- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-01-31T19:27:00
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.
James filed a lawsuit Tuesday in U.S. District Court for the Southern District of New York, alleging Citi lacked “sufficiently robust data security measures to protect consumer financial accounts, respond appropriately to red flags, or limit theft by scam.”
Two victims allegedly lost thousands of dollars each when hackers managed to access their accounts and sent fraudulent wire transfers. In one case, Citi allegedly completed a fraudulent wire transfer without ever having contacted the victim to con
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Citigroup will pay $135.6 million in fines levied by two banking regulators for repeated failures to remediate deficiencies in risk management, data governance, and internal controls.
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.
Citi agreed to pay $25.9 million in fines and redress as part of a settlement with the Consumer Financial Protection Bureau addressing allegations the bank discriminated against credit card applicants identified as Armenian American.
Portuguese bank Novo Banco, S.A., fired Chief Risk Officer Carlos Jorge Ferreira Brandão “with just cause” after an internal probe discovered “suspicious financial transactions” in his sphere.
A prominent risk management firm has issued its predictions for the top five risks for business in 2025, along with guidance for how organizations should prepare and respond.
When the DOJ released its revised Evaluation of Corporate Compliance Programs, it turned some heads. Tucked into a section on risk assessments was a strongly worded series of questions that appeared to shoulder compliance teams with the responsibility for ensuring the safe use of AI tools by their firms.
