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ANTI-FRAUD GROUPS PRAISE FINCEN AML PROPOSAL FOR REAL ESTATE TRANSACTIONS

Feb 8, 2024By Aaron Nicodemus

The Financial Crimes Enforcement Network issued a notice of proposed rulemaking
that would require the handlers of all-cash residential real estate transactions
in all U.S. cities and counties to disclose the beneficial owners.

Premium


EXAMINING PRECEDENT SET BY FRENCH DPA’S AMAZON EMPLOYEE MONITORING FINE

Feb 7, 2024By Neil Hodge

The decision by France’s data regulator to fine an Amazon warehouse manager for
breaches of the General Data Protection Regulation over the way it monitored
employee productivity raises questions about the reach data protection
authorities have over corporate conduct.

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COMPLIANCE WITH GROWING NUMBER OF U.S. PRIVACY LAWS ‘A MATTER OF CULTURE CHANGE’

Feb 7, 2024By Adrianne Appel

Different deadlines associated with the 13 U.S. state privacy laws currently on
the books, including grace periods and enforcement dates, have proven
challenging for compliance, experts discussed at CW’s Cyber Risk & Data Privacy
Summit.


LATEST NEWS


 * LATEST SEC OFF-CHANNEL COMMS SWEEP NETS $81M IN FINES AGAINST 16 FIRMS
   
   Feb 9, 2024 6:05 PM


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   Feb 9, 2024 3:06 PM


 * RAYTHEON PARENT DISCLOSES INDICATIONS OF IMPROPER PAYMENTS IN MIDDLE EAST
   
   Feb 8, 2024 8:46 PM


 * PENN STATE HEALTH TO PAY $11.7M OVER SELF-DISCLOSED MEDICARE VIOLATIONS
   
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 * MONTEFIORE MEDICAL CENTER TO PAY $4.8M OVER EMPLOYEE’S DATA THEFT
   
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categories, including CCO/CECO of the Year, will be Feb. 28.


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MORE FROM COMPLIANCE WEEK

News Brief


ALPHABET TO PAY SHAREHOLDERS $350M OVER GOOGLE+ PRIVACY LAPSES

Feb 7, 2024By Jeff Dale

Alphabet, the parent company of technology giant Google, agreed to pay $350
million in a preliminary settlement with shareholders over alleged data privacy
violations and materially false and misleading statements linked to now-defunct
social media site Google+.

News Brief


CHINA-BASED CLOOPEN GROUP AVOIDS FINE IN SEC ACCOUNTING FRAUD CASE

Feb 7, 2024By Kyle Brasseur

China-based technology company Cloopen Group Holding won’t pay a fine in
settling with the Securities and Exchange Commission over an alleged accounting
fraud scheme perpetrated by two of its former senior managers.

Premium


EXPERTS: GOOD DATA BREACH RESPONSE GROUNDED IN PREPARATION

Feb 6, 2024By Aaron Nicodemus

Two chief compliance officers and an attorney discussed preparation for the
“when, not if” threat of a data breach during a panel at CW’s Cyber Risk & Data
Privacy Summit.

News Brief


WESTPAC ORDERED TO PAY $1.2M IN INSIDER TRADING CASE

Feb 5, 2024By Jeff Dale

Westpac Banking Corp. was assessed a maximum fine of AUS$1.8 million (U.S. $1.2
million) to address charges levied by the Australian Securities and Investments
Commission of insider trading related to an interest rate swap transaction.

News Brief


CLOROX DISCLOSES $49M HIT FROM CYBERATTACK

Feb 5, 2024By Adrianne Appel

Cleaning products company Clorox disclosed the major cybersecurity incident that
led to a shutdown of its automated order processing late last year has cost it
about $49 million.

News Brief


PAYTM DENIES MONEY LAUNDERING CLAIMS AMID REGULATORY SCRUTINY

Feb 5, 2024By Aaron Nicodemus

The Reserve Bank of India ordered a halt to many banking activities of digital
payments provider Paytm while the regulator investigates “persistent
noncompliances and continued material supervisory concerns.”

News Brief


UBER FACING $11M FINE OVER DRIVER PRIVACY RIGHTS VIOLATIONS

Feb 5, 2024By Kyle Brasseur

Ride-hailing company Uber Technologies was assessed a penalty of €10 million
(U.S. $11 million) by the Dutch Data Protection Authority for alleged privacy
rights violations regarding the handling of European drivers’ personal data.

Premium


JURY OUT ON VIABILITY OF AI IN ESG REPORTING

Feb 5, 2024By Neil Hodge

Tech vendors believe ESG reporting is a ripe market for artificial intelligence
to help companies sift through data and ensure compliance with both mandatory
and voluntary reporting standards. Compliance officers appear less sure.

News Brief


BLACKBAUD AVOIDS FINE IN FTC DEAL REQUIRING DATA DELETION

Feb 2, 2024By Jeff Dale

Software company Blackbaud will be required to delete unnecessary data and boost
cybersecurity as part of a proposed settlement with the Federal Trade Commission
stemming from a 2020 data breach.

News Brief


FINCEN ALERT FLAGS ISRAELI EXTREMISTS FOMENTING VIOLENCE IN WEST BANK

Feb 2, 2024By Jeff Dale

The Financial Crimes Enforcement Network issued an alert addressing the
financing of Israeli extremist settler violence against Palestinians in the West
Bank.

Premium


ACAMS SURVEY: BUDGET CUTS, CRIMINAL TECH INNOVATION TOP 2024 THREATS

Feb 1, 2024By Aaron Nicodemus

Nearly 800 financial crime professionals said the biggest threats to the
effectiveness of their anti-money laundering programs are budget cuts and their
inability to keep pace with more aggressive and innovative uses of technology by
criminals to commit fraud.

News Brief


CITY NATIONAL BANK ORDERED TO PAY $65M OVER DEFICIENT RISK, INTERNAL CONTROLS

Feb 1, 2024By Jeff Dale

The Office of the Comptroller of the Currency levied a $65 million civil penalty
against Los Angeles-based City National Bank over alleged risk management and
internal control failures.

News Brief


CALAVO GROWERS DISCLOSES POTENTIAL FCPA ISSUES

Feb 1, 2024By Jeff Dale

Multinational produce and agriculture company Calavo Growers disclosed in an
annual filing an investigation into its Mexico operations found potential issues
under the Foreign Corrupt Practices Act.

News Brief


COMPLIANCE OFFICER BSA CASE A CAUTIONARY TALE FOR SMALL BANKS

Feb 1, 2024By Aaron Nicodemus

A New York-based Bank Secrecy Act compliance officer facilitated more than $1
billion in high-risk international financial business through an
“unsophisticated” institution, according to the Department of Justice and the
Financial Crimes Enforcement Network.

Premium


Q&A: LKQ SUSTAINABILITY VP ON IMPORTANCE OF ENVIRONMENTAL DATA

Feb 1, 2024By Ruth Prickett

Richard Brasher, vice-president of sustainability at multinational automotive
parts company LKQ Corp., discusses with Compliance Week his view on the added
attention sustainability initiatives are receiving and where improvement
remains.

News Brief


PRA FINES HSBC UNITS $73M OVER DEPOSIT PROTECTION FAILURES

Jan 31, 2024By Jeff Dale

The Bank of England’s Prudential Regulation Authority penalized two HSBC units
£57.4 million (U.S. $73 million) over historic failures in deposit protection
identification and notification.

News Brief


N.Y. SUES CITI FOR LAX DATA SECURITY, FAILING TO REIMBURSE FRAUD VICTIMS

Jan 31, 2024By Aaron Nicodemus

Citibank faces a lawsuit from New York Attorney General Letitia James for
allegedly failing to protect and reimburse customers who lost thousands of
dollars in fraudulent wire transfers.

Premium


META’S ‘PAY OR CONSENT’ MODEL TO FORCE GDPR TO ADAPT?

Jan 31, 2024By Neil Hodge

Experts weigh in on Meta’s plans to charge EU users monthly if they do not want
to be tracked for online advertising and what the ramifications of the model
would mean for the future of the General Data Protection Regulation.

Premium


WHAT FUTURE HOLDS FOR PCAOB POST CHINA CRACKDOWNS

Jan 31, 2024By Maria L. Murphy

The Public Company Accounting Oversight Board’s first enforcement settlements
with mainland China and Hong Kong firms won’t be the last, as the chair of the
regulator says its “just getting started.” U.S. firms must be mindful of the
specific ethical issues highlighted.

News Brief


BUSINESS GROUPS SUE TO HALT CALIFORNIA CLIMATE DISCLOSURE LAWS

Jan 30, 2024By Aaron Nicodemus

A coalition of business groups filed a lawsuit opposing two California laws that
require large businesses to make climate-related disclosures, calling it a fight
against illegal and excessive government overreach.

News Brief


OCC PROPOSES STRICTER REVIEW PROCESS FOR BANK MERGERS

Jan 30, 2024By Aaron Nicodemus

The Office of the Comptroller of the Currency proposed eliminating expedited or
streamlined reviews of mergers for national banks and federal savings
associations.

Premium


DELOITTE SURVEY: COMPANIES UNPREPARED FOR AI GOVERNANCE, RISK CHALLENGES

Jan 30, 2024By Adrianne Appel

Just 25 percent of corporate leaders felt their organizations were highly
prepared to handle the governance and risk issues posed by generative artificial
intelligence, a Deloitte survey found.

Premium


CONSULTATION OPENS DEBATE ON PROPOSED U.K. CYBER GOVERNANCE CODE

Jan 30, 2024By Ruth Prickett

Cybercrime is regularly cited as a leading concern for executives, yet board
oversight of cyber risks is often inadequate and governance poorly understood,
according to the authors of a proposed U.K. code of practice on cybersecurity
governance.

News Brief


TD BANK REPORTEDLY FACING FINE FOR FAULTY AML CONTROLS

Jan 29, 2024By Jeff Dale

The Financial Transactions and Reports Analysis Centre of Canada is reportedly
preparing to issue its largest fine to date against TD Bank for faulty
anti-money laundering controls.

News Brief


TREASURY CITES IRAQI BANK, OWNER OVER TERRORIST FINANCING CONCERNS

Jan 29, 2024By Aaron Nicodemus

Al-Huda Bank faces severance from the U.S. financial system for being a conduit
of terrorist financing, according to the Financial Crimes Enforcement Network,
while its owner, Hamad al-Moussawi, was sanctioned by the Office of Foreign
Assets Control.

News Brief


CALIF. AG LAUNCHES SWEEP INTO STREAMING APPS’ COMPLIANCE WITH CCPA

Jan 29, 2024By Jeff Dale

California Attorney General Rob Bonta announced the launch of an investigative
sweep targeting popular streaming apps and devices, alleging noncompliance with
the California Consumer Privacy Act.

Article


THE PROS AND CONS OF GENERATIVE AI IN AML COMPLIANCE

Jan 29, 2024By Mario Menz, CW guest columnist

Generative artificial intelligence providers often promote their technologies as
revolutionary tools that can enhance anti-money laundering processes. But the
issues and shortcomings associated with the technologies must also be
acknowledged.

News Brief


MGM GRAND, COSMOPOLITAN FINED $7.5M TOTAL OVER BSA VIOLATIONS

Jan 26, 2024By Jeff Dale

Two Las Vegas casinos agreed to pay penalties of nearly $7.5 million as part of
separate non-prosecution agreements with the Department of Justice addressing
violations of the Bank Secrecy Act over alleged anti-money laundering compliance
failings.

News Brief


DOJ, FTC RE-EMPHASIZE REQUIREMENT TO RETAIN BUSINESS COMMUNICATIONS

Jan 26, 2024By Aaron Nicodemus

The Department of Justice and Federal Trade Commission updated language
contained in standard preservation letters regarding the maintaining of business
communications made via collaboration tools and ephemeral messaging apps.

News Brief


AON UNIT TO PAY $1.5M FOR MISLEADING PENSION FUND

Jan 26, 2024By Jeff Dale

Aon Investments USA and its former partner agreed to pay nearly $1.6 million in
combined penalties to settle charges by the Securities and Exchange Commission
that they misled a Pennsylvania school pension fund.

News Brief


SPAC TO AVOID $1.5M SEC FINE FOR FAILING TO DISCLOSE PRE-IPO MERGER TALKS

Jan 26, 2024By Aaron Nicodemus

Northern Star Investment Corp. II faced a penalty of $1.5 million to settle
charges laid by the Securities and Exchange Commission that it made misleading
statements in its January 2021 initial public offering.

News Brief


CFTC SEEKING COMMENT ON APPLICATIONS OF AI IN COMPLIANCE

Jan 26, 2024By Kyle Brasseur

The Commodity Futures Trading Commission would like to learn more about how
regulated entities might be using artificial intelligence in their compliance
efforts, along with other applications.

Premium


U.K. POST OFFICE SCANDAL SPARKS CONTRACTOR ACCOUNTABILITY DEBATE

Jan 26, 2024By Neil Hodge

The recent furor in the United Kingdom over the Post Office’s wrongful
prosecutions of sub-postmasters for alleged fraud has put the government’s
relationship with private contractors under the spotlight and raised questions
about how companies could be held more accountable in future.

Premium


FINMA EYEING MORE POWER OVER BANKS. WILL IT MAKE A DIFFERENCE?

Jan 26, 2024By Ruth Prickett

Bonus clawbacks, more fines, and a senior management regime that clearly
identifies individual executives’ responsibilities for key governance areas are
all options being considered by the Swiss Financial Market Supervisory Authority
in response to the collapse of Credit Suisse.

News Brief


ICO SEEKING INPUT ON GENERATIVE AI TO INFORM GUIDANCE

Jan 25, 2024By Jeff Dale

The U.K. Information Commissioner’s Office is seeking input from developers,
users, and those interested in generative artificial intelligence to help inform
policy and guidance regarding the technology.

Premium


FCPA VIOLATIONS IN CHINA: LESSONS LEARNED FROM 2023 CASES

Jan 25, 2024By Aaron Nicodemus

Enforcement actions regarding alleged violations of the Foreign Corrupt
Practices Act at 3M, Albemarle, Clear Channel Outdoor, and Royal Philips each
had China touchpoints. Experts assess third-party risk management lessons
learned from each case.

News Brief


EX-DOJ CRIMINAL DIVISION HEAD POLITE TO LEAD TAVISTOCK GROUP COMPLIANCE REVIEW

Jan 25, 2024By Kyle Brasseur

Private equity company Tavistock Group announced the retention of law firm
Sidley Austin to conduct a compliance review, the same week that its billionaire
founder pleaded guilty to U.S. insider trading charges.

Premium


NEW DOJ CYBER SECTION WANTS MORE PRIVATE SECTOR PARTNERSHIP

Jan 25, 2024By Adrianne Appel

Cooperation between businesses and the new cybersecurity section at the
Department of Justice has led to the successful defanging of numerous, major
ransomware operations worldwide in just the few months since its creation,
according to its chief.

News Brief


FINRA REPORT HIGHLIGHTS CRYPTO COMMUNICATION VIOLATIONS

Jan 24, 2024By Jeff Dale

The Financial Industry Regulatory Authority announced it uncovered potential
violations of its disclosure rules in 70 percent of crypto asset communications
reviewed during a targeted exam.

Premium


FCA SETS OUT DATA AMBITIONS, CHALLENGES FIRMS TO KEEP PACE

Jan 24, 2024By Ruth Prickett

Experts expect improvements in the U.K. Financial Conduct Authority’s use of
data and reporting means a heightened obligation for timely compliance by
companies subject to its remit.

News Brief


AMAZON UNIT FINED $35M UNDER GDPR FOR EMPLOYEE PRODUCTIVITY TRACKING

Jan 24, 2024By Kyle Brasseur

Amazon’s warehouse management arm in France was assessed a penalty of €32
million (U.S. $35 million) for violating the General Data Protection Regulation
by excessively tracking the productivity of employees.

News Brief


ADM PUTS CFO ON LEAVE PENDING ACCOUNTING PROBE

Jan 23, 2024By Jeff Dale

Food processing company ADM announced Chief Financial Officer Vikram Luthar was
placed on administrative leave pending an investigation into accounting
practices and procedures flagged by the Securities and Exchange Commission.

News Brief


FRC UPS BOARD RESPONSIBILITIES IN CORPORATE GOVERNANCE CODE REVISIONS

Jan 23, 2024By Kyle Brasseur

The Financial Reporting Council held back on the latest round of updates to the
U.K.’s corporate governance code, as the country remains wary of pushing away
businesses and investors.

Premium


STIFFER U.K. AUDIT PENALTIES POSING MORE PROBLEMS?

Jan 23, 2024By Neil Hodge

Legal experts are unconvinced record fines against audit firms imposed last year
by the U.K. Financial Reporting Council will necessarily improve audit quality.

News Brief


NYDFS: BANKS MUST VET EXECS, INCLUDING CCOS, ‘NOT JUST UPON HIRING’

Jan 22, 2024By Jeff Dale

The New York State Department of Financial Services released final guidance on
how banks and non-depository financial institutions should vet executives,
including chief compliance officers, before and during their employment.

Premium


SEC-APPROVED SPOT BITCOIN ETFS COME WITH UNIQUE COMPLIANCE RISKS

Jan 22, 2024By Aaron Nicodemus

The Securities and Exchange Commission’s approval of spot bitcoin
exchange-traded funds will provide investors with the same access to bitcoin,
bought for cash on the spot market, as they currently have to other
investments—for better or worse.

News Brief


HILCORP SAN JUAN TO PAY $35M FOR ROYALTY PAYMENT FALSE CLAIMS

Jan 22, 2024By Kyle Brasseur

Hilcorp San Juan agreed to pay $34.6 million as part of a settlement with the
Department of Justice addressing allegations of False Claims Act violations
regarding underpaid royalties on oil and natural gas produced from federal
lands.

News Brief


WELLS FARGO UNIT FINED $425K BY FINRA OVER TRADE DISCLOSURES

Jan 22, 2024By Kyle Brasseur

Wells Fargo Securities agreed to pay a $425,000 penalty as part of a settlement
with the Financial Industry Regulatory Authority addressing allegations of
disclosure lapses affecting millions of trade confirmations and related
supervisory failures.

Premium


MIXED REACTIONS TO NEW U.K. PENSIONS CODE OF PRACTICE

Jan 22, 2024By Ruth Prickett

Lawyers and accountants in the United Kingdom have welcomed the publication of
The Pensions Regulator’s new pensions code of practice but warned it might not
improve the management of those that are not already well run.

Premium


OFAC OFFICIAL URGES COMPANY TRANSPARENCY ON RANSOMWARE EVENTS

Jan 19, 2024By Adrianne Appel

Despite its reputation as a fierce enforcer of sanctions, the Office of Foreign
Assets Control has a softer side and wants to help companies that are hit with
ransomware attacks, according to the agency’s senior compliance officer.


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LATEST GRC APPOINTMENTS


 * LUCID ANNOUNCES NEW GENERAL COUNSEL
   
   Feb 8, 2024 6:53 PM


 * PCF INSURANCE SERVICES HIRES GENERAL COUNSEL
   
   Feb 8, 2024 6:51 PM


 * ENCORE ENERGY ADDS PROFRAC CCO AS CHIEF LEGAL OFFICER
   
   Feb 8, 2024 6:48 PM


 * UNIBANK PROMOTES RISK CHIEF TO INTERIM CEO
   
   Feb 8, 2024 6:44 PM


 * SNG APPOINTS GROUP GENERAL COUNSEL
   
   Feb 8, 2024 6:34 PM


 * RAMACO APPOINTS GENERAL COUNSEL
   
   Feb 7, 2024 3:34 PM


 * SMITHFIELD FOODS ANNOUNCES CHIEF ETHICS AND COMPLIANCE OFFICER
   
   Feb 7, 2024 3:30 PM


 * MSG ENTERTAINMENT TO ADD BUMBLE CCO AS GENERAL COUNSEL
   
   Feb 7, 2024 3:27 PM


 * CLEAR CHANNEL ADDS LEGION PARTNERS COMPLIANCE CHIEF TO BOARD
   
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 * NEIMAN MARCUS UPS CCO TO CHIEF LEGAL OFFICER
   
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