All Compliance Week articles in Web Issue – Page 122
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TPRM panel: Underscoring need for first line of defense to own risk
Panelists discussing risk ownership at CW’s virtual TPRM and Oversight Summit share their experiences educating first-line leaders on their roles and responsibilities in the TPRM process.
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DOJ, SEC extend Ericsson compliance monitorship one year
Swedish telecommunications company Ericsson agreed with U.S. authorities on a one-year extension of its independent compliance monitorship after a second breach of its obligations under a deferred prosecution agreement earlier this year.
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SEC proposes sweeping changes to process for selling securities
The Securities and Exchange Commission proposed a series of rules that would change the way securities are sold in U.S. markets and create new disclosures for broker-dealers and others seeking to trade securities on behalf of retail investors.
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TPRM due diligence best practices: No one-size-fits-all approach
Panelists at CW’s virtual TPRM and Oversight Summit stressed patience in developing proper risk management and due diligence practices, advising companies to find their “north star.”
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SEC accuses J.H. Darbie of violating AML rules
New York-based brokerage firm J.H. Darbie & Co. was charged with violations of anti-money laundering provisions of federal securities laws by the Securities and Exchange Commission for failing to report suspicious activity regarding penny stock transactions.
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Portugal statistics office fined record $4.6M for GDPR violations
The government office for national statistics in Portugal was assessed a fine of €4.3 million (U.S. $4.6 million) by the country’s data protection authority for multiple violations of the General Data Protection Regulation that occurred during its 2021 census work.
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Dinara names head of compliance, general counsel
Digital asset services startup Dinara announced the appointments of Victor Guerra as head of compliance and Yanire Martes as general counsel.
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Bankman-Fried fraud charges detail FTX’s lack of internal controls, risk management protocols
A flurry of criminal and civil fraud charges laid against FTX founder Sam Bankman-Fried have pulled back the veil on the cryptocurrency exchange’s complete lack of internal controls and toothless risk management procedures.
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ESG oversight highlighted in annual audit committee transparency report
Public companies continue to increase the overall level of audit committee disclosures in proxy statements, though there is room to improve quality by providing more tailored disclosures and transparency, according to the latest annual report.
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Compliance implications of Danske Bank’s $2B Estonia money laundering settlement
Danske Bank reached final resolutions with U.S. and Danish authorities to settle allegations regarding widespread anti-money laundering deficiencies at its former Estonia branch.
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Equitybee names chief compliance officer
Financial solutions startup Equitybee announced the appointment of Susan Woodard as chief compliance officer. She will also serve as chief executive officer for Equitybee Securities.
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CFPB proposes repeat offender registry for nonbank consumer law violations
The Consumer Financial Protection Bureau proposed a rule that would require certain nonbank financial firms to register consumer protection orders filed against them by other federal agencies, courts, or states into a new, publicly accessible registry.
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DOJ official addresses liability concerns stemming from Uber CSO case
Principal Associate Deputy Attorney General Marshall Miller called the conviction of a former Uber Technologies chief security officer on obstruction charges an “outlier” that should not discourage compliance officers from self-reporting violations.
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BMG appoints senior director of global DEI
BMG, a division of global media, services, and education company Bertelsmann, announced the appointment of Pierrot Raschdorff as senior director of global diversity, equity, and inclusion.
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Fifth JPMorgan Chase metals trader convicted of fraud in DOJ spoofing case
A former JPMorgan Chase and Credit Suisse precious metals trader was convicted of fraud, wrapping up a long-running Department of Justice investigation into the manipulation of the precious metals markets from 2008-16.
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Premium
TPRM Summit: How to successfully implement data analytics
A panel of experts at CW’s virtual TPRM and Oversight Summit offered a how-to primer on using data analytics to monitor third-party risk while also highlighting some caveats to implementation.
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Santander UK fined $132M for poor AML controls
The U.K. arm of Santander was fined approximately £107.8 million (U.S. $132 million) by the Financial Conduct Authority for “serious and persistent” gaps in its anti-money laundering controls.
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Tricky but doable: Tips for navigating sanctions in third-party relationships
Sanctions concerns don’t need to end all business relationships in high-risk regions. Experts at CW’s virtual TPRM and Oversight Summit share their experiences navigating compliance.
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SEC, OCC flag heightened risks from crypto bankruptcies
The Securities and Exchange Commission and Office of the Comptroller of the Currency reminded public companies and financial institutions, respectively, of their responsibilities to properly manage risks related to the crypto asset market.
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Terex adds sustainability to chief compliance officer’s title
Global manufacturer Terex Corp. announced Stacey Babson Kaplan has been promoted to senior vice president, chief sustainability and compliance officer.