Since the failure of Silicon Valley Bank nearly one year ago, the Federal Reserve Board has revamped its supervisory procedures to respond more quickly and forcefully once it identifies emerging risks at mid-sized and large banks, according to the agency’s vice chair for supervision.
Fines for employing people who do not have a legal right to work in the United Kingdom have risen, meaning employers who fail to carry out the required checks or neglect to re-examine the status of those on temporary work visas could face substantial penalties.
JPMorgan Chase disclosed in a regulatory filing it expects to be penalized approximately $350 million by two unnamed U.S. regulators over lapses in its trading surveillance activities.
Recent enforcement actions offer guidance on what the Department of Justice considers to be an “imminent threat” of disclosure or government action, what it means by “prompt” disclosure, and how a company can earn credit for revealing all relevant facts.
Compliance Week is hosting a virtual roundtable during which experts will break down recent policy changes at the Department of Justice and what they mean for corporate compliance programs.
James Levey, compliance director at global recruitment agency ManpowerGroup, discusses with Compliance Week his focus on preparing the group’s European operations to gather the data required for compliance with the EU’s Corporate Sustainability Reporting Directive.
Many ethics and compliance programs have refocused their efforts away from bribery and corruption and onto data security and privacy, complex government regulations, artificial intelligence security, and other contemporary challenges, a survey from LRN found.
The Office of the Comptroller of the Currency issued a cease-and-desist order against the former general counsel at Sterling Bank and Trust for not ensuring the institution’s Bank Secrecy Act compliance and failing to timely file suspicious activity reports.
More than 320 organizations worldwide committed to disclosing their impact on nature following the recommendations of the Taskforce on Nature-Related Financial Disclosures.
When organizations move their data or operations to the cloud, the compliance team has their work cut out and then some, experts discussed at CW’s Cyber Risk & Data Privacy Summit.
Bank Secrecy Act reporting data disclosed by the Financial Crimes Enforcement Network revealed a significant spike in the use of cryptocurrency to finance human trafficking.
“Under my leadership, the SFO will be bolder, more pragmatic, more proactive,” said Nick Ephgrave in his first public speech as head of the U.K. Serious Fraud Office.
Zoetis, a developer and manufacturer of vaccines and medicines for animals, disclosed it was informed by the Office of Foreign Assets Control that it won’t face enforcement for potential violations of Iran sanctions uncovered during an acquisition integration.
The Financial Crimes Enforcement Network will propose categorizing investment advisers as financial institutions that must comply with the Bank Secrecy Act, including having an anti-money laundering program.
Learn more about how and when artificial intelligence tools can be used to increase value in your governance, risk, and compliance program.
The Supreme Court’s unanimous decision to reaffirm whistleblower protections under the Sarbanes-Oxley Act in a case involving UBS has wide ramifications in many other industries beyond financial services, according to legal experts.
Arthur J. Gallagher disclosed the Department of Justice ended an investigation into the insurance broker’s business in Ecuador for potential violations of the Foreign Corrupt Practices Act.
The Supreme Court reaffirmed whistleblower protections guaranteed under the Sarbanes-Oxley Act in a unanimous decision expected to set a precedent that impacts all corporate internal reporting cases.
The French data regulator’s fine against an Amazon warehouse manager for violating employees’ rights to privacy in the workplace once again raises questions about what constitutes an overzealous approach to employee monitoring and why companies fail to recognize the signs.
The ongoing off-channel communications sweep by the Securities and Exchange Commission netted 16 more broker-dealers and investment advisers, with the latest wave of fines totaling more than $81 million.
The Securities and Exchange Commission and Commodity Futures Trading Commission have combined to levy about $2.8 billion in penalties (so far) against firms and their affiliates in response to recordkeeping failures regarding employee use of off-channel communications for business purposes.
The Financial Crimes Enforcement Network issued a notice of proposed rulemaking that would require the handlers of all-cash residential real estate transactions in all U.S. cities and counties to disclose the beneficial owners.
Forward-thinking third-party risk management teams are changing the way they approach vendor assessments.
Montefiore Medical Center agreed to pay $4.75 million to settle allegations by the Department of Health and Human Services’ Office for Civil Rights that failures by the New York City nonprofit facility allowed an employee to steal and sell patient information for six months.
The decision by France’s data regulator to fine an Amazon warehouse manager for breaches of the General Data Protection Regulation over the way it monitored employee productivity raises questions about the reach data protection authorities have over corporate conduct.
Alphabet, the parent company of technology giant Google, agreed to pay $350 million in a preliminary settlement with shareholders over alleged data privacy violations and materially false and misleading statements linked to now-defunct social media site Google+.
Different deadlines associated with the 13 U.S. state privacy laws currently on the books, including grace periods and enforcement dates, have proven challenging for compliance, experts discussed at CW’s Cyber Risk & Data Privacy Summit.
Two chief compliance officers and an attorney discussed preparation for the “when, not if” threat of a data breach during a panel at CW’s Cyber Risk & Data Privacy Summit.
This webinar will shed light on the critical need for heightened awareness regarding business communications in the financial sector.
Software company Blackbaud will be required to delete unnecessary data and boost cybersecurity as part of a proposed settlement with the Federal Trade Commission stemming from a 2020 data breach.
The Financial Crimes Enforcement Network issued an alert addressing the financing of Israeli extremist settler violence against Palestinians in the West Bank.
Nearly 800 financial crime professionals said the biggest threats to the effectiveness of their anti-money laundering programs are budget cuts and their inability to keep pace with more aggressive and innovative uses of technology by criminals to commit fraud.
The Office of the Comptroller of the Currency levied a $65 million civil penalty against Los Angeles-based City National Bank over alleged risk management and internal control failures.
A New York-based Bank Secrecy Act compliance officer facilitated more than $1 billion in high-risk international financial business through an “unsophisticated” institution, according to the Department of Justice and the Financial Crimes Enforcement Network.
Richard Brasher, vice-president of sustainability at multinational automotive parts company LKQ Corp., discusses with Compliance Week his view on the added attention sustainability initiatives are receiving and where improvement remains.
Citibank faces a lawsuit from New York Attorney General Letitia James for allegedly failing to protect and reimburse customers who lost thousands of dollars in fraudulent wire transfers.
The Public Company Accounting Oversight Board’s first enforcement settlements with mainland China and Hong Kong firms won’t be the last, as the chair of the regulator says its “just getting started.” U.S. firms must be mindful of the specific ethical issues highlighted.
The Office of the Comptroller of the Currency proposed eliminating expedited or streamlined reviews of mergers for national banks and federal savings associations.
Just 25 percent of corporate leaders felt their organizations were highly prepared to handle the governance and risk issues posed by generative artificial intelligence, a Deloitte survey found.
Cybercrime is regularly cited as a leading concern for executives, yet board oversight of cyber risks is often inadequate and governance poorly understood, according to the authors of a proposed U.K. code of practice on cybersecurity governance.
Generative artificial intelligence providers often promote their technologies as revolutionary tools that can enhance anti-money laundering processes. But the issues and shortcomings associated with the technologies must also be acknowledged.
The Department of Justice and Federal Trade Commission updated language contained in standard preservation letters regarding the maintaining of business communications made via collaboration tools and ephemeral messaging apps.
The Commodity Futures Trading Commission would like to learn more about how regulated entities might be using artificial intelligence in their compliance efforts, along with other applications.
The recent furor in the United Kingdom over the Post Office’s wrongful prosecutions of sub-postmasters for alleged fraud has put the government’s relationship with private contractors under the spotlight and raised questions about how companies could be held more accountable in future.
Bonus clawbacks, more fines, and a senior management regime that clearly identifies individual executives’ responsibilities for key governance areas are all options being considered by the Swiss Financial Market Supervisory Authority in response to the collapse of Credit Suisse.
The U.K. Information Commissioner’s Office is seeking input from developers, users, and those interested in generative artificial intelligence to help inform policy and guidance regarding the technology.
Enforcement actions regarding alleged violations of the Foreign Corrupt Practices Act at 3M, Albemarle, Clear Channel Outdoor, and Royal Philips each had China touchpoints. Experts assess third-party risk management lessons learned from each case.