All Risk Management articles – Page 39
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WebcastCPE Webcast: Harnessing the power of generative AI in financial services
This webinar aims to provide a comprehensive overview of how the financial industry can harness the potential of generative artificial intelligence while navigating the implications it presents for digital communications and compliance.
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Premium
SEC passes sweeping new rules for private fund advisers
The Securities and Exchange Commission passed a sweeping set of rules for the $26 trillion private fund industry designed to increase transparency and competition but with provisions that address industry concerns about potential overreach.
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PremiumCyber expert: Reach for data security to achieve compliance
Data security and compliance are not one and the same but have enough overlap that organizations can take steps when building a data security program to move closer to achieving compliance.
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OpinionWhistleblower goes above, beyond in Construction Specialties OFAC case
The impact of “see something, say something” was on display as part of Construction Specialties’ settlement with the Office of Foreign Assets Control for apparent Iran sanctions violations.
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WebcastOn-demand: Foster a culture of collaboration with data intelligence
Data and analytics can foster a culture of collaboration and help bridge the gap between seemingly disparate disciplines executing seemingly disparate programs and policies.
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PremiumDutch banks’ innovative AML collaboration ready to take next step
ABN AMRO, ING, Rabobank, Triodos Bank, and de Volksbank are each participating in a first-of-its-kind collaboration to shine light on the estimated €16 billion worth of illicit funds coursing through the Netherlands’ banking system every year.
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PremiumDiscover ‘paying the price’ for not investing in compliance
Discover Financial Services is “paying the price” for underinvesting in compliance over the past several years and has been ramping up spending and hiring to catch up, two senior executives said in a call with analysts.
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PremiumWhy MobilityWorks shifted from manual to automatic for dealer compliance
Erik Ingersoll, director of risk and compliance at MobilityWorks, shares the advantages the wheelchair accessibility vehicle provider has gained from switching to an automated compliance system to track its licenses.
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News BriefFed raps FTX-linked bank for unapproved switch to digital banking
The Federal Reserve Board placed restrictions on Washington-based Farmington State Bank after taking issue with how the liquidating financial institution changed its business plan without seeking proper approvals.
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News BriefConstruction Specialties to pay $660K in Iran sanctions case
Construction Specialties agreed to pay more than $660,000 in a settlement with the Office of Foreign Assets Control regarding three apparent sanctions violations in Iran carried out by “rogue employees” of its Middle Eastern affiliate.
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News BriefInstinet fined $3.8M by FINRA over deficient CAT reports
Instinet, a brokerage firm subsidiary of Nomura Group, agreed to pay $3.8 million as part of a settlement with the Financial Industry Regulatory Authority regarding “tens of billions” of inaccurate or late reports filed to the consolidated audit trail central repository.
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News Brief
Neogen discloses avoided OFAC fine in Iran sanctions probe
Neogen Corp. disclosed the Office of Foreign Assets Control concluded a probe into potential sanctions violations regarding transactions by the food and animal safety company with parties in Iran without issuing a fine.
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News BriefShort seller accuses Freedom Holding Corp. of ‘brazen’ sanctions evasion
Freedom Holding Corp. was accused of “brazen sanctions evasion,” along with openly flouting anti-money laundering and know your customer regulations, as part of an investigative report published by short seller Hindenburg Research.
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News BriefFinCEN alerts banks to payroll tax, workers’ compensation schemes
The Financial Crimes Enforcement Network issued a notice to financial institutions regarding its observations of increasing payroll tax evasion and workers’ compensation fraud taking place in the U.S. residential and commercial real estate construction industries.
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News BriefSkyCity Entertainment reserves $29M for pending AML/CFT fine
Australian gaming company SkyCity Entertainment Group disclosed it reserved AUS$45 million (U.S. $29 million) for a potential settlement resolving alleged violations of the country’s anti-money laundering and combating the financing of terrorism law.
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ArticleRecent claims cast doubt on legitimacy of behavioral science
Assessing allegations of data manipulation in psychological studies involving a Harvard Business School professor, Paul Eccleson asks whether we can trust research on behavioral science.
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News BriefGrupo Aval to pay $81M in landmark FCPA case
Colombian conglomerate Grupo Aval agreed to pay nearly $81 million as part of settlements addressing alleged bribes paid by its bank subsidiary Corficolombiana to win a highway construction contract.
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News BriefOFAC doubles down on sanctions against Belarusian regime
The Treasury Department’s Office of Foreign Assets Control announced expanded sanctions against the Belarusian regime three years after the country’s disputed 2020 presidential election.
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News BriefCCPA first state privacy law deemed adequate by Dubai financial hub
The Dubai International Financial Centre announced the California Consumer Privacy Act passes muster, allowing compliant California businesses to be the first permitted to transfer data with the DIFC without additional contractual measures.
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News BriefN.Y. cyber strategy puts pressure on banks, energy sector
New York will closely monitor the cybersecurity protections in place at institutions in the financial and energy sectors as part of its first statewide cybersecurity strategy.