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Annual survey: Help us get ‘Inside the Mind of the CCO’

2023-09-26T20:51:00+01:00By Compliance Week

Compliance Week’s fifth annual “Inside the Mind” survey seeks to discover what makes CCOs and other risk and compliance practitioners tick. Take 10 minutes to share your experiences and be part of our special report.


News Brief

Citadel Securities fined $7M for mismarked short, long sales


Miami-based broker-dealer Citadel Securities was fined $7 million as part of a settlement with the Securities and Exchange Commission addressing mismarked short and long sales caused by a coding error in the firm’s automated trading system.

Credit reports

News Brief

CFPB warns lenders on use of AI in credit denial process


The Consumer Financial Protection Bureau warned lenders using artificial intelligence in credit denials that consumers must receive accurate and specific reasoning—and not checklists—for why a credit request was denied.

Business meeting


Survey: Tech gaps, third parties pose biggest ABAC threats


A recent survey conducted by Compliance Week and Morgan Lewis determined areas of insufficient resource support to combat bribery and corruption, along with trends in third-party due diligence.

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Survey Report: Tech gaps, third parties pose biggest ABAC threats

2023-09-19T20:46:00+01:00Provided by Morgan Lewis

Compliance professionals asked to assess their anti-bribery and corruption efforts indicated resource support deficiencies in areas including staffing and technology, according to a survey conducted by Compliance Week and Morgan Lewis.

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Webcast: How to build a responsible, compliant, and ethical AI program

2023-09-19T14:00:00+01:00Provided by

Artificial intelligence is rapidly transforming the way businesses operate. As AI becomes more pervasive, it is essential for organizations to have a strong AI governance program in place to mitigate risks while capitalizing on value.



CPPA eyeing broad scope in early discussions around data risk assessments


Draft risk assessment regulations under the California Consumer Privacy Act are designed to prohibit businesses from handling consumer data if uncontrolled risks—to the security and privacy of the consumer, the public, or the business—outweigh the benefits.

Richard Blumenthal


Big Tech wants AI ‘referee,’ but lawmakers differ on approach to regs


Federal lawmakers shined a spotlight on artificial intelligence this week, raising the possibility that Congress will—eventually—legislate some controls on the burgeoning technology should middle ground be found.


News Brief

HHS orders L.A. Care to pay $1.3M over apparent HIPAA violations


L.A. Care Health Plan agreed to pay $1.3 million to settle allegations by the U.S. Department of Health and Human Services it potentially violated the Health Information Portability and Accountability Act.



Q&A: Zeta CCO on leading innovation with compliance


Karla Booe, chief compliance officer for Zeta Services, discusses with Compliance Week how the card processor bakes compliance into its decision-making process for new technologies and product offerings.

Goldman Sachs Tower

News Brief

CFTC fines Goldman Sachs $5.5M over new recordkeeping failures


Goldman Sachs was fined $5.5 million by the Commodity Futures Trading Commission as part of a settlement addressing alleged audio recordkeeping violations that followed a previous consent order the bank reached with the agency.



Preparing for SEC cybersecurity rules an opportunity for collaboration


Businesses can prepare for the Securities and Exchange Commission’s upcoming cybersecurity disclosure rule by going through it and identifying key gaps in compliance.



CPE Webcast: Harnessing the power of generative AI in financial services

2023-08-24T14:00:00+01:00Provided by Smarsh

This webinar aims to provide a comprehensive overview of how the financial industry can harness the potential of generative artificial intelligence while navigating the implications it presents for digital communications and compliance.

Cyber locks


Cyber expert: Reach for data security to achieve compliance


Data security and compliance are not one and the same but have enough overlap that organizations can take steps when building a data security program to move closer to achieving compliance.



Dutch banks’ innovative AML collaboration ready to take next step


ABN AMRO, ING, Rabobank, Triodos Bank, and de Volksbank are each participating in a first-of-its-kind collaboration to shine light on the estimated €16 billion worth of illicit funds coursing through the Netherlands’ banking system every year.

Accessible vehicle


Why MobilityWorks shifted from manual to automatic for dealer compliance

2023-08-21T12:43:00+01:00By Erik Ingersoll, CW guest columnist

Erik Ingersoll, director of risk and compliance at MobilityWorks, shares the advantages the wheelchair accessibility vehicle provider has gained from switching to an automated compliance system to track its licenses.

U.S. China flags


Companies get say on Biden executive order restricting China tech investments


President Joe Biden’s recent executive order to restrict certain outbound investments to China offers an opportunity for companies to help shape the program by offering input through comment.


News Brief

Goldman Sachs fined $425K by FINRA for large option reporting lapses


Goldman Sachs agreed to pay $425,000 as part of a settlement with the Financial Industry Regulatory Authority addressing allegations of reporting and supervision violations regarding more than 1 million over-the-counter options positions.



CFPB’s Chopra teases new rules for data brokers at White House roundtable


The Consumer Financial Protection Bureau is moving forward with plans to propose new rules for data brokers that would regulate their personal data gathering activities under the Fair Credit Reporting Act.

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CPE Webcast: Five deliverables every cybersecurity team needs to survive, thrive and comply with the new SEC Cybersecurity Rule

2023-08-15T14:00:00+01:00Provided by HALOCK Security Labs

In today’s fast-paced business world, firms must adapt to the ever-changing mobile compliance and technology landscape to stay competitive.

Wall Street


SEC, CFTC call for self-reporting to reduce off-channel comms backlash


The Securities and Exchange Commission and Commodity Futures Trading Commission have indicated they will be more forgiving to financial services firms that voluntarily self-report recordkeeping violations and take remedial actions before being asked to do so.



Oct 12 | Mastering technology for automated CIP and enhanced risk assessment

2023-08-08T17:45:00+01:00Provided by

Delve into the strategies that go beyond the conventional approach, utilizing automated customer identification programs and onboarding methods to their full potential.

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News Brief

Wells Fargo fined $200M in latest SEC, CFTC off-channel comms sweep


The Securities and Exchange Commission and Commodity Futures Trading Commission continued their crackdown on financial firms’ recordkeeping failures regarding employee use of off-channel communications with $555 million in total fines levied against nine institutions and their affiliates.

Federal Reserve

News Brief

Fed report highlights emerging cyber threats, including generative AI


The Federal Reserve listed the proliferation of generative artificial intelligence tools among areas of emerging cybersecurity threats for banks to monitor as part of its annual resilience report.

California flag

News Brief

CPPA sets sights on connected vehicles in first review


The California Privacy Protection Agency is probing the data privacy practices of connected vehicle manufacturers and their technologies as part of its first enforcement review.



Common sanctions compliance trip points from 2023 enforcement cases


Penalties against companies including British American Tobacco, Wells Fargo, and Microsoft demonstrate the multiple ways in which businesses can run afoul of U.S. sanctions—an area receiving increased scrutiny by regulators.



Need to know: New York City AI bias law


Companies that use automated tools to screen candidates for jobs based in New York City must check those systems for bias or potentially run afoul of a first-in-the-nation law.



IBM report: Data breach costs at all-time high; AI helping detection


The global average cost of a data breach reached a new all-time high of $4.45 million in 2023, according to IBM’s annual report.

ESG tech


Tech capabilities key to finance support of ESG reporting


Finance and accounting is increasingly relied on to provide support regarding companies’ ESG disclosures without being granted additional resources. Technology that enables automation serves as a solution to reduce this burden.

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e-Book: Tech capabilities key to finance support of ESG reporting

2023-07-21T16:01:00+01:00Provided by

Businesses confronting environmental, social, and governance matters for the first time are finding value in engaging their finance and accounting teams for support.

Google building

News Brief

Tech giants, White House agree to AI risk management guidelines


Technology companies including Google, Meta, and OpenAI agreed to a series of voluntary commitments they’ll make regarding their management of risks when developing artificial intelligence systems.

White House


Biden cyber strategy plan calls for big businesses to step up


The “biggest, most capable, and best-positioned” businesses must assume a greater share of mitigating cyber risks, the White House said in announcing the National Cybersecurity Strategy Implementation Plan.


News Brief

​NextGen Healthcare to pay $31M in false claims case


Electronic health record technology vendor NextGen Healthcare agreed to pay $31 million as part of a settlement announced by the Department of Justice for allegedly misrepresenting the capabilities of its software.

ChatGPT logo

News Brief

FTC questions OpenAI over ChatGPT data security practices


The Federal Trade Commission sent to ChatGPT developer OpenAI a list of questions seeking clarity on how the company monitors, collects, and retains user personal information and ensures control over its popular artificial intelligence chatbot.

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e-Book: Regulators crack down on use of messaging apps

2023-07-11T06:32:00+01:00Provided by

U.S. regulators signaled through a widespread enforcement sweep against Wall Street banks they are zeroing in on employees’ unapproved uses of electronic communication channels to discuss business-related matters.

AI risks


Experts: Ways to stay ahead of generative AI risks


Not all companies can rely on bans or restrictions to employee use of generative artificial intelligence like ChatGPT. Instead of telling people what they can’t do, focus on what they can do.

TPRM Huntley


TPRM Summit takeaways: Tech risks, board and audit relationships


The impact of new technologies like generative artificial intelligence on the third-party risk management landscape was among the points of discussion addressed at Compliance Week’s TPRM Summit in Atlanta.


News Brief

CFTC assembles task forces to combat cyber and tech issues, ESG fraud


The Enforcement Division of the Commodity Futures Trading Commission announced it established two new task forces to combat cyberattacks and misuse of technology and environmental fraud.

Computer hacked


Growing list of MOVEit hack victims shows damage control difficulties


More than 130 organizations are believed to have been impacted by the MOVEit hack, with millions of people’s data at risk. Experts opine on the struggles businesses face in containing exposure.



Kroll survey: Firms rapidly adopting AI tools for financial crime compliance


A new survey of senior leaders and risk professionals from around the world found more than half the respondents have turned to artificial intelligence technology to address a perceived rise in financial crime risks, although most solutions are still rather new.

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CPE Webcast: It’s 10 p.m. Do you know where your data is?

2023-06-29T14:00:00+01:00Provided by

This webinar will provide practical guidelines for compliance professionals to address the pervasive issue of unmanaged data.

Artificial intelligence


Experts: Pressure on compliance to begin assessing AI Act impact


Compliance functions are largely unprepared for the European Union’s AI Act, with many still unaware of what artificial intelligence their organizations are using or the risks the technology poses to their business, according to experts.



CPE Webcast: Mobile compliance made easy: Best practices for small firms

2023-06-28T14:00:00+01:00Provided by Smarsh

In today’s fast-paced business world, firms must adapt to the ever-changing mobile compliance and technology landscape to stay competitive.

Google Cloud


Google Cloud touts impact of new AML AI product


Google Cloud launched a new anti-money laundering product for financial institutions that utilizes artificial intelligence and machine learning to replace manually defined rules used to spot suspicious transactions.

JPMorgan Chase

News Brief

JPMorgan unit fined $4M over record retention violations


JPMorgan Securities agreed to pay $4 million to settle charges levied by the Securities and Exchange Commission regarding record retention violations related to the deletion of approximately 47 million electronic communications.

Digital banking


OCC’s Hsu: FIs wise to include risk, compliance in tech product development


As financial institutions mull potential growth opportunities with digital asset and artificial intelligence tools, Acting Comptroller of the Currency Michael Hsu warned against leaving risk and compliance teams out of the loop.

AI Law


As AI Act moves forward, concerns of undermined GDPR persist


The European Union wants to bolster tech innovation within the single market as artificial intelligence is predicted to catapult economic growth, but some have expressed fears AI use might conflict with levels of automatic protection expected under the General Data Protection Regulation.

File transfer hack


Shades of SolarWinds in lessons from MOVEit hack


A ransomware attack affecting some of the U.K.’s largest corporations has highlighted once again how exposed organizations can be if the levels of cybersecurity used by their third parties are not as strong as expected.



Nutanix discloses remediation steps following costly software misuse


A lack of oversight of employees handling vendor software is one of several failings at cloud computing company Nutanix that led to misuse, $11 million in estimated costs, and two pending lawsuits.

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CPE Webcast: Lessons learned from privacy enforcement actions and emerging trends

2023-06-13T14:00:00+01:00Provided by

In 2023, more American organizations than ever need to comply with stricter and wider-reaching requirements for collecting and processing personal data.