Regulatory Policy


FinCEN seeking comment on AML program overhaul


The Financial Crimes Enforcement Network has proposed a plan to issue AML guidance every two years to encourage financial institutions to align their Bank Secrecy Act compliance programs with the agency’s enforcement priorities.


A step toward managing climate risk in U.S. financial system


A nearly 200-page report on managing climate risk in the U.S. financial system is comprehensively assembled by a group spearheaded by CFTC Commissioner Rostin Behnam, but the real work comes in its implementation.


OFAC-Delaware sanctions pact more than meets the eye


As the state home to nearly 70 percent of Fortune 500 companies, the Delaware Department of Justice’s Memorandum of Understanding with OFAC represents a significant milestone for U.S. sanctions enforcement.


CFTC issues own guidance on evaluating compliance programs


Like the Department of Justice before it, the Commodity Futures Trading Commission has issued guidance to companies on how it will evaluate compliance programs in connection with enforcement matters.

Privacy Shield

More Privacy Shield fallout: Swiss-U.S. pact ruled inadequate


The Swiss Federal Data Protection and Information Commissioner believes the Swiss-U.S. Privacy Shield “does not provide an adequate level of protection for data transfer from Switzerland to the US.”

EU US privacy

European Commission: No Privacy Shield replacement in sight


The European Commission this week warned there will be “no quick fix” to replace the now-invalidated Privacy Shield, which governed data transfers between the European Union and United Sates.


Credit social media giants for prepping for election chaos

2020-09-03T18:12:00+01:00By Compliance Week

Silicon Valley’s social media heavyweights deserve a nod for “war-gaming” potential misinformation scenarios in advance of November’s elections, while McDonald’s again finds itself on our “Not Lovin’ It” list.

California State House

With CFPB in ‘retreat,’ California eyes state consumer finance agency


California wants to create its own state consumer finance protection agency because the federal Consumer Financial Protection Bureau is in “retreat,” Democratic Gov. Gavin Newsom says.

Money laundering

FCA proposes expanding scope of financial crime reporting obligations


The U.K. Financial Conduct Authority seeks comment on a new proposal that would widen the scope of its annual financial crime reporting obligations to include firms whose regulated activities potentially pose a higher money laundering risk.


SEC to consider limiting large whistleblower awards, weakening retaliation rule


The SEC had scheduled a Sept. 2 vote on controversial changes to its whistleblower program that, if passed, could weaken the agency’s prohibition of retaliation against whistleblowers and limit large rewards. The meeting has been canceled.

Privacy Shield

EU data authorities take different approaches to Privacy Shield ruling


It appears Europe’s data authorities are prepared to interpret a key court judgement as they see fit in the absence of definitive guidance from the bloc’s primary privacy regulator.


China proposes joint audit to end dispute with U.S. regulators


In an attempt to end the stalemate over audits of publicly traded Chinese companies listed on U.S. exchanges, China has reportedly proposed to allow U.S. regulators to conduct a trial joint inspection of a state-owned enterprise.


SEC loosens risk disclosure requirements for public companies


In a split decision, the Securities and Exchange Commission has loosened requirements public companies must follow when they describe risk factors and legal proceedings in their financial statements.


SEC wants to curb sensitive data contained in CAT submissions, EDGAR filings


Rule changes proposed by the SEC seek to limit the amount of personally identifiable information required in data submitted to the Consolidated Audit Trail and for public company filings.


New DOJ office to monitor, evaluate compliance with antitrust judgments


A new office within the Antitrust Division will be tasked with monitoring corporate compliance initiatives connected with DOJ antitrust judgments, as well as evaluating whistleblower complaints regarding those judgments.


SEC names Berger deputy director of Enforcement


The Securities and Exchange Commission named Marc Berger deputy director of the Division of Enforcement, also promoting Richard Best to take over for Berger as director of the New York Regional Office.

columnist icons - kyle

Trump’s TikTok crusade a hollow win for privacy


There’s no questioning the need to protect the data of U.S. citizens from China, but it’s naïve to think pressuring TikTok to take up a U.S. owner is anything more than a hollow victory given our lack of federal oversight in the area of privacy.


Analysis: What to make of the DOJ’s rare FCPA opinion


The Department of Justice last week issued its first FCPA opinion procedure in six years. Experts weigh in on the ruling, the gap between opinions, and more.


Crenshaw, Peirce sworn in as SEC commissioners


The Securities and Exchange Commission has a female majority board with the swearing in of Commissioners Caroline Crenshaw and Hester Peirce.

Federal Reserve

Federal banking regs clarify BSA/AML compliance violation response


Two strikes and you’re out, say four federal agencies to repeat violators of Bank Secrecy Act/anti-money laundering compliance requirements.


Without guidance, U.S. companies in limbo after Privacy Shield scrapped


Despite a recent court ruling to scrap the EU-U.S. Privacy Shield, the program is apparently still alive and well in the United States. It’s time to move on, writes Aaron Nicodemus.


Survey: Companies say lack of guidance, budget restrictions hamper compliance with CCPA


Complying with provisions of the California Consumer Privacy Act continues to be difficult for many companies, according to a new survey from Compliance Week and OpenText.


Canadian market regulator floats flexible firm CCO models


The Canadian Securities Administrators has published guidance that effectively gives registered firms in Canada more flexibility in satisfying chief compliance officer staffing requirements through three optional models.

coronavirus office

Don’t wait for Congress to save your firm from coronavirus liability


If you are an employer hoping Congress will pass a “coronavirus liability shield” bill to help your company deflect COVID-19 lawsuits, consider this: No such “shield” will do much good unless you’ve already taken action to create a safe workplace.


Five tips for EU-U.S. data transfers post-Privacy Shield


As the fallout from the demise of the Privacy Shield continues to play out, here are a handful of steps companies can take to protect themselves from potential GDPR violations when transferring data between the European Union and the United States.


Sen. Grassley to propose whistleblower-friendly FCA amendments


Sen. Chuck Grassley (R-Iowa) is working on legislation that would amend the False Claims Act in a way he says would strengthen the law’s core purpose of helping whistleblowers shine the light on wrongdoing and fraud.

DOJ building

Advice for compliance from new DOJ Criminal Division head


Acting Justice Department Criminal Division head Brian Rabbitt shares his perspective on recent updates to the Evaluation of Corporate Compliance Programs guidance, the FCPA Resource Guide, and more.


New SEC division to coordinate response between OCIE, regional offices


The Securities and Exchange Commission announced the creation of a new division designed to bolster compliance with securities laws among firms working with the agency’s regional offices.

EU US privacy

Companies paying price for EU-U.S. Privacy Shield removal


The legal and financial burden for companies to comply with the recent ruling to invalidate the EU-U.S. Privacy Shield might actually be worse than first thought, if an FAQ from the European Data Protection Board is any indication.


CFTC finalizes new swap dealer rules under Dodd-Frank


In a pair of split votes that fell along party lines, the Commodity Futures Trading Commission approved rules on swap dealers that complete rulemaking ordered by the Dodd-Frank Act, enacted a decade ago.


OCC proposal seeks to clarify when banks are ‘true lender’


The Office of the Comptroller of the Currency has proposed a rule meant to eliminate ambiguity in federal banking regulations regarding loans made by national banks and their third-party partners.

Europe Justice

Europe’s top court strikes down U.S.-EU data transfer rule


In a surprise decision that will have a major impact on trans-Atlantic data transfers, Europe’s top court ruled Thursday that a mechanism used by thousands of companies to send data to the United States is unlawful.


SEC proposes update to ease 13F reporting requirements


The Securities and Exchange Commission has proposed raising the threshold at which small institutional investment managers must file quarterly reports with the agency.

Supreme Court

Supreme Court to consider scope of FTC enforcement authority


The Supreme Court agreed to hear a case that will decide whether the FTC can seek to recoup funds unlawfully obtained by individuals and companies resulting from violations of consumer protection laws.


FCPA Resource Guide revision a gold mine for compliance officers


The first update to the SEC and Justice Department’s FCPA Resource Guide since it was published in 2012 includes several clarifications intended to benefit chief compliance officers and in-house counsel.


What regulators want to know about KYC technology


So, your company has decided to embark on an update of its legacy Know Your Customer system. Hear from experts on how to begin the process of onboarding that tech to the regulators.

United Kingdom

Will U.K. mandate that Big Four separate audit units make a difference?


The FRC hopes its demand that the Big Four isolate their audit units from their other businesses by 2024 will improve their ethical behavior … but some are skeptical.


EPA enforcement discretion policy to end next month


The Environmental Protection Agency has revised its temporary—and controversial—enforcement discretion policy regarding environmental legal obligations during the coronavirus pandemic, establishing an end date of Aug. 31.


FTC, DOJ issue modernized guidance on vertical mergers


The FTC and DOJ jointly issued long-awaited vertical merger guidelines that will replace decades-old parameters to more accurately represent the agencies’ merger review process.

David Lefort

Market forces, not regs, leading the charge for data privacy


Data privacy is about to become a more tangible concept to Americans not due to regulation like the CCPA, but because the most influential brand in the nation is making it a pillar of how it does business.

Department of Labor

Labor Dept. revives fiduciary rule with new proposal


The U.S. Department of Labor announced the proposal of a new exemption for investment advice fiduciaries designed to replace retirement-focused fiduciary rules made invalid two years ago.

Supreme Court

Supreme Court: CFPB single-director structure unconstitutional


The U.S. Supreme Court ruled the CFPB’s single-director structure violates the separation of powers between the executive and legislative branches and is unconstitutional.

Cyber locks

Bill proposes national cyber-security czar


A bill with bipartisan Congressional support proposes to create a national cyber-security czar who would report directly to the president.


SEC risk alert provides compliance roadmap for investment advisors


A risk alert issued recently by the SEC examines disclosure deficiencies by investment advisors managing private funds.


Regs rollback Volcker rule restrictions on bank investments


Despite pushback from some regulators and Democrats in Congress, the newest Volcker rule update will allow banks—in certain circumstances—to invest or sponsor hedge funds and private equity funds.


Experts: CCPA enforcement will prioritize children’s privacy, digital marketing


What will enforcement of the California Consumer Privacy Act look like at first? Experts offer their take, in addition to providing guidance for companies still not in compliance with the landmark legislation.

Capitol Hill

Democratic privacy bill proposes new data agency


A draft privacy bill from Sen. Sherrod Brown (D-Ohio) would require companies seeking to collect sensitive personal data to receive a “certification of compliance” from a newly created independent agency.


FTC stumps for additional resources to police privacy


The FTC says it would consider creating three new units to pursue privacy enforcement investigations if Congress would increase its full-time employee headcount.


CFPB launches pilot advisory opinion program


The Consumer Financial Protection Bureau has launched a pilot advisory opinion program that allows companies seeking to comply with its regulations to submit questions on areas of uncertainty.


SEC Chair Clayton’s SDNY nomination may melt in harsh spotlight


SEC Chairman Jay Clayton will be in for the fight of his life to secure a nomination to become the next U.S. Attorney for the Southern District of New York.