All Compliance Week articles in Web Issue – Page 1445
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News BriefTreasury says closing AML regulation loopholes top priority
The Treasury Department’s efforts to eliminate regulation loopholes that help enable money laundering in the U.S. financial system will remain a top priority as part of the agency’s 2024 national illicit finance strategy.
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News BriefDOJ orders Cape Cod Hospital to pay $24.4M over false claims
The Department of Justice ordered Cape Cod Hospital to pay nearly $24.4 million to settle alleged False Claims Act violations that it knowingly submitted claims to the government for procedures that failed to comply with Medicare rules.
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PremiumFed governor: Regs should engage with industry on safe DLT use in banking
Federal Reserve Board Governor Michelle Bowman argued banking regulators should move from their current reactive posture on banking innovation to a position that actively encourages new technologies, business models, and ideas to solve age-old problems.
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News BriefESMA guidelines tackle greenwashing via fund names
The European Securities and Markets Authority published its final report containing guidance for the use of environmental, social, and governance- and sustainability-related terminology in fund names.
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PremiumCalifornia privacy reg seeking more input on new rules
Businesses will receive additional time to weigh in on proposed regulations by the California Privacy Protection Agency regarding risk assessments, cybersecurity audits, automated decision-making, and data broker registration before they’re potentially finalized later this year.
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News BriefDXC Technology says no penalties on self-disclosed Russian sanctions matter
IT services company DXC Technology disclosed it received word from the Office of Foreign Assets Control and Bureau of Industry and Security that it won’t be penalized regarding potential Russian sanctions/export control violations it voluntarily self-disclosed in 2022.
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News BriefFlex says no action by OFAC into possible sanctions violations
Flex disclosed in a public filing the Office of Foreign Assets Control is taking no action into potential sanctions violations the global manufacturer voluntarily self-disclosed in 2019.
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News BriefColorado passes landmark AI discrimination law
Colorado passed the nation’s first comprehensive artificial intelligence protection law, aimed at curbing discrimination against the public that could result from the technology’s use while still allowing AI entrepreneurship to flourish.
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News BriefSenate report cites VW, BMW, JLR for potential forced labor violations
A U.S. Senate report found three European automakers—Volkswagen, BMW, and Jaguar Land Rover—sold cars in the United States with parts sourced from a supplier suspected of using forced labor from China’s Xinjiang region.
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PremiumSurvey: Social media remains vexing issue for financial firms
A recent survey by surveillance technology firm SteelEye found most financial institutions do not monitor their employees’ use of social media or factor in market risks exacerbated by social media posts.
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News BriefSkyCity Entertainment bracing for nearly $50M in AML penalties
Australian gaming company SkyCity Entertainment Group faces nearly $50 million in penalties for admitted breaches of anti-money laundering and countering financing of terrorism obligations in Australia and New Zealand.
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News BriefFDIC chair to resign following report on toxic workplace culture
Martin Gruenberg announced he will step down as chairman of the Federal Deposit Insurance Corporation following the release of an independent review that criticized the agency’s lack of response to employee claims of sexual harassment and discrimination.
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News BriefEPA warns of increased cybersecurity scrutiny toward water systems
The Environmental Protection Agency is increasing its inspections of public drinking water systems after finding a majority of those reviewed were vulnerable to cyberattacks and related threats.
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OpinionBook review: How compliance can help build organizational trust at speed
Anne Morriss, co-author of “Move Fast and Fix Things,” advises compliance officers to tap into curiosity, communicativeness, and comfort with discomfort to build organizational trust, fast.
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News BriefSEC official clarifies material incident reporting under new cyber rule
Erik Gerding, director of the Securities and Exchange Commission’s Division of Corporation Finance, issued a statement addressing early inconsistencies observed under the agency’s new cybersecurity incident disclosure rule.
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News BriefCiti unit fined $78.6M by U.K. regs for trading control failures
The Financial Conduct Authority and Prudential Regulation Authority combined to fine a London-based Citigroup subsidiary approximately £61.7 million (U.S. $78.6 million) for control failures related to its trading system.
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News BriefN26 fined $9.6M for not timely filing AML reports to BaFin
Germany’s financial supervisory authority issued a fine of €9.2 million euros against mobile bank N26 for “systematically” submitting late anti-money laundering reports.
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News BriefSEC orders Intercontinental Exchange to pay $10M over Reg SCI violations
Intercontinental Exchange and nine affiliates agreed to pay $10 million for allegedly failing to inform the Securities and Exchange Commission of a cyber intrusion as required by Regulation Systems Compliance and Integrity.
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News BriefMilliporeSigma’s ‘extraordinary cooperation’ earns it DOJ declination
The Department of Justice declined to prosecute Massachusetts-based biochemical company MilliporeSigma for its “extraordinary cooperation” in uncovering a “rogue” employee’s scheme to procure and ship discounted products to China using falsified export documents.
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PremiumDebate: Experts discuss pros, cons of whistleblower process
Compliance Week Advisory Board members Eric Young and Ellen Hunt participate in a debate-style discussion regarding whistleblower-related topics including culture of compliance, monetary incentives, retaliation, and more.