Rabobank, the second largest bank in the Netherlands, is being investigated by the Dutch Public Prosecution Service for potential violations of the country’s anti-money laundering/countering the financing of terrorism law.
Special purpose acquisition company transactions have unique risks and require awareness of what it takes to operate as a public business. Internal controls, governance, technology, and more are essential.
The Securities and Exchange Commission is expected to see through its controversial policy proposals from 2022, though the newly Republican-led House could slow the agency’s momentum.
A panel on regulatory trends at CW’s virtual TPRM and Oversight Summit discussed lessons for compliance departments seeking to learn how to guard themselves against bad actors within their own firms contained in ABB’s recent $327 million bribery settlement.
It’s been six months since the Uyghur Forced Labor Prevention Act took effect, and businesses are no clearer today on how to comply with it, those familiar with the law said.
Positive contributions in the areas of ESG, AI responsibility, and setting standards regarding CCO liability highlight the latest installment of CW’s annual list of laudable ethics and compliance moments.
The Division of Examinations at the Securities and Exchange Commission issued a risk alert detailing recent issues observed by inspectors regarding compliance with the agency’s identity theft red flags rule, Regulation S-ID.
Increased regulatory and consumer scrutiny on the integrity of businesses has shined a spotlight on the reputational risks of unethical business practices involving third parties.
Sam Bankman-Fried’s admission he put no effort into risk management in leading cryptocurrency exchange FTX makes it easy to understand how the firm collapsed so quickly.
Former and current Twitter employees share insights into the state of the social media company’s “toxic” culture and “morose, fearful” atmosphere since Elon Musk stepped on the scene.
The Department of Justice is considering issuing new guidance regarding companies’ record-keeping obligations for employees’ use of personal cell phones to conduct corporate business, as well as executive compensation clawback policies.
Christy Goldsmith Romero, a commissioner at the Commodity Futures Trading Commission, is lobbying the regulator to use its existing authority to conduct “heightened supervision” over derivative exchanges to create more oversight in crypto markets.
Senior executive shakeups, mass employee layoffs and resignations, major advertisers halting their ads—Elon Musk’s acquisition of Twitter provides a case study in leadership mismanagement for the ages.
There are few things as impersonal to the workforce as compliance, yet this is a critically important area where organizational focus around achieving or exceeding rules for good, safe work ebbs and flows based on powerful factors in and around our workforce.
Citigroup has successfully resolved key compliance shortcomings identified as part of a 2020 enforcement action but still has work to do to address data management weaknesses, according to federal banking regulators.
Goldman Sachs Asset Management agreed to pay $4 million to settle SEC charges it failed to follow its own policies and procedures regarding a trio of investment products marketed for their environmental, social, and governance considerations.
A U.K. employment tribunal’s ruling that a former BP employee was not entitled to whistleblower protection has shone a spotlight on the legal issues workers must consider ahead of speaking up.
To do their jobs properly, regulators must be able to act independently and without government intervention. Rather than seeking to tighten its grip on regulators, the U.K. government should be safeguarding their independence as a matter of urgent priority.
The Financial Industry Regulatory Authority announced an examination sweep of retail communications by broker-dealers and their affiliates related to cryptocurrency asset products and services.
“Green hushing” is when a company adopts a radio-silence approach to environmental goals. Many companies do it. Some don’t realize they’re doing it.
To effectively mitigate company risk, you must understand and manage the entire scope of disclosures, which goes beyond conflicts of interest and includes gifts, travel, entertainment, lobbying, and anti-boycott.
The Securities and Exchange Commission collected more than $6.4 billion in enforcement penalties, fees, and interest in fiscal year 2022—the largest amount in the agency’s history and a massive increase over a transition year in 2021.
A new Treasury report found as the trend of nonbank fintech companies providing financial services in partnership with regulated entities continues to grow, regulators need to increase oversight of these relationships to curb the risks they pose.
Non-fungible tokens can take many forms. There are potential business applications already in use, and many more are being developed as technology evolves.
Learn now to maximize efficiency and achieve operational excellence within your ESG program or get your program started with steps you can take today and into the future regardless of your maturity.
The collapse and bankruptcy of digital asset exchange FTX offers stark lessons into why rules that apply to traditional investments—overseen by government regulation—ought to apply to digital investments as well.
Walmart announced it agreed to a $3.1 billion nationwide settlement designed to resolve all the potential state lawsuits it faces for its alleged role in fueling the opioid epidemic.
Businesses take varying approaches when self-reporting to regulatory agencies, which can lead to differing results. Caroline Pham, a commissioner at the Commodity Futures Trading Commission, suggests using common sense.
This discussion will bring together voices from internal audit, risk management, and ESG teams to discuss how they are working together.
Literature and survey results regarding codes of conduct and ethics reveal the elements of strong (and weak) examples.
Companies are continuing to fail in their efforts to improve environmental, social, and governance reporting, while compliance functions are finding it tough to keep up with demands for better assurance in the area, according to experts.
Dealing with risks relating to artificial intelligence; diversity, equity, and inclusion; and shortfalls in staff, training, and expertise are set to be among the biggest challenges for compliance officers in 2023 and the years ahead, say practitioners.
Remote and hybrid working caused by the pandemic has meant it can be more difficult for organizations to monitor compliance and detect incidences of rules being broken or procedures not being followed.
Today, it is not enough to focus solely on your organization’s internal risk, as control weaknesses and gaps in the organization’s business partners could ultimately lead to failure.
Companies continue to improve their reporting against the U.K.’s Corporate Governance Code, but the lack of detail about the outcomes and impacts of governance policies hampers proper understanding of how risks are being managed.
The experience of Xavier Andre Justo—the former Swiss banker turned whistleblower in the 1MDB scandal—shows those who speak up about bribery and corruption are often the only victims of the supposed “victimless crimes” they report.
SolarWinds revealed the Securities and Exchange Commission is examining cybersecurity disclosures and public statements the company and its executives made after its massive 2020 data breach caused by hackers backed by the Russian government.
The 18-month probationary period for the new Securities and Exchange Commission marketing rule for investment advisers has expired and compliance with the rule is now mandatory.
Wells Fargo announced the appointment of Kristy Fercho as head of diverse segments, representation, and inclusion. She takes up the role as the Department of Justice and Securities and Exchange Commission investigate the bank’s diversity hiring practices.
Banks reported paying a record $1.2 billion to ransomware criminals in 2021, the Financial Crimes Enforcement Network announced.
The news for Wells Fargo related to alleged sham interviews of minority job candidates continues to worsen, with the bank disclosing the Securities and Exchange Commission has joined federal prosecutors in examining the issue.
This webcast will explore the themes, trends, and topics that need to be top of mind for compliance professionals as we enter a new era of regulations that are poised to protect consumers in an unprecedented fashion.
Sustainability reporting has seen steady growth over the past three decades while overall perspectives about environmental, social, and governance reporting have seen dramatic shifts, according to the latest findings of KPMG’s Global Sustainability Report.
The Federal Trade Commission ordered education technology provider Chegg to fix problems and weaknesses with its cybersecurity program that led to the exposure of personal and financial data of 40 million customers and employees in four data breaches since 2017.
While automation has the potential to transform anti-money laundering compliance, it will not replace the human practitioners relied upon to get investigations to the finish line, experts discussed at the ACAMS annual conference in Las Vegas.
Credit Suisse announced sweeping changes to its strategy that includes selling off parts of its investment banking portfolio and shrinking its global headcount—an attempt to pivot from risky investment ventures and back toward its historic specialty of wealth management.
The results of a recent survey conducted by Compliance Week and Avalara found most businesses consider governmental licenses as part of due diligence efforts during mergers and acquisitions, yet the opportunity for risk management improvements remains.
Your company spends substantial sums to purchase directors and officers insurance and cyber insurance. But are you taking reasonable steps to make sure your company has the best protection available in a changing marketplace?
With all the moving parts of mergers and acquisitions, governmental licenses often get lost in the shuffle. But part of an M&A subject to the whims of thousands of licensing jurisdictions should not go ignored.
The Office of the Comptroller of the Currency ordered the New York branch of ICICI Bank to implement sweeping changes to its anti-money laundering and Bank Secrecy Act compliance programs but will not fine the bank if the improvements are completed.