All Risk Management articles – Page 44
-
News BriefWells Fargo fined $98M for facilitating sanctions violations in Iran, Syria, Sudan
Wells Fargo will pay nearly $98 million to settle charges a subsidiary facilitated more than $532 million worth of prohibited transactions in violation of sanctions against Iran, Syria, and Sudan.
-
News BriefBipartisan bill would empower FDIC to pursue failed bank exec clawbacks
The Failed Bank Executives Clawback Act seeks to require the Federal Deposit Insurance Corporation to claw back five years’ worth of compensation from executives who lead failed banks.
-
Premium‘An unexpected stress test’: European banks weathering storm of U.S. failures
Except for Credit Suisse’s demise, Europe has so far largely patted itself on the back for preventing further contagion in the banking sector following the failures of Silicon Valley Bank, Silvergate Bank, and Signature Bank in the United States.
-
News Brief
SEC warns newly registered advisers of overburdening CCOs
Investment advisers newly registering with the SEC have been observed not devoting sufficient resources to their chief compliance officers, sometimes ladling additional responsibilities on the role that take away from time to focus on compliance.
-
News BriefWilliam Hill fined record $23.7M for social responsibility, AML failures
The U.K. Gambling Commission announced three units of British bookmaking service William Hill Group will pay a record fine of £19.2 million (U.S. $23.7 million) for failures regarding social responsibility and anti-money laundering.
-
News Brief‘Textbook case of mismanagement’: Regs point blame at SVB for collapse
Banking regulators defended their supervisory actions and pledged to find answers as to what went wrong when discussing the factors leading to the failures of Silicon Valley Bank and Signature Bank before the Senate Banking Committee.
-
PremiumNAVEX: Record whistleblower report totals suggest ‘more cautious workforce’
More whistleblowers than ever before filed reports with their employers in 2022, with more than half doing so anonymously, according to the latest hotline benchmark report from NAVEX.
-
News BriefLabcorp to pay $2.1M in third party overbilling case
Laboratory Corporation of America agreed to pay $2.1 million to settle Department of Justice allegations the company overbilled the Department of Defense for genetic tests performed by a third party.
-
PremiumLeadership, resource support key to compliance navigating bank turmoil
In sudden bank buyouts, the workload on compliance departments skyrockets as new customers are nearly instantly assumed by the purchasing bank. Experts share their take on managing the resulting risks.
-
News BriefFirst Citizens to acquire deposits and loans of failed SVB
The deposits and loans of the failed Silicon Valley Bank have been purchased by First Citizens Bank & Trust, although about $90 billion in securities and other assets will remain in receivership.
-
PremiumSurvey: Tech key to compliance in changing data privacy landscape
Respondents to a survey from Compliance Week and Exterro largely said they were confident their organizations are meeting regulatory requirements regarding data privacy despite evidence their data retention policies and procedures are outdated.
-
News BriefFed details Custodia Bank membership rejection over risk deficiencies
The Federal Reserve Board further expounded on the risk management deficiencies it found at Custodia Bank as part of the digital-first bank’s application to become a member of the Federal Reserve System.
-
News BriefReport alleges Block’s Cash App facilitates fraud, disregards AML laws
Investment research firm Hindenburg Research accused financial technology payment company Block of facilitating money laundering, fraud, and scams on its platform.
-
News BriefPolite: Look to ABB case for ‘extraordinary cooperation’ example
Compliance officers seeking clarity on what the Department of Justice means by “extraordinary” cooperation or “immediate” self-disclosure should look to the agency’s case history, said Assistant Attorney General Kenneth Polite Jr. during a speech.
-
PremiumBest practices to ensure your firm’s compliance resiliency
What is compliance resiliency, and why is it crucial for your organization to have it? Recent enforcement examples demonstrate why mapping out a clear business continuity plan can help thwart a risky management reshuffle.
-
PremiumExperts: Fraud risks heightened amid banking turmoil
The stunning, rapid collapse of Silicon Valley Bank, fueled in its final days by droves of panicked depositors seeking funds, likely added to the chaos within the bank and ratcheted up the risk of fraud, according to legal experts.
-
News BriefYellen says regs might cover deposits of other struggling banks
Treasury Secretary Janet Yellen said federal regulators are willing to extend the same financial assistance—perhaps even extended deposit insurance—to mid-sized banks struggling to handle the fallout from the failures of Silicon Valley Bank and Signature Bank.
-
News BriefSEC chief accountant eyeing auditor use of network member firms
The Securities and Exchange Commission is paying added scrutiny toward audit firms’ increasing use of network affiliates in their work and the potential for inconsistent quality that comes with such an approach.
-
News BriefBiden calls for banking exec clawbacks amid failures
President Joe Biden is calling on Congress to “do more to hold senior bank executives accountable” since the market turmoil that has followed the collapses of Silicon Valley Bank and Signature Bank.
-
News Brief‘Crisis of confidence’ leads Credit Suisse to merger with UBS
Credit Suisse will merge with UBS in a move approved by Swiss banking regulators after a proposed cash injection from the Swiss National Bank failed to stabilize Credit Suisse’s rapidly declining finances.