Comment letters in response to the SEC’s climate-related disclosure rule have laid out opponents’ issues with the proposal, while supporters have used the process to buttress the agency’s case for implementing it.
What would it look like if the SEC adopted a chief compliance officer liability framework? Commissioner Hester Peirce offered a preview in a statement regarding an enforcement action against the CCO of a formerly registered investment adviser.
Companies are set to ramp up spending on artificial intelligence and other technologies in the coming years despite expectations of rising legal disputes over its use and implementation, according to a new survey.
The Public Company Accounting Oversight Board will pay increased attention to how auditors are addressing changing risk landscapes because of the current economic environment during its 2022 inspections.
Credit Suisse became the first major Swiss bank to be prosecuted for money laundering in the country after the Federal Criminal Court of Switzerland found the bank guilty of washing money connected to a Bulgarian drug smuggling syndicate.
Sanctions are one of the most important risk factors to consider in any compliance program. No one wants to be found to have business ties to a sanctioned entity given the potential for significant financial penalties and reputational damage.
All companies with a global footprint should be reevaluating their supply chain due diligence and documentation practices to show the absence of forced labor in the wake of the Uyghur Forced Labor Prevention Act taking effect.
The issues of working in high-risk regions have always been there, but recent dynamic events and circumstances have added unique challenges.
The Financial Crimes Enforcement Network and Bureau of Industry and Security warned financial institutions to be on the lookout for new and novel ways individuals and entities in Russia and Belarus are attempting to evade export controls.
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It is impossible to ignore the SEC’s $100 million fine against EY for employee exam cheating is double the amount the regulator penalized KPMG for its separate cheating scandal. Especially since the latter resolution appears to have served as a starting point for the SEC’s ruling on the former.
While the requirement to undertake transaction monitoring evolved because of AML legislation, its importance has been magnified and reinforced by increased regulatory attention and significant fines.
Ernst & Young will pay $100 million after admitting to SEC charges addressing systematic cheating among its accounting professionals on CPA license exams over four years. The fine is the largest the agency has ever imposed against an audit firm.
Chief compliance officer concerns regarding the Department of Justice’s new certification policy have not been alleviated by the agency’s inconsistent communication regarding the requirement.
The Office of the Comptroller of the Currency warned banks and financial institutions about elevated operational risks caused by geopolitical tensions and a heightened compliance risk environment complicated by regulatory changes, policy initiatives, and difficulties in hiring qualified professionals.
The Financial Action Task Force added Gibraltar to its list of jurisdictions working with the organization to improve the countering of money laundering, terrorist financing, and proliferation financing within their borders.
The U.K. Financial Conduct Authority fined Ghana International Bank £5.8 million (U.S. $7.1 million) for deficiencies in its anti-money laundering controls over its correspondent banking activities.
The U.K. Financial Conduct Authority fined a unit of insurance broker Jardine Lloyd Thompson Group 7.9 million pounds (U.S. $9.7 million) for failing to control financial crime within its South and Central American subsidiaries.
Across the globe and sectors, we are seeing a compliance risk landscape that is evolving and becoming more complex. We are also seeing compliance functions respond to mounting internal and external demands, escalating compliance costs, and operating with constrained budgets and resources.
The cascade of sanctions condemning Russia’s assault on Ukraine has governments and financial regulators investigating Russian oligarchs, many of whom exploit gaps in public disclosure laws through offshore assets
Melanie Gallagher, head of third-party risk management at financial software company Intuit, offered best practices for navigating sanctions compliance risks at CW’s TPRM Summit in Chicago.
Editor In Chief Kyle Brasseur recaps popular points of discussion across Compliance Week’s two-day Third-Party Risk Management Summit held in Chicago.
Jaclyn Jaeger reflects on feedback received from former and current USAA employees following her three-part series detailing alleged violations of law and mismanaged compliance culture at the financial services giant.
More and more commercial organizations are voluntarily adopting cybersecurity risk management frameworks like NIST CSF, COBIT, ISO, and others considering recent legislation, executive orders, and reporting requirements.
With the Russia-Ukraine war’s ever-expanding sanctions landscape, supply chain strain and risk of enforcement are sharply increasing. Speakers at a recent event hosted by Drexel University’s Kline School of Law offered best practices.
Compliance programs globally expect to shoulder more responsibilities in 2022, according to Kroll’s latest Anti-Bribery and Corruption Benchmarking Report.
Nearly every business does due diligence when onboarding and renewing contracts, but many times the work stops well short of a program to efficiently manage strategic third parties, their contributions to business performance, and the risks they could pose to the organization.
When it comes to remotely onboarding customers, businesses have adopted eKYC solutions to ensure their new customers are who they say they are and are suitable to do business with. But most eKYC solutions are limited in scope.
Fraud and social media have a special relationship, with the two frequently combining to cause harm, distress, and loss to an enormous number of people.
Editor In Chief Kyle Brasseur previews Compliance Week’s Third-Party Risk Management Summit, a two-day conference solely dedicated to the sharing of knowledge and experience within TPRM.
What might the SEC’s proposed climate disclosure mandate mean as finance and sustainability teams begin implementing and maturing their programs to deliver both business and ESG value?
The Responsible Financial Innovation Act, introduced by Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.), seeks to regulate digital assets, blockchain technology, and cryptocurrencies in the United States for the first time.
The Commodity Futures Trading Commission is seeking public comment on climate-related financial risks that could inform the agency’s future guidance, interpretations, policy statements, and/or rulemaking.
Less than one-fifth of global corporate legal departments in a recent survey reported heavy involvement with environmental, social, and governance compliance, though three-quarters said they had been extremely involved in drafting their companies’ ESG strategy.
Two years into its diversity, equity, and inclusion action plan, Best Buy leaders attended Compliance Week’s National Conference to discuss—in a refreshingly blunt manner—the retailer’s learnings.
Asoka Woehrmann, chief executive of DWS Group, has resigned amid an investigation by German officials into allegations of greenwashing within the asset management unit’s investment portfolio.
Stringent maintenance and record-keeping measures are part of the foundations of an effective compliance and risk management framework, so their neglect is as puzzling as it is unwise.
An independent report ordered by the Reserve Bank of New Zealand into Westpac New Zealand has found the bank is “moving in the right direction” in addressing risk culture deficiencies.
Four senior compliance practitioners shared their insights on maintaining an ethical culture, embracing data analytics, determining compliance’s role in measuring ESG metrics, and more as part of a panel discussion at Compliance Week’s National Conference.
A French court ruled Lafarge should face charges of complicity in crimes against humanity after its subsidiary allegedly paid up to €13 million (U.S. $14 million) to armed groups—including the Islamic State—to keep its Syrian cement factory running between 2012-14.
With the growing demands of huge data sets, an everchanging regulatory landscape, and constantly evolving typologies, the challenge of assessing, documenting, and managing financial crime risk has never been greater.
A panel of compliance professionals discussed the increasingly relevant topic of working in high-risk countries, sharing their experiences and lessons learned at Compliance Week’s National Conference in Washington, D.C.
Glencore International AG, one of the world’s largest commodity traders, will be placed under a three-year compliance monitorship and pay more than $1 billion to resolve multiple investigations into alleged bribes paid in several countries over more than a decade.
Compliance policies must expand to align with ESG objectives, especially as the Securities and Exchange Commission proposes new rules for climate disclosures.
Christine Gordon, chief compliance officer at Olympus Corporation of the Americas, spoke about her company’s experience working with a DOJ-selected independent monitor at Compliance Week’s National Conference.
BNY Mellon Investment Adviser has agreed to pay a $1.5 million fine to the Securities and Exchange Commission for making “misstatements and omissions” on environmental, social, and governance mutual funds it managed over three years.
Editor In Chief Kyle Brasseur recaps the moments that stood out to him most from Compliance Week’s first in-person event since 2019.
The compliance and risk landscape grows more complex each day, and the rate of change in the space is only accelerating.
Matthew Friedman, an expert on international human trafficking with more than 30 years of experience, discussed the importance of companies addressing modern slavery in their supply chains as part of a virtual fireside chat on the human factor of ESG at Compliance Week’s National Conference.
Kenneth Polite Jr., head of the Department of Justice’s Criminal Division and a former chief compliance officer, delivered a dynamic keynote address emphasizing the importance of empowering compliance to avoiding prosecution at Day 2 of Compliance Week’s National Conference.