Survey: Tech key to compliance in changing data privacy landscape
Respondents to a survey from Compliance Week and Exterro largely said they were confident their organizations are meeting regulatory requirements regarding data privacy despite evidence their data retention policies and procedures are outdated.
Report alleges Block’s Cash App facilitates fraud, disregards AML laws
Investment research firm Hindenburg Research accused financial technology payment company Block of facilitating money laundering, fraud, and scams on its platform.
e-Book: Tech’s role in changing data privacy compliance landscape
When it comes to keeping up with data privacy regulation, organizations would be wise to adopt a more comprehensive technology solution to drive efficiency and minimize human error.
Veradigm discloses ICFR weakness related to rev rec software tool
Healthcare technology company Veradigm disclosed it expects it misstated revenue by approximately $40 million during its 2021 and 2022 reporting periods.
CPE Webcast: Building tech-enabled compliance in 2023 and beyond
Technology and automation can help organizations move beyond manual processes and help create efficient, effective compliance monitoring programs that can scale across the business and its geographic footprint. They can also be difficult to implement.
Webull fined $3M for failing to properly supervise automated trading system
The Financial Industry Regulatory Authority fined broker-dealer Webull Financial $3 million for alleged failures related to customer due diligence and processing and reporting of customer complaints.
U.K. moves forward with GDPR reform bill
The U.K. government formally introduced a bill to reform the country’s data privacy laws in a manner projected to save British businesses “billions.”
Ten things I’m excited for at CW National 2023
Ten weeks before Compliance Week National 2023 kicks off May 15 at the JW Marriott in Washington, D.C, CW Editor in Chief Kyle Brasseur shares what he’s looking forward to most at the annual event.
CFPB, NLRB to collaborate on monitoring employee surveillance
The Consumer Financial Protection Bureau and National Labor Relations Board pledged to share information regarding instances of improper employer use of surveillance tools and the sale of employees’ personal information.
Google, Uber CCOs share approaches to data analytics
The chief compliance officers of Google and Uber offer insight into how their data analytics compliance programs have evolved amid enhanced scrutiny on use of technology from the Department of Justice.
FTC attorney warns of scrutiny toward AI claims in marketing
The Federal Trade Commission is keeping close watch on companies that use the term “artificial intelligence” when marketing their products.
Cloud ‘not a silver bullet’ for security
A panel of cyber experts and a chief compliance officer in financial services discussed the business risks, threat vectors, and vendor ‘gotchas’ associated with transitioning to a cloud provider at CW’s virtual Cyber Risk & Data Privacy Summit.
ChatGPT comes with compliance caveats, experts warn
There are downsides to every new technology, and artificial intelligence and machine learning are no exception. Experts discussed the importance for compliance professionals to understand the risks of such tools at CW’s virtual Cyber Risk & Data Privacy Summit.
Wells Fargo probed for employee use of off-channel communications
The Securities and Exchange Commission and Commodity Futures Trading Commission are investigating Wells Fargo regarding employees’ improper use of off-channel communications to conduct business and the bank’s recordkeeping of those communications.
e-Book: Weighing risk/reward of artificial intelligence
The need to keep pace with technology is paramount for compliance departments. Regulators have high expectations that risks are being properly managed during new tech implementation.
GDPR push for privacy by design still ‘a long way off’
Italy’s data protection authority banned U.S.-based AI chatbot creator Replika from processing the personal data of Italian users because of risks the service posed to minors and vulnerable people—the latest example of a tech company’s product running afoul of the GDPR.
Book review: Why revamping procurement benefits business—and compliance
In “Profit from the Source,” four Boston Consulting Group thought leaders argue why procurement should be shaping corporate strategy, not just supporting it. Author Daniel Weise tells Compliance Week why such a transformation would elevate compliance, too.
CISA strategist: What is an SBOM and why it matters to compliance
Cyberattacks on software are increasing, and the best chance organizations have of protecting themselves is to know about potential vulnerabilities through a software bill of materials, CISA Strategist Allan Friedman shared at CW’s virtual Cyber Risk & Data Privacy Summit.
Amigo Loans dodges $89M fine over IT system lending lapses
Amigo Loans faced a penalty of £72.9 million (U.S. $88.7 million) after the U.K. Financial Conduct Authority found it used automated decision-making to drive sales over ensuring whether customers posed credit risks.
Societe Generale says SEC probing employee off-channel comms
French bank Société Générale is the latest financial institution to be swept up in U.S. regulators’ crackdown on the use of personal cellphones and private apps by employees to conduct official business.
Treasury report flags benefits, drawbacks to use of cloud services
The Treasury Department issued a report regarding the benefits and challenges associated with the use of cloud service providers by financial sector firms, finding shortcomings related to transparency, staff support, and cybersecurity incident response.
Research project leveraging collaboration to better detect corruption
Integrity Distributed has launched a collaborative research project seeking to develop anti-corruption detection technology that includes academic, technological, and corporate partners.
Experts: New AI laws pose risk of overlap with data protection mandates
Companies are at serious risk of facing multiple fines for the same offense under different sets of legislation if the artificial intelligence technologies they employ misuse personal data or cause harm to consumers, according to legal experts.
Meta, DOJ agree on compliance targets related to fairness in housing ads
Meta and the Department of Justice agreed on the targets the technology giant must reach when delivering housing ads to customers in order to comply with federal housing antidiscrimination rules.
AML 2023 preview: Regs not backing down on beneficial ownership, tech needs
Keeping up with increasingly demanding anti-money laundering expectations in 2023 will likely mean doing more with less and figuring out where and when is the best place to use technology to aid compliance, experts say.
TSB Bank fined $59.2M for governance lapses in botched IT migration
TSB Bank was fined £48.65 million (U.S. $59.2 million) by U.K. regulators after a disastrous IT migration left customers unable to access cash or use online accounts for weeks.
Compliance budgets, staffing brace for impact of recession prep efforts
Respondents to our “Inside the Mind of the CCO” survey whose businesses are anticipating an economic recession note smaller budgets and the delay of new initiatives among efforts already undertaken to cut costs.
TPRM Summit: How to successfully implement data analytics
A panel of experts at CW’s virtual TPRM and Oversight Summit offered a how-to primer on using data analytics to monitor third-party risk while also highlighting some caveats to implementation.
Five compliance triumphs from 2022
Positive contributions in the areas of ESG, AI responsibility, and setting standards regarding CCO liability highlight the latest installment of CW’s annual list of laudable ethics and compliance moments.
Top ethics and compliance failures of 2022
Businesses not taking AML requirements seriously, years of noncompliant off-channel communications catching up to financial services titans, and a manufacturing firm that shared revenue with terrorists comprise CW’s list of the biggest ethics and compliance fails of 2022.
e-Book: Effective beneficial ownership searches leverage technology
Determining the ultimate beneficial owner of individuals and companies your firm does business with can be a tricky thing.
April 11 | Cutting through content complexity to create a culture of compliance
Is automation the key to content compliance success? Could emerging technologies like AI break the mold; do they pose a threat or an opportunity to content compliance?
Treasury recommends more oversight for bank-fintech relationships
A new Treasury report found as the trend of nonbank fintech companies providing financial services in partnership with regulated entities continues to grow, regulators need to increase oversight of these relationships to curb the risks they pose.
SEC investigating Apollo Global, Carlyle Group, KKR for employee off-channel communications
Three private equity firms have disclosed they are under investigation by the Securities and Exchange Commission (SEC) for having allowed employees to use unauthorized communication channels like WhatsApp and WeChat to conduct company business.
CW Europe: Compliance challenges in 2023 and beyond will look a bit different
Dealing with risks relating to artificial intelligence; diversity, equity, and inclusion; and shortfalls in staff, training, and expertise are set to be among the biggest challenges for compliance officers in 2023 and the years ahead, say practitioners.
Automation can improve AML compliance but won’t replace human touch
While automation has the potential to transform anti-money laundering compliance, it will not replace the human practitioners relied upon to get investigations to the finish line, experts discussed at the ACAMS annual conference in Las Vegas.
New OCC office to supervise fintechs
The Office of the Comptroller of the Currency will heighten its focus on the financial technology space with the creation of a new department in early 2023.
French DPA latest to fine Clearview AI over GDPR violations
France’s CNIL became the fourth European data protection authority this year to fine Clearview AI over its controversial facial image aggregation practices, matching a pair of its counterparts with a €20 million (U.S. $19.6 million) penalty.
ICO guidance stresses importance of reasoning in employee monitoring
The U.K. Information Commissioner’s Office issued draft guidance to help ensure employers’ monitoring of staff performance does not turn into surveillance or harassment.
CPE Webcast: AI for TPRM - What you need to know to stay ahead
Artificial intelligence is no longer the stuff of science fiction. It has already transformed transportation, marketing, and retail, to name a few areas. It is also driving the most meaningful shift third-party risk management has experienced since its inception.
AI monitoring benefits must be weighed against employee skepticism
The EU’s agency for occupational safety and health released a report examining the risks and opportunities of AI-based worker management systems for employee’s physical and mental wellbeing.
Experts: EU Cyber Resilience Act puts pressure on tech developers, users
The EU’s proposed Cyber Resilience Act primarily puts pressure on tech manufacturers to ensure the cybersecurity of their products, but companies also have a duty of care to use the most secure products available.
CPE Webcast: Top 10 compliance management considerations for 2023
Learn how increased automation and data intelligence in regulatory compliance operations enables the realization of compliance technology value while mitigating ongoing compliance risks in 2023.
Compliance deficiencies highlighted in $1.8B crackdown on messaging apps
Eleven banks, investment firms, and their affiliates will pay a total of more than $1.8 billion in fines for “widespread and longstanding failures” in monitoring, maintaining, and preserving electronic communications by employees.
e-Book: Managing regulatory, financial crime compliance risks of virtual assets
This free e-Book considers the new opportunities the virtual asset space has opened, as well as the risks deriving from criminal exploitation and a lack of regulatory oversight in this burgeoning area.
Ask a CCO: Tech most subject to regulator scrutiny over next 5 years?
Four senior compliance practitioners offer what they believe will be the technology currently on the market that will receive the most attention from regulators over the next five years.
Ask a CCO: Accounting for regulator expectations in using new tech
Regulatory environments are ever evolving; four senior compliance practitioners detail what their respective businesses do to ensure compliance while utilizing new technologies.
Ask a CCO: Due diligence during Year 1 of implementing new tech
The first year is critical in assessing the success of implementing a new technology. Four senior compliance practitioners reveal how their respective firms carry out due diligence during implementation.
Ask a CCO: How does your firm assess the efficacy of new tech?
Four senior compliance practitioners describe how they evaluate new technologies to determine whether they are the right fit for their respective companies.
Ask a CCO: How do you get buy-in from leadership to invest in new tech?
Four senior compliance practitioners share keys to delivering a strong business case to management to secure budget resources for investment in new technologies.