All Compliance Week articles in Web Issue – Page 1429
-
PremiumPrivacy by design a silver bullet for stemming AI risks?
The proliferation of artificial intelligence technologies—and their reliance on publicly available data—has reinforced the need for tech developers and the companies using their solutions to ensure privacy by design and by default is at the crux of any offering.
-
News BriefDeparting ABN AMRO risk chief says climate, cyber among priorities
Tanja Cuppen, chief risk officer of ABN AMRO, shared her view on the Dutch bank’s biggest risk focus areas and the accomplishments of her tenure a month ahead of her planned departure.
-
PremiumPolicy changes underscore need for enhanced child labor due diligence
Rooting out potential child or forced labor violations in your company’s supply chain can have benefits beyond protecting reputation and being ethically sound. The process can also help your firm comply with pending child labor laws in other jurisdictions.
-
PremiumEU due diligence directive back on track, despite concession concerns
The future of the EU’s Corporate Sustainability Due Diligence Directive was thrown into doubt when the European Council failed to endorse proposals. The directive is back on track after being agreed upon, albeit in weaker form.
-
NewsCase study: ‘The Banks Behind the Epstein Enterprise’
This Compliance Week case study offers a deep dive into the anti-money laundering compliance failures—and alleged complicity—of JPMorgan Chase and Deutsche Bank, the two banks that enabled the Jeffrey Epstein enterprise to flourish for decades.
-
NewsChapter 1: Compliance v. complicity: The ‘underbelly’ of bank culture
Why were decisions made the way they were at the banks that serviced Jeffrey Epstein? Evidence points to a cultural tension: a tug-of-war between the allure of profit and the drag of compliance, with the former having all the pulling power.
-
News BriefDelphia, Global Predictions fined by SEC in ‘AI washing’ cases
Delphia USA and Global Predictions agreed to pay a total of $400,000 to settle charges by the Securities and Exchange Commission the firms each engaged in artificial intelligence misrepresentations that misled clients about how they were using the technology.
-
NewsChapter 2: KYC shortfalls: JPMorgan and Deutsche Bank’s onboarding of Epstein
Jeffrey Epstein’s designation as a high-risk client should have subjected him to enhanced due diligence that never appeared to occur, most notably at Deutsche Bank. Instead, Epstein was allowed to continue his misconduct despite numerous red flags.
-
News BriefCFTC dings U.S. Bank, Oppenheimer over off-channel comms violations
The Commodity Futures Trading Commission announced settlements with U.S. Bank and Oppenheimer & Co. for admitted recordkeeping and supervision failures regarding employee use of off-channel communications for conducting business.
-
News BriefGenesis penalized $21M by SEC for sale of unregistered securities
Crypto firm Genesis Global Capital agreed to pay a $21 million civil penalty to the Securities and Exchange Commission to settle charges that the Gemini Earn investment program was an unregistered security offering.
-
News BriefFINRA fines M1 Finance $850K in first influencer promos case
The Financial Industry Regulatory Authority fined Chicago-based financial technology company M1 Finance $850,000 as part of a settlement addressing alleged improper use of a social media influencer program.
-
Blog
DRB Capital appoints chief compliance officer
Financial services firm DRB Capital announced the appointment of Amanda Dobanton as chief compliance officer and general counsel.
-
Blog
Halton Group names sustainability chief
Indoor air solutions technology provider Halton Group announced Riikka Paarma will join as chief sustainability officer.
-
Blog
FinVolution Group CCO to serve as president
Financial technology platform FinVolution Group appointed Pingping Chen to serve as president and chief compliance officer.
-
Blog
MoneyGram appoints general counsel
Payments and money transfer company MoneyGram announced the appointment of Cory Feinberg as general counsel and corporate secretary.
-
Blog
Woodward general counsel, chief compliance officer departs
Woodward, a designer, manufacturer, and service provider of control solutions for the aerospace and industrial markets, disclosed the departure of A. Christopher Fawzy, its executive vice president, general counsel, chief compliance officer, and secretary.
-
News BriefDeutsche Bank dinged $54K over IT incident reporting
Deutsche Bank was assessed a penalty of €50,000 (U.S. $54,000) by Germany’s financial supervisory authority for its alleged miscommunication of a 2023 information technology security incident.
-
NewsChapter 3: Egregious failures: Customer due diligence and transaction monitoring
Why did JPMorgan Chase retain Jeffrey Epstein for more than a dozen years? How did the relationship persist despite glaring red flags? The “why” is straightforward; the “how” is more complicated.
-
PremiumExperts: Legal noise around SEC climate disclosure rule no excuse for standing still
Legal experts are advising their public company clients to move forward with plans to comply with the SEC’s climate-related disclosure rule, despite lawsuits and other challenges being brought against the controversial policy in the aftermath of its approval.
-
News BriefEx-Stericycle finance director charged for bribery scheme role
A former finance director at medical waste disposal company Stericycle faces Department of Justice charges for his alleged role in a bribery scheme that led the company to an $84 million settlement regarding violations of the Foreign Corrupt Practices Act.