How can true cooperation be achieved when the solution being proposed is essentially to pit high-risk, controversial banking customers against the banks with which they want to do business, wonders Jaclyn Jaeger.
The Public Company Accounting Oversight Board will adopt amendments to its independence standards to align with recent updates initiated by the Securities and Exchange Commission.
In a year turned upside down by the coronavirus pandemic, one thing hasn’t changed in the eyes of the SEC: The best compliance programs are supported by senior management and have adequate staffing, technology, and training.
In its 10-year check-in report, the Organisation for Economic Co-operation and Development lauded U.S. enforcement authorities for continuing to be at the forefront in the global fight against corruption and offered only minor suggestions for improvements.
SEC Chairman Jay Clayton will step down from his post at the end of the year, allowing the Biden administration to choose his successor immediately upon taking over the White House.
Should Republicans hold on to their majority in the Senate, President-elect Joe Biden could still find ways to pass sweeping economic legislation during his first term.
Careful consideration as to what new tone, direction, and priorities the SEC’s Division of Enforcement will take under Joe Biden can help you reduce compliance risk.
A recent international wire transfer rule change proposed by U.S. regulators could go a long way toward combatting terrorist financing, but the increased transaction reporting may overwhelm an already taxed system, writes Martin Woods.
The Consumer Financial Protection Bureau is likely to revert to its more aggressive, Obama-era version of itself under a Biden administration.
California voters approved a ballot measure that will add new layers of responsibility for businesses attempting to comply with the state’s first-in-the-nation data privacy law, the California Consumer Privacy Act.
The CFTC issued guidance that spells out how companies that self-report violations, cooperate with investigators, and remediate their issues can qualify for a “substantially reduced penalty” on any subsequent enforcement action.
The Office of the Comptroller of the Currency’s finalized “true lender” rule clarifies how banks are responsible for the compliance obligations and actions of their third-party lending partners.
The U.K. Serious Fraud Office has published its latest internal guidance on the threshold companies must meet before they are offered a deferred prosecution agreement.
Financial institutions complying with the SEC’s new Regulation Best Interest standard have particularly struggled with training staff and how to identify and eliminate potential conflicts of interest, regulators said during an online forum.
FinCEN and the Federal Reserve Board have proposed lowering the threshold at which financial institutions must collect, retain, and transmit information on overseas transfers under the Bank Secrecy Act.
SEC Commissioner Hester Peirce revealed in a recent speech that she is considering developing a draft framework that would aim to clarify when the Commission may seek personal liability in compliance cases.
Democratic presidential nominee Joe Biden is no lock to win the presidency on Nov. 3. But it’s worth examining what compliance-related regulatory policies he’d support if he wins.
In a world where most compliance solutions claim to be compliant with the latest DOJ guidance, let’s take a closer look at the framework designed for evaluating corporate compliance programs, how that has evolved over the years, and critical questions you should be asking.
The Securities and Exchange Commission has moved forward with relaxing its conflict-of-interest rules for independent auditors by a 3-2 vote.
More donations in a high-stakes election year means more chances that the Securities and Exchange Commission will pursue investigations related to its often overlooked “pay-to-play” rule.
Revenue constraints faced by companies due to the coronavirus pandemic are factoring more prominently into settlement discussions with the Department of Justice, according to acting Criminal Division head Brian Rabbitt.
The record amount of whistleblower payouts by the SEC in fiscal year 2020 ($175M) happened because the agency made quickening the pace of awards a priority, whistleblower advocates say.
From local governments around the world to U.S. regulators to activist investors, the debate over corporate climate-related risk disclosures is approaching a boiling point.
More than two years after proposing them, the Securities and Exchange Commission approved a series of controversial amendments to its whistleblower program designed to make the issuance of awards more streamlined and efficient.
Nearly a year since their last hearing to discuss the urgent need for a federal privacy law in the United States, the Senate Committee on Commerce, Science, and Transportation largely remains stuck in neutral.
Businesses with operations in California should expect their data privacy compliance obligations to get a lot more complicated next year with the California Privacy Rights Act expected to pass in November.
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 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.
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.
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.
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.”
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.
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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
The Securities and Exchange Commission has a female majority board with the swearing in of Commissioners Caroline Crenshaw and Hester Peirce.
Two strikes and you’re out, say four federal agencies to repeat violators of Bank Secrecy Act/anti-money laundering compliance requirements.
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.
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.
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.
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.