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EXPERTS: ESG GONE MAINSTREAM, BUT NEW REGS STILL CREATE HEADACHES

Apr 9, 2024By Aaron Nicodemus

Environmental, social, and governance goals have gained acceptance from senior
leadership because of upward pressure from employees, investors, and customers,
according to compliance leaders speaking at Compliance Week’s 2024 National
Conference.


 * CW2024 LEADERSHIP PANEL ON NAVIGATING SCRUTINY, PREP FOR MORE CHANGE


 * CW2024 WOMEN’S BRUNCH PANEL: FIVE STEPS FROM COMPLIANCE TO THE BOARD

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DATA, CONSUMER SUPPORT KEY TO CONVEYING VALUE OF COMPLIANCE

Apr 9, 2024By Adrianne Appel

Presenting data to the board and providing examples of positive consumer
response to ethical decision-making help compliance departments demonstrate
value beyond keeping an organization in line with rules and regulations, experts
discussed at Compliance Week’s 2024 National Conference.

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U.K. BORDER CONTROLS ON EU GOODS EVOKE SUPPLY CHAIN DISRUPTION CONCERNS

Apr 9, 2024By Ruth Prickett

The imposition of full border controls on goods entering the United Kingdom from
the European Union will affect importers and their EU suppliers, and both are
advised to prepare for increased checks, possible delays, and new charges.

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SEC OFFICIAL BREAKS DOWN AGENCY CALCULUS FOR OFF-CHANNEL COMMS PENALTIES

Apr 8, 2024By Aaron Nicodemus

Sanjay Wadwha, deputy director of the SEC’s Enforcement Division, discussed the
agency’s rationale for issuing widely disparate penalties for off-channel
communications recordkeeping violations, as well as violations of its amended
marketing rule.


JEFFREY EPSTEIN KYC/AML CASE STUDY

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CASE STUDY: ‘THE BANKS BEHIND THE EPSTEIN ENTERPRISE’

Mar 18, 2024By Aly McDevitt

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.


 * CHAPTER 1: COMPLIANCE V. COMPLICITY: THE ‘UNDERBELLY’ OF BANK CULTURE


 * CHAPTER 2: KYC SHORTFALLS: JPMORGAN AND DEUTSCHE BANK’S ONBOARDING OF EPSTEIN


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 * GRANT THORNTON UK DINGED $51K FOR PENSION FUND AUDIT LAPSES
   
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 * KEY LAWMAKERS PUT FORWARD BIPARTISAN AMERICAN PRIVACY RIGHTS ACT
   
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 * SEC CONCLUDES VW EMISSIONS CASE WITH $48.8M JUDGMENT
   
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 * NEW DHS STRATEGY SETS TEXTILES UP FOR ADDED UFLPA SCRUTINY
   
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 * CPPA WARNS OF COLLECTING TOO MUCH DATA IN FIRST ENFORCEMENT ADVISORY
   
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 * N.Y. COMPLIANCE OFFICER CHARGED FOR EMBEZZLING $200K FROM EMPLOYER
   
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 * EX-ONECOIN COMPLIANCE HEAD JAILED 4 YEARS FOR FRAUD ROLE
   
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 * SENVEST LATEST RAPPED BY SEC OVER OFF-CHANNEL COMMS
   
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Apr 4, 2024By Aaron Nicodemus

Former Albemarle CCO Andrew McBride explained at Compliance Week’s 2024 National
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AI EXPERT AT CW2024: WHY AI NEEDS COMPLIANCE

Apr 3, 2024By Adrianne Appel

If there was one takeaway Diana Kelley offered during her keynote address at
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Apr 3, 2024By Kyle Brasseur

Ebix announced the Securities and Exchange Commission closed an investigation
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CW2024 KEYNOTE TACKLES FUNDAMENTALS OF FRAUD DETECTION

Apr 3, 2024By Kyle Brasseur

“If you want to start to know who’s lying to you, all you got to do is pay
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DOJ COMMODITIES TRADER FCPA SWEEP OFFERS LESSONS IN COOPERATION

Apr 2, 2024By Adrianne Appel

The value the Department of Justice places on cooperation can be measured by
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America and Africa.

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DOJ ANTITRUST SCRUTINY PUSHES OUT 2 WBD BOARD DIRECTORS

Apr 2, 2024By Kyle Brasseur

Two directors on the board at media giant Warner Bros. Discovery resigned after
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positions on the board of Charter Communications.

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AT&T: DATA LEAK EXPOSED INFO OF 73M CUSTOMERS ONTO DARK WEB

Apr 1, 2024By Aaron Nicodemus

AT&T said personal account data on approximately 73 million current and former
customers was released on the dark web two weeks ago but has not yet identified
when and where the breach occurred.

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CBP STATS SHOW PERSISTENT PROBLEM AREAS UNDER UFLPA

Apr 1, 2024By Aaron Nicodemus and Adrianne Appel

It’s been nearly two years since the Uyghur Forced Labor Prevention Act took
effect, and as enforcement statistics and recent reports demonstrate, many
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NEED TO KNOW: HOW AI ACT SETS TONE FOR AI REGULATION

Apr 1, 2024By Neil Hodge

The European Union’s AI Act follows a risk-based approach: the higher the risk
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category is key to compliance.

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ERICSSON: MONITOR CERTIFIED ANTI-CORRUPTION PROGRAM POST-FCPA SETTLEMENT

Mar 29, 2024By Jeff Dale

Swedish telecommunications company Ericsson announced its independent monitor
appointed by the Department of Justice certified its compliance program
satisfies the requirements ordered by the U.S. agency following its 2019 Foreign
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TREASURY REPORT IDENTIFIES AI USE ‘CAPABILITY GAP’ BETWEEN LARGE, SMALL FIS

Mar 29, 2024By Aaron Nicodemus

A Treasury Department report assessing the use of artificial intelligence tools
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PWC FINED $2.75M BY PCAOB FOR INDEPENDENCE PROCESS BREAKDOWNS

Mar 29, 2024By Kyle Brasseur

Big Four audit firm PwC was assessed a $2.75 million penalty by the Public
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NEW LEADERSHIP NO EASY FIX FOR IRISH DPC’S GDPR WOES

Mar 29, 2024By Neil Hodge

The Irish Data Protection Commission has a new leadership structure, but it is
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SEC TO REVIEW REGISTRANTS’ PREPARATION FOR NEXT-DAY TRADE SETTLEMENTS

Mar 28, 2024By Aaron Nicodemus

The Securities and Exchange Commission wants broker-dealers and certain clearing
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national and international trades from two business days after the trade date to
one day.

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GAMMA HEALTHCARE, OWNERS TO PAY $13.6M IN DOJ FALSE CLAIMS CASE

Mar 28, 2024By Jeff Dale

Missouri-based Gamma Healthcare and three of its owners agreed to pay
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Justice of violating the False Claims Act by improperly billing Medicare for
tests that were not ordered or medically necessary.

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CISA TEASES CYBER INCIDENT REPORTING RULE FOR CRITICAL INFRASTRUCTURE

Mar 28, 2024By Adrianne Appel

Financial businesses and other critical infrastructure entities would have to
report significant cybersecurity and ransomware incidents to the federal
government under a new rule that will be proposed by the Cybersecurity and
Infrastructure Security Agency.

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TRAFIGURA PLEADS GUILTY, TO PAY $127M OVER FCPA VIOLATIONS IN BRAZIL

Mar 28, 2024By Kyle Brasseur

Singapore-based commodity trading company Trafigura agreed to pay nearly $127
million as part of a resolution with the Department of Justice addressing
violations of the Foreign Corrupt Practices Act in Brazil.

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CHEMOURS: DOJ, SEC PROBING EXEC ACCOUNTING MISCONDUCT

Mar 28, 2024By Kyle Brasseur

Chemours disclosed it received requests for information from the Department of
Justice and Securities and Exchange Commission regarding findings from an
internal review into alleged accounting misconduct by several of its top
executives.

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U.K. SETS RECOMMENDATIONS TO ADDRESS MISOGYNY IN FINANCE

Mar 28, 2024By Ruth Prickett

Sexism, sexual assault, and bullying are rife at financial services
organizations, according to a recent report by the U.K. Treasury Committee. “The
government and financial regulators have important roles to play in driving
change,” the committee said.

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DOL ORDERS TUFF TORQ TO PAY $1.8M OVER CHILD LABOR VIOLATIONS

Mar 28, 2024By Jeff Dale

The Department of Labor ordered Tennessee-based Tuff Torq Corp. to pay nearly
$1.8 million over alleged child labor violations.

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FINRA ORDERS STIFEL UNITS TO PAY $2.3M FOR REPEAT COMPLIANCE FAILURES

Mar 27, 2024By Jeff Dale

Two subsidiaries of Stifel Financial Corp. agreed to pay a collective total of
about $2.3 million over alleged violations of Financial Industry Regulatory
Authority rules regarding nontraditional exchange-traded products.

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NAVEX WHISTLEBLOWER REPORT FINDS THIRD PARTIES LEAD ON BUSINESS INTEGRITY

Mar 27, 2024By Aaron Nicodemus

A new report on corporate whistleblowing and hotline trends in 2023 found
reporting volume at an all-time high, with key disparities uncovered between
reports filed by third parties and those filed by employees.

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BIG TECH PRACTICES DRAW EARLY SCRUTINY UNDER DSA, DMA

Mar 27, 2024By Neil Hodge

TikTok and X are under investigation related to their respective compliance with
the European Union’s Digital Services Act, while the first three companies
probed under the Digital Markets Act include Apple, Alphabet, and Meta.

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OCC’S HSU: ‘SENSE OF FAIRNESS’ KEY TO BANK COMPLIANCE INITIATIVES

Mar 26, 2024By Aaron Nicodemus

Acting Comptroller of the Currency Michael Hsu argued banks should adopt a
“strong sense of fairness” to bolster the effectiveness of their compliance
programs, particularly regarding lending decisions guided by AI and machine
learning tools.

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U.S. BOI EFFORTS EARN IT UPGRADED RATING FROM FATF

Mar 26, 2024By Kyle Brasseur

The United States’s progress on implementing the beneficial ownership
information reporting requirements contained within the Corporate Transparency
Act earned it praise from the intergovernmental Financial Action Task Force.

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EU REGS FOR ENERGY-EFFICIENT BUILDINGS RAISE QUESTIONS FOR COMMERCIAL PROPERTY

Mar 26, 2024By Ruth Prickett

Organizations with property in the European Union should be asking more
questions about their sustainability and emissions in light of revised plans to
decarbonize buildings across the region.

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ADVISOR RESOURCE COUNCIL TO PAY $300K OVER COMPLIANCE LAPSES

Mar 25, 2024By Kyle Brasseur

Advisor Resource Council agreed to pay a $300,000 penalty to resolve charges
levied by the Securities and Exchange Commission of compliance failures
exacerbated by staffing woes.

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EQUINIX PROBING SHORT SELLER ACCUSATIONS AMID DOJ SCRUTINY

Mar 25, 2024By Jeff Dale

Data center owner Equinix disclosed it launched an independent investigation to
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ICO PRIMED FOR ENFORCEMENT INCREASE BEHIND NEW FINING GUIDANCE?

Mar 25, 2024By Neil Hodge

The Information Commissioner’s Office updated its data protection fining
guidance to provide companies with greater transparency and clarity about how
and why it would issue penalties for a breach of the U.K. General Data
Protection Regulation or Data Protection Act 2018.

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SEC CHARGES ATTORNEY OVER INDEPENDENCE VIOLATIONS POST-COMPLIANCE ENGAGEMENT

Mar 22, 2024By Jeff Dale

The Securities and Exchange Commission charged a New York-based attorney for
allegedly engaging in improper conduct by violating her obligations to remain
independent after preparing an independent compliance report for a company.

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FDIC PROPOSES STRENGTHENING, MODERNIZING BANK MERGER REVIEWS

Mar 22, 2024By Aaron Nicodemus

The Federal Deposit Insurance Corporation proposed to strengthen its approach to
evaluating bank mergers under the Bank Merger Act, particularly how it would
address factors like competition, financial resources, the convenience and needs
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DOT LAUNCHES FIRST DATA PRIVACY REVIEW OF 10 BIGGEST AIRLINES

Mar 22, 2024By Jeff Dale

The U.S. Department of Transportation is looking to thwart the nation’s 10
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BIS RULE EXPANDS EXPORT CONTROL RESTRICTIONS ON OFAC SANCTIONED

Mar 22, 2024By Kyle Brasseur

The Bureau of Industry and Security adopted a final rule to extend its export
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sanctions programs maintained by the Office of Foreign Assets Control.

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ADANI GROUP ON DEFENSE OVER REPORTS OF FCPA PROBE

Mar 21, 2024By Aaron Nicodemus

Indian conglomerate Adani Group said it is aware of an investigation by the U.S.
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PCAOB FINES KPMG CHINA PARTNERS COMBINED $150K OVER AUDIT VIOLATIONS

Mar 21, 2024By Jeff Dale

The Public Company Accounting Oversight Board imposed collective fines totaling
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SHORT SELLER ACCUSES EQUINIX OF ‘SELLING AI PIPE DREAM,’ ACCOUNTING MANIPULATION

Mar 20, 2024By Jeff Dale

Data center owner Equinix boasts artificial intelligence as a boon to business
when power consumption costs related to implementing AI could be detrimental to
its profitability, according to short seller Hindenburg Research.

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EX-STERICYCLE FINANCE DIRECTOR CHARGED FOR BRIBERY SCHEME ROLE

Mar 20, 2024By Kyle Brasseur

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
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EXPERTS: LEGAL NOISE AROUND SEC CLIMATE DISCLOSURE RULE NO EXCUSE FOR STANDING
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Mar 20, 2024By Aaron Nicodemus

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.

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DEUTSCHE BANK DINGED $54K OVER IT INCIDENT REPORTING

Mar 20, 2024By Kyle Brasseur

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.

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FINRA FINES M1 FINANCE $850K IN FIRST INFLUENCER PROMOS CASE

Mar 19, 2024By Jeff Dale

The Financial Industry Regulatory Authority fined Chicago-based financial
technology company M1 Finance $850,000 as part of a settlement addressing
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GENESIS PENALIZED $21M BY SEC FOR SALE OF UNREGISTERED SECURITIES

Mar 19, 2024By Aaron Nicodemus

Crypto firm Genesis Global Capital agreed to pay a $21 million civil penalty to
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investment program was an unregistered security offering.

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CFTC DINGS U.S. BANK, OPPENHEIMER OVER OFF-CHANNEL COMMS VIOLATIONS

Mar 19, 2024By Kyle Brasseur

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.

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DELPHIA, GLOBAL PREDICTIONS FINED BY SEC IN ‘AI WASHING’ CASES

Mar 18, 2024By Adrianne Appel

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
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EU DUE DILIGENCE DIRECTIVE BACK ON TRACK, DESPITE CONCESSION CONCERNS

Mar 18, 2024By Ruth Prickett

The future of the EU’s Corporate Sustainability Due Diligence Directive was
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directive is back on track after being agreed upon, albeit in weaker form.

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POLICY CHANGES UNDERSCORE NEED FOR ENHANCED CHILD LABOR DUE DILIGENCE

Mar 18, 2024By Aaron Nicodemus and Adrianne Appel

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.

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DEPARTING ABN AMRO RISK CHIEF SAYS CLIMATE, CYBER AMONG PRIORITIES

Mar 15, 2024By Kyle Brasseur

Tanja Cuppen, chief risk officer of ABN AMRO, shared her view on the Dutch
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PRIVACY BY DESIGN A SILVER BULLET FOR STEMMING AI RISKS?

Mar 15, 2024By Neil Hodge

The proliferation of artificial intelligence technologies—and their reliance on
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companies using their solutions to ensure privacy by design and by default is at
the crux of any offering.

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CFTC AWARDS $1.25M TO COMPLIANCE/AUDIT WHISTLEBLOWER

Mar 15, 2024By Kyle Brasseur

The Commodity Futures Trading Commission announced a landmark whistleblower
award of approximately $1.25 million to an individual in an internal compliance
or audit function who came forward with information on misconduct occurring at
his or her employer.

News Brief


EFG INTERNATIONAL SETTLES CUBA, BLOCKED PERSONS U.S. SANCTIONS CASE

Mar 14, 2024By Aaron Nicodemus

Swiss-based global private banking group EFG International agreed to pay more
than $3.7 million as part of a settlement with the Office of Foreign Assets
Control addressing apparent violations of U.S. sanctions against Cuba and two
blocked individuals.

News Brief


CHANGE HEALTHCARE FACING HHS PROBE FOLLOWING CRIPPLING CYBERATTACK

Mar 14, 2024By Adrianne Appel

Change Healthcare, a health payment processor hit by a crippling cyberattack in
February, is under investigation by the Department of Health and Human Services’
Office for Civil Rights.


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LATEST GRC APPOINTMENTS


 * THUNDERBIRD ENTERTAINMENT ANNOUNCES GENERAL COUNSEL
   
   Apr 5, 2024 3:20 PM


 * JACKSON HEALTHCARE NAMES CHIEF RISK OFFICER
   
   Apr 5, 2024 3:17 PM


 * DITF APPOINTS SUSTAINABILITY CHIEF
   
   Apr 5, 2024 3:15 PM


 * CLEVELAND CLINIC NAMES CHIEF LEGAL OFFICER
   
   Apr 5, 2024 3:11 PM


 * GERMAN AMERICAN NAMES CHIEF RISK OFFICER
   
   Apr 4, 2024 5:57 PM


 * ROCKET PHARMACEUTICALS APPOINTS GENERAL COUNSEL
   
   Apr 4, 2024 5:54 PM


 * GATEWOOD CAPITAL PARTNERS NAMES CCO TO INVESTMENT COMMITTEE
   
   Apr 4, 2024 5:51 PM


 * ZENDESK ANNOUNCES CHIEF LEGAL OFFICER
   
   Apr 4, 2024 5:48 PM


 * IAG APPOINTS GROUP GENERAL COUNSEL
   
   Apr 4, 2024 5:45 PM


 * GAMIDA CELL CHIEF COMPLIANCE OFFICER TO DEPART
   
   Apr 3, 2024 5:55 PM



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