Risk Management


News Brief

Evolve Bank ordered by Fed to address AML, sanctions lapses


The Federal Reserve Board ordered an Arkansas bank that partnered with numerous financial technology companies to correct deficiencies in its anti-money laundering, sanctions, risk management, and consumer compliance programs.

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CPE Webcast: Acting responsibly with generative AI: How to manage the risks and rewards in the workplace

2024-06-13T14:00:00+01:00Provided by

Generative artificial intelligence has gained immense popularity, but its adoption by businesses introduces ethical risks. Organizations must prioritize responsible use of generative AI by ensuring it is accurate, safe, honest, empowering, and sustainable.

Financial Crimes 2024 Axelrod


BIS’s Axelrod makes plea to financial services: ‘We want to work with you’


Matthew Axelrod, assistant secretary for export enforcement at the Bureau of Industry and Security, addressed efforts to reach financial services firms, working with the Financial Crimes Enforcement Network, and more during his fireside chat at CW’s Financial Crimes Summit.

Financial Crimes 2024 Pham


CFTC’s Pham critical of agency stances on CCO liability, self-disclosure credit


Caroline Pham, a commissioner at the Commodity Futures Trading Commission, said compliance officers have a lot to worry about if they or their firms are subject to CFTC enforcement during her fireside chat at CW’s Financial Crimes Summit.


News Brief

Additions to UFLPA Entity List signal seafood supply chain risks


The U.S. Department of Homeland Security added three China-based entities across the seafood, aluminum, and footwear industries to the Uyghur Forced Labor Prevention Act Entity List.

Sanctions compliance TPRM


Panelists break down robust sanctions landscape at TPRM Summit


Sanctions compliance officers face myriad challenges as complex geopolitical situations heighten risks worldwide, experts discussed during Compliance Week’s Third-Party Risk Management & Oversight Summit.

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CPE Webcast: Compliance programs under scrutiny

2024-06-11T14:00:00+01:00Provided by

Explore government expectations for compliance programs and how companies facing regulatory scrutiny design and implement programs to position themselves for the best possible outcome.

Bank AML

News Brief

FinCEN BSA data: Fraud, money laundering top suspicious activities


The Financial Crimes Enforcement Network published its latest collection of Bank Secrecy Act data, including number and type of suspicious activity reports.



Experts: AI risk mitigation second nature for compliance professionals


Compliance has been “sleeping on” artificial intelligence, two panelists discussed at Compliance Week’s Women in Compliance Summit. The profession should be positioned to lead on AI governance at the business level.

Artificial intelligence


OCC’s Hsu encourages banks to apply guardrails to AI use


Warning of an “eventual reckoning” on artificial intelligence use by financial institutions, the acting head of the Office of the Comptroller of the Currency said the industry should learn lessons on how similar disruptive technologies evolved from being helpful to dangerous.

SEC headquarters

News Brief

‘Why us?’ SEC lists reasons it conducts examinations of broker-dealers


A risk alert from the Securities and Exchange Commission listed top reasons why a registered broker-dealer might be the subject of an examination.


News Brief

EU agencies examine efforts to identify and monitor examples of greenwashing


The European Securities and Markets Authority, European Banking Authority, and European Insurance and Occupational Pensions Authority issued reports on greenwashing in the financial sector, describing how they plan to call out examples of false or misleading sustainability claims.

London Financial District


Reignited calls to tighten up AML in London, crown dependencies


Despite repeated interventions, fines, and negative publicity, money laundering is rife in U.K. financial services firms, according to Deputy Foreign Secretary Andrew Mitchell.

Whistle question


What to watch for as DOJ whistleblower program sprint ends


The Department of Justice’s 90-day sprint to developing and implementing a pilot whistleblower rewards program ended Wednesday, and many questions remain about what the program will entail.

Epoch Times

News Brief

Epoch Times CFO charged in $67M money laundering scheme


The chief financial officer of the Epoch Times was charged with laundering at least $67 million in illegally obtained funds to bolster the fortunes of the newspaper and himself.


News Brief

Airbus U.S. unit dinged by BIS for antiboycott violations


Satellite communications company Airbus DS Government Solutions received a reduced penalty from the Bureau of Industry and Security for admitting self-disclosed violations of antiboycott regulations.



CPE Webcast: Operationalizing responsible AI: Developing a sustainable process to effectively manage risk

2024-06-04T14:00:00+01:00Provided by

With recent advancements in generative technologies, the integration of AI into business operations has accelerated and thus, the concept of responsible AI has gained critical importance.


News Brief

Ericsson completes DOJ-imposed compliance monitorship


Swedish telecommunications giant Ericsson announced the conclusion of the independent compliance monitorship imposed on the company following its 2019 settlement for violations of the Foreign Corrupt Practices Act.



Podcast: SEC Commissioner Hester Peirce on regulatory demands, CCO input


Compliance Week’s Aaron Nicodemus sat down for an exclusive chat with SEC Commissioner Hester Peirce covering the flood of new regulation emanating from the agency, stresses on compliance at smaller firms, CCO liability, and more.



Kanter says DOJ adapting antitrust enforcement for AI


The Department of Justice’s Antitrust Division is examining how its policies and enforcement mechanisms are suited to handle potential issues brought about by the proliferation of use of artificial intelligence.


News Brief

Hyundai Motor caught in DOL complaint over child labor


The Department of Labor sued three Alabama businesses, including a Hyundai Motor manufacturing plant, for employing a 13-year-old worker on an auto parts assembly line.

Gurbir Grewal SEC 3x2


SEC’s Grewal shares views on ‘Five Principles of Effective Cooperation’


Gurbir Grewal, director of the Enforcement Division at the Securities and Exchange Commission, spelled out plainly his view on the best path to earning cooperation credit during settlement negotiations with the agency.


News Brief

BaFin relaxes growth restrictions on N26 following AML improvements


German financial regulatory authority BaFin lifted growth restrictions on N26, after the digital bank made improvements to its anti-money laundering program.

DOJ building

News Brief

Lessons from Arthur Grand ‘whites only’ case


IT company Arthur Grand Technologies’ settlements with the Department of Justice and Department of Labor regarding a discriminatory “whites only” job posting offer key takeaways regarding company liability and reputation risks.

Bank BW


OCC’s Hsu advocates requiring mid-sized banks create ‘robust’ recovery plans


Acting Comptroller of the Currency Michael Hsu said he favors requiring more mid-sized U.S. banks to conduct the same rigorous recovery planning as the largest banks, part of a lesson learned from the collapse of three mid-sized banks in 2023.

Albemarle 2000x1333


Revamped compliance processes key Albemarle win as Compliance Program of the Year


For successfully navigating thorny compliance issues related to self-disclosed violations of the Foreign Corrupt Practices Act, Albemarle was named Compliance Program of the Year at the 2024 Excellence in Compliance Awards.

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Gina Nese stays ahead of the curve as CCO of the Year


Gina Nese, head of compliance and privacy at Align Technology, jumps at the chance to share new ideas and ways to innovate, including regarding emerging technologies like AI. Her work earned her recognition as CCO of the Year at the 2024 Excellence in Compliance Awards.

TD Bank sign

News Brief

TD Bank risk chief laments ‘procedural weaknesses’ in U.S. AML program


TD Bank Chief Risk Officer Ajai Bambawale said “procedural weaknesses” in the institution’s U.S. anti-money laundering program allowed bad actors to exploit its network.

GHG emissions

News Brief

Treasury, other agencies issue voluntary carbon market principles


The Treasury Department and other U.S. agencies announced a coordinated federal policy concerning carbon credits and other voluntary incentives to encourage businesses and agriculture to cut their carbon footprints.

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Lifetime Achievement: Compliance lessons from a ‘Flea’


Felecia “Flea” Bowers, honored for Lifetime Achievement at the 2024 Excellence in Compliance Awards, shares advice for compliance professionals at every stage of their careers.

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Creative engagement approach drives Compliance Innovators Johnson, Sudo


Through clever rhymes and real-life examples, Sharon Johnson and Heather Sudo of MODE Global have made it their mission to think outside the box when it comes to compliance awareness. Their approach earned them Compliance Innovator(s) of the Year at the 2024 Excellence in Compliance Awards.


News Brief

Lemont National, Comerica Bank unit avoid penalties in separate OCC deals


The Office of the Comptroller of the Currency reached agreements with Lemont National Bank and Comerica Bank & Trust over concerns related to risk governance practices.


News Brief

HSBC fined $8M by FCA for mishandling customers in default


The U.K. Financial Conduct Authority fined HSBC nearly £6.3 million (U.S. $8 million) for failing to properly consider the financial position of customers who missed payments.

Whistleblower vector


​Debate: Experts discuss pros, cons of whistleblower process


Compliance Week Advisory Board members Eric Young and Ellen Hunt participate in a debate-style discussion regarding whistleblower-related topics including culture of compliance, monetary incentives, retaliation, and more.


News Brief

MilliporeSigma’s ‘extraordinary cooperation’ earns it DOJ declination


The Department of Justice declined to prosecute Massachusetts-based biochemical company MilliporeSigma for its “extraordinary cooperation” in uncovering a “rogue” employee’s scheme to procure and ship discounted products to China using falsified export documents.

Intercontinental Exchange

News Brief

SEC orders Intercontinental Exchange to pay $10M over Reg SCI violations


Intercontinental Exchange and nine affiliates agreed to pay $10 million for allegedly failing to inform the Securities and Exchange Commission of a cyber intrusion as required by Regulation Systems Compliance and Integrity.

Citi building

News Brief

Citi unit fined $78.6M by U.K. regs for trading control failures


The Financial Conduct Authority and Prudential Regulation Authority combined to fine a London-based Citigroup subsidiary approximately £61.7 million (U.S. $78.6 million) for control failures related to its trading system.


News Brief

​SEC official clarifies material incident reporting under new cyber rule


Erik Gerding, director of the Securities and Exchange Commission’s Division of Corporation Finance, issued a statement addressing early inconsistencies observed under the agency’s new cybersecurity incident disclosure rule.



​Book review: How compliance can help build organizational trust at speed


Anne Morriss, co-author of “Move Fast and Fix Things,” advises compliance officers to tap into curiosity, communicativeness, and comfort with discomfort to build organizational trust, fast.

Water system

News Brief

EPA warns of increased cybersecurity scrutiny toward water systems


The Environmental Protection Agency is increasing its inspections of public drinking water systems after finding a majority of those reviewed were vulnerable to cyberattacks and related threats.


News Brief

​SkyCity Entertainment bracing for nearly $50M in AML penalties


Australian gaming company SkyCity Entertainment Group faces nearly $50 million in penalties for admitted breaches of anti-money laundering and countering financing of terrorism obligations in Australia and New Zealand.

Messaging apps


Survey: Social media remains vexing issue for financial firms


A recent survey by surveillance technology firm SteelEye found most financial institutions do not monitor their employees’ use of social media or factor in market risks exacerbated by social media posts.


News Brief

Senate report cites VW, BMW, JLR for potential forced labor violations


A U.S. Senate report found three European automakers—Volkswagen, BMW, and Jaguar Land Rover—sold cars in the United States with parts sourced from a supplier suspected of using forced labor from China’s Xinjiang region.

Colorado capitol

News Brief

Colorado passes landmark AI discrimination law


Colorado passed the nation’s first comprehensive artificial intelligence protection law, aimed at curbing discrimination against the public that could result from the technology’s use while still allowing AI entrepreneurship to flourish.


News Brief

Flex says no action by OFAC into possible sanctions violations


Flex disclosed in a public filing the Office of Foreign Assets Control is taking no action into potential sanctions violations the global manufacturer voluntarily self-disclosed in 2019.

DXC Technology

News Brief

​DXC Technology says no penalties on self-disclosed Russian sanctions matter


IT services company DXC Technology disclosed it received word from the Office of Foreign Assets Control and Bureau of Industry and Security that it won’t be penalized regarding potential Russian sanctions/export control violations it voluntarily self-disclosed in 2022.



California privacy reg seeking more input on new rules


Businesses will receive additional time to weigh in on proposed regulations by the California Privacy Protection Agency regarding risk assessments, cybersecurity audits, automated decision-making, and data broker registration before they’re potentially finalized later this year.

ESG money

News Brief

ESMA guidelines tackle greenwashing via fund names


The European Securities and Markets Authority published its final report containing guidance for the use of environmental, social, and governance- and sustainability-related terminology in fund names.

White House

News Brief

White House unveils AI workplace principles; Senate group roadmaps AI policy


Microsoft and Indeed stepped up to adopt new artificial intelligence principles put forth by President Joe Biden, while leading senators took a step toward crafting AI legislation.

U.S. China flags

News Brief

UFLPA Entity List nearly doubles with textile industry sweep


The Department of Homeland Security announced its largest batch of additions to the list of companies blocked under the Uyghur Forced Labor Prevention Act in the form of a sweep of the Chinese textile industry.