Technology


Citi

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Citi report: GenAI revolution will bring increased need for compliance

2024-06-21T18:28:00+01:00By

A new report on the use of artificial intelligence use in financial services predicts that the technology will drive profits, disruptions, and change over the next decade.

Financial Crimes 2024 Stage shot

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SEC, CFTC actively probe off-channel comms violations, top officials say

2024-06-18T15:10:00+01:00By

Two senior officials from the Securities and Exchange Commission and Commodity Futures Trading Commission described how both agencies are committed to rooting out off-channel communications among registered entities for the long term.

columnist dale

Opinion

Top-of-mind takeaways from TPRM Summit

2024-06-17T21:11:00+01:00By

Top-of-mind issues addressed at Compliance Week’s Third-Party Risk Management & Oversight Summit, held June 3-4 in Atlanta, included safe deployment of artificial intelligence, assessing vendor viability and sustainability, understanding the role of procurement in risk ranking, the intersection (or lack thereof) between data privacy and cybersecurity, and many others.

SOX_Web

News Brief

Ex-Synchronoss CFO fined, banned over SOX violations

2024-06-17T13:52:00+01:00By

The former chief financial officer at Synchronoss Technologies was fined a ban from the industry for widespread Sarbanes-Oxley Act violations.

FinTech

News Brief

Evolve Bank ordered by Fed to address AML, sanctions lapses

2024-06-14T20:37:00+01:00By

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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Webcast

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.

AI Law

News Brief

Former CEO of AI recruiter Joonko charged with $27M fraud

2024-06-12T22:14:00+01:00By

The former chief executive officer of closed AI recruitment startup Joonko faces up to 40 years in prison and the potential of penalties levied by the Securities and Exchange Commission for allegedly defrauding investors of more than $27 million.

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Webcast

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.

WIC_1

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Experts: AI risk mitigation second nature for compliance professionals

2024-06-07T22:34:00+01:00By

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

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

2024-06-07T21:51:00+01:00By

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.

EEOC

News Brief

EEOC latest regulator to name AI chief

2024-06-04T14:10:00+01:00By

The Equal Employment Opportunity Commission announced the appointment of an officer overseeing the use of artificial intelligence, becoming the latest agency to create the role called for in a President Joe Biden executive order.

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Webcast

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.

Business data

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Big Tech data for finance: Will FCA plans set trend?

2024-06-04T12:26:00+01:00By

Plans in the United Kingdom to share Big Tech data with financial services firms could prompt other industry regulators to follow suit or result in “unintended consequences” that see Meta, Google, and others growing market share.

Hester_Peirce

Podcast

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

2024-06-03T13:41:00+01:00By

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.

DOJ

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Kanter says DOJ adapting antitrust enforcement for AI

2024-06-03T08:58:00+01:00By

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.

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Event

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

2024-05-29T18:30:00+01:00By

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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Event

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

2024-05-29T00:45:00+01:00By

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.

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Event

Creative engagement approach drives Compliance Innovators Johnson, Sudo

2024-05-28T16:00:00+01:00By

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.

FCC

News Brief

FCC fines Lingo Telecom $2M after CCO warned about fake Biden robocalls

2024-05-23T20:54:00+01:00By

The Federal Communications Commission proposed a $2 million fine against Lingo Telecom for facilitating robocalls that used artificial intelligence to fake President Joe Biden’s voice after the company’s chief compliance officer was warned in February.

Messaging apps

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Survey: Social media remains vexing issue for financial firms

2024-05-21T12:45:00+01:00By

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.

Colorado capitol

News Brief

Colorado passes landmark AI discrimination law

2024-05-20T19:02:00+01:00By

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.

Blockchain concept

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Fed governor: Regs should engage with industry on safe DLT use in banking

2024-05-17T16:57:00+01:00By

Federal Reserve Board Governor Michelle Bowman argued banking regulators should move from their current reactive posture on banking innovation to a position that actively encourages new technologies, business models, and ideas to solve age-old problems.

White House

News Brief

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

2024-05-16T20:29:00+01:00By

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.

Merrill Lynch sign

News Brief

​FINRA fines Merrill Lynch $825K over order execution supervision lapses

2024-05-10T16:55:00+01:00By

Merrill Lynch was assessed an $825,000 penalty by the Financial Industry Regulatory Authority for alleged supervision failures regarding the execution of marketable equity orders entered into its electronic order systems.

Brasseur_opinion

Opinion

Five reasons I’m excited for CW’s Financial Crimes Summit

2024-05-09T11:00:00+01:00By

Compliance Week’s Financial Crimes and Regulatory Compliance Summit will feature more than 50 prominent speakers representing government agencies, regulators, banks, investment advisers, and more tackling the top-of-mind risk areas facing the financial services industry.

Working with AI

Podcast

Podcast: Responsible development and implementation of AI

2024-05-08T13:06:00+01:00By

Three experts join the Compliance Week podcast to discuss opportunities and risks posed by artificial intelligence, as well as governance frameworks your organization can implement to ensure AI tools are utilized safely and ethically.

Cyber-security

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Report: Human error driving growing number of data breaches

2024-05-07T21:21:00+01:00By

Verizon’s annual data breach report shows trends in cybersecurity incidents, including more ransomware and extortion attacks last year.

chime_web

News Brief

CFPB fines Chime $3.25M over account refund delays

2024-05-07T17:48:00+01:00By

The Consumer Financial Protection Bureau ordered Chime Financial to pay $3.25 million in penalties for allegedly delaying consumer refunds past its promised 14-day timeframe.

DOJ building

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Forecasting the DOJ’s AI enforcement priorities

2024-05-07T10:50:00+01:00By

Prudent chief compliance officers should ensure artificial intelligence-related risks are being properly addressed at their businesses considering growing scrutiny being paid to the technology by the Department of Justice.

Microsoft store

News Brief

Microsoft report describes its artificial intelligence safety efforts

2024-05-06T20:23:00+01:00By

Microsoft published a public report covering its artificial intelligence endeavors and steps it is taking to make the controversial technology safe.

AI transformation

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Survey: Compliance digital transformation hampered by data access, AI concerns

2024-05-06T09:45:00+01:00By

Few compliance teams describe their access to company data as “robust,” according to a new survey conducted by Compliance Week and NAVEX, while apprehension toward the adoption of artificial intelligence remains a hurdle for the profession to clear.

CFTC logo

News Brief

CFTC appoints first chief AI officer to lead data and AI strategy

2024-05-02T18:51:00+01:00By

The Commodity Futures Trading Commission appointed its first artificial intelligence chief to lead the agency’s efforts to further integrate AI into its operations.

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Resource

Survey Report: The digital transformation of compliance

2024-05-02T01:46:00+01:00Provided by

A new survey conducted by Compliance Week and NAVEX on compliance team access to data and the use of artificial intelligence (AI) to analyze it found many compliance professionals lack full and transparent access to their firm’s data.

Lloyds

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Lloyds decision to cut risk staff draws criticism, defenders

2024-04-30T17:25:00+01:00By

Lloyds Banking Group is cutting jobs in its risk management function after an internal review reportedly found it was a “blocker” to the organization’s strategic transformation.

Lynn Haaland Zoom 3x2

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Q&A: Zoom privacy chief on communications compliance product

2024-04-30T15:30:00+01:00By

Zoom Chief Privacy Officer Lynn Haaland discusses with Compliance Week the market forces that led the company to offer Zoom Compliance Manager, which helps firms handle off-channel communications issues on the platform.

TD_Ameritrade_web

News Brief

FINRA fines TD Ameritrade $600K over automated approval failures

2024-04-29T19:02:00+01:00By

Online brokerage services provider TD Ameritrade agreed to pay a $600,000 fine for violations of Financial Industry Regulatory Authority rules over its automated approval system that allegedly allowed inexperienced traders to engage in options trading.

FTC seal

News Brief

Mobile health apps must follow FTC breach notice rule after update

2024-04-26T18:49:00+01:00By

Mobile health applications and similar technologies must notify customers following a data breach or risk violating the Federal Trade Commission’s health breach notification rule.

TikTok

News Brief

TikTok scrutiny mounts across globe amid EU, U.S. crackdowns

2024-04-26T17:40:00+01:00By

TikTok is suspending new features amid an inquiry by the European Commission into its compliance with the Digital Services Act, all while responding to a U.S. ban just signed into law.

CFTCRegulation

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CFTC commissioner calls for AI framework in commodities markets

2024-04-26T15:46:00+01:00By

Kristin Johnson of the Commodity Futures Trading Commission called for the agency to launch initiatives addressing the use—and misuse—of artificial intelligence tools in commodities markets.

CW2024 BYOD panel

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CW2024 panelists discuss BYOD at center of off-channel comms debate

2024-04-26T14:13:00+01:00By

The Department of Justice’s renewed scrutiny toward a corporation’s approach to the use of personal devices strengthens the case for companies to get away from bring your own device, a panelist at Compliance Week’s 2024 National Conference argued.

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Webcast

CPE Webcast: Unveiling survey results on future-proofing compliance

2024-04-25T01:00:00+01:00Provided by

Uncover the challenges and opportunities that lie ahead and gain crucial insights to navigate the integration of artificial intelligence and advanced data analytics into your programs.

Big Tech

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FCA exploring how Big Tech data can aid financial services

2024-04-24T15:05:00+01:00By

The U.K. Financial Conduct Authority reemphasized its desire to work with Big Tech firms to examine how their data might be useful to the financial industry.

SFO

News Brief

SFO outlines five-year strategy amid ‘increasing pace of change’

2024-04-22T13:00:00+01:00By

The U.K.’s Serious Fraud Office said in a five-year strategic plan it’s “struggled to keep pace with demand” as ballooning casework shows no signs of slowing down.

CW2024 IT and Compliance

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Intersection of compliance, IT one of opportunity

2024-04-18T20:42:00+01:00By

With senior-level decisions on technology only increasing in frequency as new tools rapidly evolve, a panel at Compliance Week’s 2024 National Conference agreed compliance must consider the opportunities available to influence those conversations.

June25

Webcast

June 25 | Risk management at the speed of business

2024-04-17T16:10:00+01:00Provided by

Are your risk management operations keeping up with the speed of business? In today’s digitized and interconnected world, organizations face increasing risk at a rapid pace.

Facial recognition scan

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Focused on consumer privacy? Don’t forget employees’ rights

2024-04-17T15:09:00+01:00By

The implications of a privacy rights case involving a U.K.-based Uber Eats driver underscore a popular belief that companies prioritize protecting the personal information of their customers over the data rights of their employees.

Gurbir Grewal SEC 3x2

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SEC’s Grewal: General compliance principles for avoiding AI washing

2024-04-16T19:09:00+01:00By

Gurbir Grewal, director of the Securities and Exchange Commission’s Division of Enforcement, laid out general principles for “proactive compliance” to avoid making false or misleading claims about the capabilities of artificial intelligence products and services.

CW2024 ITM

Opinion

Highlights from Compliance Week 2024

2024-04-11T13:00:00+01:00By

Compliance officers took to the main stage to share their experiences at Compliance Week’s 2024 National Conference, while other highlights included conversations around artificial intelligence and the modern challenges the industry is confronting.

CFTC

News Brief

CFTC lauds Australian swap dealer’s cooperation in $500K enforcement

2024-04-04T01:27:00+01:00By

The Commodity Futures Trading Commission ordered an Australian swap dealer to pay $500,000 over admitted supervision failures related to a deficient spoofing surveillance tool.

CW24 AI keynote

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AI expert at CW2024: Why AI needs compliance

2024-04-03T18:23:00+01:00By

If there was one takeaway Diana Kelley offered during her keynote address at Compliance Week’s 2024 National Conference, it was that artificial intelligence tools—especially generative AI—need compliance.