All articles by Aaron Nicodemus – Page 5
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CBP stats show persistent problem areas under UFLPA
It’s been nearly two years since the Uyghur Forced Labor Prevention Act took effect, and as enforcement statistics and recent reports demonstrate, many businesses are still not adequately vetting their supply chains.
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News Brief
Treasury report identifies AI use ‘capability gap’ between large, small FIs
A Treasury Department report assessing the use of artificial intelligence tools by the financial sector identified a “growing capability gap” in in-house AI use between large and small financial institutions.
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SEC to review registrants’ preparation for next-day trade settlements
The Securities and Exchange Commission wants broker-dealers and certain clearing agencies to know the expectations for the reduction of the settlement cycle for national and international trades from two business days after the trade date to one day.
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NAVEX whistleblower report finds third parties lead on business integrity
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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OCC’s Hsu: ‘Sense of fairness’ key to bank compliance initiatives
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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FDIC proposes strengthening, modernizing bank merger reviews
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 of communities, financial stability, and money laundering.
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Adani Group on defense over reports of FCPA probe
Indian conglomerate Adani Group said it is aware of an investigation by the U.S. Department of Justice into bribery allegations against a “third party” but denied a relationship with it.
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Experts: 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.
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News Brief
Genesis 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.
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Policy 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.
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News Brief
EFG International settles Cuba, blocked persons U.S. sanctions case
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.
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JPMorgan fined $348M by OCC, Fed over trade surveillance lapses
JPMorgan Chase will pay $348.2 million in fines to settle allegations laid by two federal banking regulators that it failed to adequately monitor trading and order activity.
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U.S. banking regs mulling enhanced operational resiliency frameworks
Acting Comptroller of the Currency Michael Hsu said federal banking agencies are considering enhancements to their operational resiliency requirements for member banks.
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New Zealand banks to report material cyber incidents within 72 hours
The Reserve Bank of New Zealand added new reporting requirements for its member banks to follow if they suffer a material cyber incident and for all types of cyberattacks.
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Child labor violations are on the rise in U.S. Are they in your supply chain?
The compliance community has not been spending time addressing a problem mistakenly thought to be a rarity: The proliferation of child labor violations occurring in the United States.
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Concessions can’t save ‘cursed’ SEC climate disclosure rule from scrutiny
The Securities and Exchange Commission finally approved its ground-breaking climate-related disclosure rule, nearly two years since it was originally proposed. Though the agency significantly watered down aspects of its proposal, the rule is already facing the prospect of legal challenge.
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Experts: What to expect ahead of SEC climate-related disclosure rule vote
Nearly two years after it was first proposed, the Securities and Exchange Commission is finally poised to approve its climate-related disclosure rule—albeit a watered-down version, by all indications.
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Judge’s ruling calls FinCEN beneficial ownership registry into question
A federal court judge in Alabama ruled the Corporate Transparency Act was beyond Congress’s power, potentially throwing the effectiveness of the Financial Crimes Enforcement Network beneficial ownership information registry into doubt.
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Struggling NYCB refreshes risk, audit leadership
New York Community Bancorp, a mid-sized bank struggling with precarious commercial loans and troubles with its acquisition of the failed Signature Bank last year, named a new chief risk officer and chief audit executive.
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News Brief
Boeing fined $51M over export control violations
Aerospace giant Boeing will pay a $51 million civil penalty to the State Department to resolve alleged export control violations related to unauthorized transfers and retransfers of technical data to foreign-person employees and contractors.