government action, what it means by “prompt” disclosure, and how a company can earn credit for revealing all relevant facts.

James Levey 3x2

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Q&A: ManpowerGroup compliance director on CSRD prep efforts

2024-02-19T14:00:00+00:00By

James Levey, compliance director at global recruitment agency ManpowerGroup, discusses with Compliance Week his focus on preparing the group’s European operations to gather the data required for compliance with the EU’s Corporate Sustainability Reporting Directive.

Teamwork

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LRN survey: Compliance programs shifting focus from bribery, corruption

2024-02-16T22:35:00+00:00By

Many ethics and compliance programs have refocused their efforts away from bribery and corruption and onto data security and privacy, complex government regulations, artificial intelligence security, and other contemporary challenges, a survey from LRN found.

Climate

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Verifiable data key as companies begin TNFD-aligned disclosures

2024-02-15T14:47:00+00:00By

More than 320 organizations worldwide committed to disclosing their impact on nature following the recommendations of the Taskforce on Nature-Related Financial Disclosures.

Board table

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U.K. governance code revisions: Boards lead on culture, audit supports

2024-02-13T22:12:00+00:00By

Corporate culture, internal controls, and assurance moved up the boardroom agenda with the publication of the U.K.’s revised corporate governance code and its supporting guidance.

Whistle

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Experts: SCOTUS ruling shifts onus to employers in whistleblower cases

2024-02-12T21:35:00+00:00By

The Supreme Court’s unanimous decision to reaffirm whistleblower protections under the Sarbanes-Oxley Act in a case involving UBS has wide ramifications in many other industries beyond financial services, according to legal experts.

Supreme Court

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SCOTUS reaffirms whistleblower protections in ruling against UBS

2024-02-09T20:27:00+00:00By

The Supreme Court reaffirmed whistleblower protections guaranteed under the Sarbanes-Oxley Act in a unanimous decision expected to set a precedent that impacts all corporate internal reporting cases.

Employee monitoring

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The blurred lines of employee monitoring under GDPR

2024-02-09T20:03:00+00:00By

The French data regulator’s fine against an Amazon warehouse manager for violating employees’ rights to privacy in the workplace once again raises questions about what constitutes an overzealous approach to employee monitoring and why companies fail to recognize the signs.

Amazon warehouse

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Examining precedent set by French DPA’s Amazon employee monitoring fine

2024-02-07T18:03:00+00:00By

The decision by France’s data regulator to fine an Amazon warehouse manager for breaches of the General Data Protection Regulation over the way it monitored employee productivity raises questions about the reach data protection authorities have over corporate conduct.

Data privacy

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Compliance with growing number of U.S. privacy laws ‘a matter of culture change’

2024-02-07T14:00:00+00:00By

Different deadlines associated with the 13 U.S. state privacy laws currently on the books, including grace periods and enforcement dates, have proven challenging for compliance, experts discussed at CW’s Cyber Risk & Data Privacy Summit.

Richard Brasher 3x2

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Q&A: LKQ sustainability VP on importance of environmental data

2024-02-01T14:01:00+00:00By

Richard Brasher, vice-president of sustainability at multinational automotive parts company LKQ Corp., discusses with Compliance Week his view on the added attention sustainability initiatives are receiving and where improvement remains.

Magnifying glass

News Brief

Ex-DOJ Criminal Division head Polite to lead Tavistock Group compliance review

2024-01-25T17:03:00+00:00By

Private equity company Tavistock Group announced the retention of law firm Sidley Austin to conduct a compliance review, the same week that its billionaire founder pleaded guilty to U.S. insider trading charges.

Audit concept

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Stiffer U.K. audit penalties posing more problems?

2024-01-23T12:55:00+00:00By

Legal experts are unconvinced record fines against audit firms imposed last year by the U.K. Financial Reporting Council will necessarily improve audit quality.

NYC skyline

News Brief

NYDFS: Banks must vet execs, including CCOs, ‘not just upon hiring’

2024-01-22T20:18:00+00:00By

The New York State Department of Financial Services released final guidance on how banks and non-depository financial institutions should vet executives, including chief compliance officers, before and during their employment.

AIdata

News Brief

NYDFS proposes AI use guidance for insurers

2024-01-17T18:28:00+00:00By

The New York State Department of Financial Services issued for public comment guidance for insurers operating in the state regarding their use of artificial intelligence systems and other predictive technologies.

Salary

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Disclosure rules not enough to curb U.K. salary gaps

2024-01-15T14:16:00+00:00By

The issue of “fat cat” pay awards was reignited in the United Kingdom after a think tank found a typical FTSE 100 CEO earned the average annual salary for a full-time worker after just four days into the new year.

Business data

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Lessons from Albemarle, ABB: How data-driven compliance can help your firm

2024-01-12T20:32:00+00:00By

Andrew McBride, chief risk officer of Albemarle Corp., and Tapan Debnath, head of integrity, regulatory affairs and data privacy at ABB, discussed how and why their respective organizations use data analytics to conduct business as part of a recent webcast.

Whistle - dark

News Brief

SDNY launches whistleblower pilot program

2024-01-11T16:39:00+00:00By

The U.S. Attorney’s Office for the Southern District of New York took its efforts to encourage voluntary self-disclosure a step further with the launch of a whistleblower pilot program for individuals involved in nonviolent offenses.

Brasseur_opinion

Opinion

Ten things I’d like to see happen in 2024

2024-01-08T16:02:00+00:00By

Election years in the United States, United Kingdom, and at European Parliament, along with ongoing geopolitical tensions, make 2024 difficult to predict—aside from the expectation compliance officers will be busy.

Rite Aid building

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Compliance lessons from Rite Aid facial recognition case

2024-01-04T20:11:00+00:00By

The Federal Trade Commission was clear in its recent enforcement action against Rite Aid regarding its expectations for companies using facial recognition technology or any biometric security or surveillance systems.

Binance crypto

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​Binance.US names new chief compliance officer

2024-01-04T15:03:00+00:00By

Cryptocurrency trading platform Binance.US, an affiliate independent of its embattled parent company, announced the appointment of Lesley O’Neill as chief compliance officer.

Facial recognition

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Ethical compliance for facial recognition technology

2024-01-04T14:30:00+00:00By Manorama Kulkarni, CW guest columnist

The lack of clear regulations and guidelines for the ethical use of facial recognition technology further exacerbates concerns of discriminatory practices and potential infringements on human rights.

ESG regulations

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Compliance with CSRD, CS3D, national laws an EU balancing act

2023-12-28T14:50:00+00:00By

Companies could be in danger of failing to comply with a raft of social responsibility-minded legislation at the European Union and national level because they might mistakenly think duties on corporates overlap when they do not.

ChristianaCare

News Brief

Ex-ChristianaCare CCO wins $12M in False Claims Act settlement

2023-12-27T17:52:00+00:00By

The former chief compliance officer of ChristianaCare Health System will receive more than $12 million as part of a settlement addressing his allegations of kickbacks and other False Claims Act violations at the Delaware-based hospital network.