Internal Controls


Survey: Tell us about your M&A compliance

2022-06-29T14:33:00+01:00Provided by Avalara

Take part in this 3-minute survey to help benchmark your mergers and acquisitions pain points against those of your peers. One lucky respondent will win a $200 Amazon gift card for completing the survey.


Historic EY fine latest by-product of KPMG cheating scandal


It is impossible to ignore the SEC’s $100 million fine against EY for employee exam cheating is double the amount the regulator penalized KPMG for its separate cheating scandal. Especially since the latter resolution appears to have served as a starting point for the SEC’s ruling on the former.


EY fined record $100M for employee cheating scandal


Ernst & Young will pay $100 million after admitting to SEC charges addressing systematic cheating among its accounting professionals on CPA license exams over four years. The fine is the largest the agency has ever imposed against an audit firm.

African currency

FCA fines Ghana International Bank $7.1M for AML failings


The U.K. Financial Conduct Authority fined Ghana International Bank £5.8 million (U.S. $7.1 million) for deficiencies in its anti-money laundering controls over its correspondent banking activities.


USAA whistleblowers want to be heard—and now


Jaclyn Jaeger reflects on feedback received from former and current USAA employees following her three-part series detailing alleged violations of law and mismanaged compliance culture at the financial services giant.


Morningstar to pay $1.15M in SEC internal control failure case


Morningstar Credit Ratings agreed to pay a civil penalty of $1.15 million to resolve charges of disclosure violations and internal control failures levied by the Securities and Exchange Commission last year.

Accounting fraud

Synchronoss to pay $12.5M over alleged accounting misconduct by former execs


The Securities and Exchange Commission announced software company Synchronoss Technologies agreed to a $12.5 million settlement for “long-running accounting improprieties” caused, in part, by alleged misconduct from senior executives.


The importance of maintenance and record-keeping

2022-05-31T16:32:00+01:00By Jon Prentice, International Compliance Association

Stringent maintenance and record-keeping measures are part of the foundations of an effective compliance and risk management framework, so their neglect is as puzzling as it is unwise.


Report: Westpac New Zealand progressing on risk culture improvements


An independent report ordered by the Reserve Bank of New Zealand into Westpac New Zealand has found the bank is “moving in the right direction” in addressing risk culture deficiencies.

CW2022 Leadership Panel

Compliance leadership panel: Current state, future trends, more


Four senior compliance practitioners shared their insights on maintaining an ethical culture, embracing data analytics, determining compliance’s role in measuring ESG metrics, and more as part of a panel discussion at Compliance Week’s National Conference.

Global business

Best practices, common pitfalls in working in high-risk countries


A panel of compliance professionals discussed the increasingly relevant topic of working in high-risk countries, sharing their experiences and lessons learned at Compliance Week’s National Conference in Washington, D.C.


Lessons learned from Olympus compliance monitorship


Christine Gordon, chief compliance officer at Olympus Corporation of the Americas, spoke about her company’s experience working with a DOJ-selected independent monitor at Compliance Week’s National Conference.

Wells Fargo bank

Wells Fargo unit fined $7M for AML transaction monitoring failures


For the second time in five years, a subsidiary of Wells Fargo has been charged by the Securities and Exchange Commission with failing to file suspicious activity reports in a timely manner due to deficiencies in the system it used to flag transactions.


CPE Webcast: Five critical mistakes to avoid when answering security questionnaires

2022-05-17T14:00:00+01:00Provided by

As the security landscape evolves and the quantity of incoming questionnaires increase, streamlining your answering process has become crucial in building client trust and saving your organization time and money.

FedEx containers

FedEx’s social mission: Diversity drives better business


FedEx’s DEI strides—including becoming a minority-majority employee company in the U.S. for the first time in its history in fiscal year 2018—are not by accident. The company’s long history of hiring a diverse workforce and promoting from within is among the keys to its success.

FedEx plane

​Growth vs. green: FedEx’s environmental balancing act


When FedEx published its first Global Citizenship Report in 2008, its greenhouse gas emissions were already top of mind. Yet, the company has struggled to strike a balance between achieving year-over-year decreases in total emissions while it has expanded in the last decade-plus.

FedEx sorting depot

‘A marathon, not a sprint’: FedEx carbon-neutral pledge tests longtime ESG efforts


In March 2021, FedEx announced an audacious goal: to achieve carbon-neutral operations globally by 2040. How did the company develop this pledge, and how will it track its progress and hold itself accountable to intermediate goals?

MicrosoftTeams-image (7)

White paper: Compliance & Conversions: How fintechs have both with Veriff

2022-05-10T16:00:00+01:00Provided by Veriff

In this exclusive eBook from Veriff, discover the current state of compliance surrounding fintechs.

FedEx truck

Desire for transparency launches FedEx on ESG journey


Since 2008, FedEx has produced detailed reports on its ESG initiatives. The company’s chief sustainability officer discusses the decision-making process behind the first report, determining materiality, and more in Part 1 of this four-part special report, published in partnership with the ICA.


Whistleblower to OCC: USAA had 400,000 undisclosed Military Lending Act violations


USAA Bank engaged in an estimated 400,000 violations of the Military Lending Act, a former director of compliance within the bank reported to the Office of the Comptroller of the Currency in documents seen by Compliance Week.

USAA building

A look inside USAA’s ‘catastrophically mismanaged’ compliance culture


In exclusive interviews with Compliance Week, former USAA insiders describe a risk and compliance culture in which numerous individuals either were given the axe or quit because the problems were so endemic.


​Whistleblower: USAA ‘actively lying to regulators for years’ regarding violations of law


Senior executives at USAA ignored warnings from compliance staff and consultants for years regarding violations of U.S. federal banking laws and hid from regulators the scope of the company’s illegal practices, a former USAA director of compliance turned whistleblower told Compliance Week.

Bank of America

CFPB fines Bank of America $10M over deficient garnishment protocols


The Consumer Financial Protection Bureau fined Bank of America $10 million for processing “unlawful” garnishments of customer accounts dating back to 2011.

Abandoned Russian McDonalds

Experts assess risks to weigh as companies confront exit from Russia


As sanctions against Russia continue to come down from the United States, European Union, and other countries, companies must ensure they have the means to comply instantly—even if ceasing business dents their financials and puts them at legal risk for breaching contract.


Stericycle to pay $84M to resolve FCPA violations


Medical waste disposal company Stericycle has agreed to pay $84 million in civil and criminal penalties to resolve allegations it paid bribes to win government contracts in Brazil, Mexico, and Argentina.

Mia Reini

CW National 2022 Q&A: Mia Reini on implementing DOJ guidance


Mia Reini, senior manager, corporate compliance and enterprise risk management at The Home Depot, previews her panel titled, “Proactive Response to DOJ Guidance—What to Expect from Regulators and The Home Depot Compliance Response” at CW’s National Conference in Washington, D.C. from May 16-18.

Credit Suisse

Credit Suisse: Risk chief, executive board ‘extremely surprised’ by Greensill collapse


Credit Suisse shared further information regarding its exposure to the collapse of U.K. supply chain finance startup Greensill Capital in March 2021 and how the bank was caught off guard.


Approved Activision Blizzard settlement with EEOC offers lessons for tech


A federal judge gave final approval to a settlement reached last year between Activision Blizzard and the Equal Employment Opportunity Commission regarding the video game company’s systemic culture of sexual harassment, pregnancy discrimination, and retaliation.


Judge ends ZTE probation after 5 years


A U.S. district court judge agreed to end ZTE’s five-year probation following the Chinese telecommunications company’s 2017 guilty plea for violating Iran sanctions.

Sustainability metrics

How to prepare for SEC’s climate-related disclosure rule


The Securities and Exchange Commission’s proposed climate-related disclosure rule would force companies that have been reluctant to initiate a self-examination of their environmental impact to do so, posthaste. Experts weigh in on where to start.


Compliance implications of USAA order addressing AML lapses


The consent order issued by the Office of the Comptroller of the Currency against USAA Bank imparts lessons for compliance officers in the financial services industry on how—and how not—to maintain a Bank Secrecy Act/anti-money laundering compliance program.

Russia sanctions

Advice for navigating ‘fast and furious’ Russian sanctions landscape


To help sort through the gray area of evolving sanctions and export control restrictions against Russia, chief compliance officers should consider a handful of key best practices.


USAA fined $140M for AML compliance failures


USAA Federal Savings Bank must pay $140 million as part of consent orders reached with the Financial Crimes Enforcement Network and Office of the Comptroller of the Currency for its failures maintaining its Bank Secrecy Act/anti-money laundering compliance program.


MoneyGram, NYDFS agree on $8.25M settlement for supervision lapses


MoneyGram will pay $8.25 million as part of a settlement with the New York State Department of Financial Services for supervision failures regarding local agents processing suspicious transactions in China.

EIC cover img

Nomination deadline closed for 2022 ‘Excellence in Compliance Awards’


The nomination deadline for CW’s third annual “Excellence in Compliance Awards” closed March 15. Winners will be announced in May.


Learning points from HSBC’s fine for AML failings

2022-03-14T18:55:00+00:00By Teodora Harrop, for International Compliance Association

Significant investment in systems has not been fully effective in mitigating financial crime risk. A fine of nearly £64 million (then-U.S. $84 million) imposed on HSBC by the U.K. Financial Conduct Authority in December is a particularly potent example.

Deutsche Bank

Deutsche Bank monitorship extended after breach of DPA


Deutsche Bank disclosed the Department of Justice determined it breached its obligations under a 2021 deferred prosecution agreement. As a result, the term of an independent compliance monitor at the bank has been extended until February 2023.

Allison Herren Lee and Hester Peirce

Top 10 reasons to attend Compliance Week 2022


A keynote with two SEC commissioners; interactive sessions on global sanctions, ESG, and ethical leadership; and a new conference location and format highlight Dave Lefort’s list of reasons to be excited for CW’s first in-person event in nearly three years.

Mobile TeleSystems

MTS compliance monitorship extended one year


The Department of Justice and Mobile TeleSystems jointly agreed to voluntarily extend for one year the term of the Russian telecommunications company’s independent compliance monitorship in accordance with a 2019 deferred prosecution agreement.


Citi chief compliance officer to step down; search for new CCO launched


Citi Chief Compliance Officer Mary McNiff will step down and accept another post within the bank as part of a reshuffling of leadership to comply with orders issued in 2020 by the Office of the Comptroller of the Currency and Federal Reserve.

Russian hacker

Steps for preparing for potential Russian cyberthreats


As the West seeks to isolate Russia, the country might retaliate with state-sponsored cyberattacks. Although Russia is suspected to have launched such attacks before, the scale and scope could be much bigger this time, experts warn.

MoneyGram sign

MoneyGram sets aside $15.8M to settle NYDFS, CFPB investigations


MoneyGram disclosed it expects to pay a total of $15.8 million to settle two separate investigations by the New York State Department of Financial Services and the Consumer Financial Protection Bureau.

Pakistan U.S. money

National Bank of Pakistan to pay $55.4M for AML compliance lapses


The National Bank of Pakistan and its New York branch must pay $55.4 million in total penalties in settlements with two U.S. regulators for deficiencies in the bank’s risk management and anti-money laundering compliance program.


PwC Canada fined $950K for internal training exam cheating


The Canadian affiliate of Big Four audit firm PwC has agreed to pay $950,000 in penalties between audit regulators in the United States and Canada after discovering widespread cheating among employees taking internal exams.

Baxter International

Baxter to pay $18M for foreign exchange accounting violations


American multinational healthcare product company Baxter International agreed to pay $18 million as part of a settlement with the Securities and Exchange Commission for accounting violations related to the recording of foreign currency transactions.


My Compliance Library: ‘The Behavioral Code’ explores tension between code and conduct


Benjamin van Rooij and Adam Fine’s book is an exposition on shaping laws and codes to “human and organizational behavior” that lends to the discussion on how behavioral science can inform ethics and compliance programs.


Third-party cybersecurity monitoring: Tips for keeping vendors honest


A continuous monitoring cybersecurity strategy for third-party risks goes a long way toward proactively identifying external vulnerabilities. At CW’s virtual Cyber Risk & Data Privacy Summit, a panel of experts shared leading practices.


Best practices to achieve a continuous assurance cybersecurity model


A panel of cybersecurity experts shared tips for achieving continuous assurance and getting necessary buy-in at CW’s virtual Cyber Risk & Data Privacy Summit.

Cyber Risk Rachael Pashkevich Koontz

Company cybersecurity certifications: Business case and where to start


Rachael Pashkevich Koontz, senior corporate counsel of cybersecurity compliance at T-Mobile, shared her opinions on cybersecurity certifications and determining the right fit for certain organizations at CW’s virtual Cyber Risk & Data Privacy Summit.


CPE Webcast: How award-winning compliance programs measure effectiveness

2022-02-15T14:00:00+00:00Provided by

Join Cargill and Pfizer, two award-winning programs, to hear their strategies for truly measuring compliance training effectiveness and how they use that data strategically to drive better outcomes.