Deutsche Bank will pay $150 million in penalties under a consent order with New York State for “significant compliance failures” regarding, in part, its former relationship with accused child sex trafficker Jeffrey Epstein.
Trade-based money laundering was already happening prior to the coronavirus pandemic, but now its nature has shifted. The ICA offers key considerations for managing emerging risks.
The Office of the Comptroller of the Currency published a new report describing key issues facing the federal banking system and the effects of the coronavirus pandemic on the banking industry.
Companies doing business in Mexico face an uphill battle with their anti-corruption compliance efforts as the country’s government struggles to control—and, in many cases, contributes to—its endemic corruption problem.
CW contributor Richard Bistrong shares his thoughts on Dr. Andrea Bonime-Blanc’s book within the context of the DOJ’s most recent compliance guidance and the turbulent times in which we are currently living.
When a company does not rebut serious allegations of wrongdoing with litigation, the only response is to demand answers from the firm or take your business elsewhere, writes financial crime expert Martin Woods.
Executive coach Amii Barnard-Bahn provides guidance on how compliance practitioners can best have the tough conversations they need to have in a virtual environment.
What keeps the best compliance leaders ahead of the pack in today’s pandemic-beleaguered climate? Actionable insights from well-organized data inputs.
Scientists and doctors cannot succeed or make medical breakthroughs without being prepared to fail. The same approach should be taken to combating anti-money laundering, writes financial crime expert Martin Woods.
Cyber-security protections deployed for some of the nation’s most secret data was “woefully lax,” according to a 2017 intelligence brief that detailed shortcomings at the CIA following the agency’s 2016 data breach.
The International Compliance Association announced the signing of a partnership with the Czech Compliance Association to offer the ICA’s suite of accredited qualifications in the Czech Republic.
Where can you best leverage automation and AI in GRC? As companies shift to a proactive risk-based approach to measuring and managing risk, compliance can still take up a significant amount of resources.
The answer to being more effective at stopping money launderers is to challenge the value of processes that are clearly failing. Financial crime expert Martin Woods explains.
Verizon Public Sector Counsel David Kessler, winner of CW’s “Excellence in Compliance: Cyber-Security” award, offers five lessons garnered from the pandemic to assist companies with their cyber-security compliance.
As businesses and employees work to re-establish stability and reset targets following the disruption caused by coronavirus, they will be more vulnerable to fraud, corruption, and regulatory violations.
As businesses begin to reopen, many companies are reassessing the furlough decisions they made in March. If you manage such employees, you would be wise to heed this advice.
A study on the use of artificial intelligence in the securities industry by FINRA found a number of challenges with the technology—data bias, customer privacy, and cyber-security among them—but noted it can offer “significant benefits.”
A session from a recent MetricStream virtual conference provides lessons for internal audit on what risks to watch out for and how to chart a path forward.
While there is no one right third-party risk management program, there is a model right for you, and incorporating best practices into your processes can have an exponential effect on your results.
Compliance Week Editor in Chief Dave Lefort and ServiceNow Risk Solutions Executive Brandon Reese share best practices and discuss managing pandemic-related risks as companies safely and slowly bring employees back to the office.
An Audit Analytics report on cyber-security breaches at public companies found the sensitivity of customer information stolen—along with length of time it took companies to report breaches—greatly affected the financial damage the breaches caused.
Compliance officers must let go of the fear that often accompanies respect for big money (or luxurious aircrafts) and hold the difficult conversations when ferreting out bad actors, writes financial crime expert Martin Woods.
There’s no argument that the world has changed, and while the long-term implications of the COVID-19 crisis are unknown, the way we approach work and the workplace has already become different forever.
An internal report outlining compliance failures by Australia-based financial institution Westpac that led to 23 million breaches of the country’s AML/CTF laws concluded “a mix of technology and human error” were to blame.
Anti-bullying should be at the top of your compliance agenda and should be supported by increased gender balance, writes financial crime expert Martin Woods.
As companies around the world begin to manufacture products outside their comfort zone to address dire shortages in personal protective equipment amid the pandemic, compliance practitioners are negotiating new risks and challenges.
“Only when the tide goes out do you discover who’s been swimming naked,” said Warren Buffett. With the pandemic tide out, here are some related frauds that are likely already occurring that corporations should be watching for.
The Department of Justice posted new revisions to its “Evaluation of Corporate Compliance Programs” guidance, directing prosecutors to ask whether compliance is “adequately resourced and empowered to function” effectively, among other changes.
Still trying to polish its tarnished reputation, Wells Fargo announced the appointment of two new corporate risk leaders and an enhanced organizational structure “designed to provide greater oversight of all risk-taking activities.”
The Financial Crimes Enforcement Network has issued what it says is the first of several advisories concerning financial crimes related to the COVID-19 pandemic.
Do risks from your third-party ecosystem keep you up at night, especially during these trying times? How have third-party risks changed over the years, but especially lately, considering the current crisis?
Executive coach Amii Barnard-Bahn reveals five tips for instilling compliance and ethics throughout the organization in times of uncertainty.
Cyber-criminals are making attempts to test the cyber-security of those working from home during the coronavirus pandemic. Here are ways to help defend yourself and your business from these potential threats.
Financial crime expert Martin Woods explains how compliance professionals can do their part in rooting out boiler room/investment frauds, citing a recent story from a call center in Kiev.
COVID-19 has completely changed the way organizations do business, both internally and externally. The influx of sensitive data being collected makes proactively identifying and managing privacy risk a big challenge.
The themes of honesty and integrity defined the leadership best practices shared by more than 40 speakers across 15 sessions at Compliance Week’s first-ever Virtual Conference.
Financial crime expert Martin Woods explores how bad actors use crises like the coronavirus pandemic to exploit fear, perceived weaknesses, and obvious vulnerabilities and further their criminal enterprise.
The coronavirus pandemic is not a “Get Out of Jail Free” card. It is not an excuse machine—just one of the lessons explored during Compliance Week’s recent Virtual Conference.
The entire cruise industry was hit hard by coronavirus, but for Carnival CECO Peter Anderson the challenges were twofold: How to steer his company through both a compliance monitorship and a global pandemic.
A panel of experts speaking at Compliance Week’s 2020 Virtual Conference share helpful tips for chief ethics and compliance officers on how to lead successfully in a time of great uncertainty.
Speaking at the Compliance Week 2020 virtual conference, former UN Ambassador Samantha Power offered advice on how to address abuses happening during the pandemic and praised the upsurge in strong female leadership around the world.
U.S. Steel Chief Compliance Officer Duane Holloway’s successful efforts to overhaul the ethical principles of a 119-year-old company earn him the distinction of becoming CW’s first-ever CCO of the Year.
CW’s Compliance Comeback of the Year Josh Drew, group chief ethics & compliance officer at VEON, discusses the challenges he faced when rebuilding the company’s ethics and compliance program under a monitor’s watchful eye.
Lifetime Achievement in Compliance award winner Carrie Penman walks us through her compliance journey—from creating the first corporate-wide ethics program at Westinghouse Electric to her influential ethics and compliance work at NAVEX Global.
Can an employee, fearful of contracting coronavirus, refuse to return to work? Though the law may be on the employer’s side, there should be room for negotiation.
A global advisory to alert the maritime, energy, and metals sectors about common deceptive shipping practices used to evade sanctions includes seven sanctions compliance best practices to mitigate risk.
The Advanced Medical Technology Association has released new compliance guidance for medical-technology companies to guide them in mitigating compliance and corruption risks as they help healthcare providers fight coronavirus.
The coronavirus pandemic has made getting together for our annual National Conference impossible, but it’s also made this virtual gathering (Monday and Tuesday) perhaps the most important one we’ve ever had.
A number of forward-thinking companies are using the coronavirus pandemic as an opportunity to drive promising innovations in their global supply chains.
Risk events eventually diminish, and the focus naturally turns to recovery. But COVID-19 represents a unique challenge due it’s prolonged effects and the resulting cascading risks and possible disruptions.