All Compliance Week articles in Web Issue – Page 64
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News Brief
SEC, Canadian regs fine RBC $6M for accounting failures
Royal Bank of Canada will pay $6 million in total penalties to settle charges from the Securities and Exchange Commission and two Canadian regulators that it failed to properly record software development costs for more than a decade.
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News Brief
SEC adopts rule requiring security-based swap execution facilities register, name CCO
The Securities and Exchange Commission approved new regulations for security-based swap execution facilities, part of the agency’s steady progress in implementing languishing rules from the Dodd-Frank Act.
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News Brief
SEC charges president, CCO of Prophecy Asset Management with fraud
The president and chief compliance officer of investment adviser Prophecy Asset Management misled investors about more than $350 million in losses while pocketing millions in management and incentive fees, according to the Securities and Exchange Commission.
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Article
The dark side of deep fakes
We are not the only ones benefiting from the convenience of new technologies like generative artificial intelligence. Scammers are, too.
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Opinion
FCA’s Staley decision a bold move. Are more needed?
The U.K. Financial Conduct Authority’s decision to ban Jes Staley, the former CEO of Barclays, for misrepresenting his relationship with Jeffrey Epstein has seemingly reaffirmed the notion that everyone—even the boss—is accountable for their actions.
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News Brief
Amended N.Y. cyber regs up pressure on financial firms to combat risks
New York will require financial institutions to conduct risk assessments more often and improve governance under a broad update to the state’s cybersecurity regulations.
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News Brief
CFTC: ‘Majority’ of FY23 whistleblower cases related to crypto fraud
Most of the whistleblower tips received by the Commodity Futures Trading Commission in fiscal year 2023 related to fraud and misappropriation of crypto/digital assets.
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Premium
The value of sales and compliance allyship
“Every compliance activity is a sales activity,” writes Al Raymond, privacy compliance officer at ZoomInfo, regarding his team’s approach to demonstrate to sales how a strong control environment can be a competitive advantage.
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Webcast
CPE Webcast: Beyond the questionnaire: Tips to modernize your TPRM program
Join ProcessUnity for a discussion on how forward-thinking TPRM teams are incorporating new relationships, technologies, and techniques to mature their risk-reduction capabilities.
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Blog
Eastern Bank adds Blue Cross risk chief to board
Eastern Bankshares appointed Linda Williams, chief risk and audit officer for Blue Cross Blue Shield of Massachusetts, as one of its board directors.
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Blog
Amarin names chief legal and compliance officer
Pharmaceuticals company Amarin Corp. announced the appointment of Jonathan Provoost as executive vice president, chief legal and compliance officer.
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Blog
M&G appoints chief sustainability officer
International saving and investment business M&G announced the appointment of Kathy Ryan as chief sustainability officer.
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News Brief
HealthSun Health Plans earns DOJ declination in employee fraud case
The impact of the Department of Justice’s voluntary self-disclosure program was on display in the agency’s declination of an enforcement action against Florida-based health insurance company HealthSun Health Plans for apparent fraud committed by its employees and agents.
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News Brief
Medical management company to pay $100K in landmark HHS ransomware case
Doctors’ Management Service agreed to pay $100,000 in settling the first ransomware agreement under the Health Insurance Portability and Accountability Act reached by the Department of Health and Human Services’ Office for Civil Rights.
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News Brief
Wells Fargo’s cash sweep program under SEC investigation
Wells Fargo disclosed it is under investigation by the Securities and Exchange Commission regarding cash sweep options it provides to new investment advisory clients.
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News Brief
GE HealthCare discloses FCPA reviews into China activities
GE HealthCare said it is cooperating with reviews by the Department of Justice and Securities and Exchange Commission into potential violations of the Foreign Corrupt Practices Act in China.
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Premium
SEC’s Grewal calls for more self-policing in reflecting on FY23 cases
Businesses must step up their internal policing and do a better job of reporting violations to the Securities and Exchange Commission, according to Gurbir Grewal, director of the agency’s Enforcement Division.
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Premium
Supply chain due diligence must go beyond self-assessments
So many companies rely on suppliers to self-certify they comply with buyers’ codes of business conduct that the practice is “almost useless,” a panel of experts discussed at Compliance Week’s Europe conference in London.
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News Brief
Nostrum Labs, CEO to pay up to $50M in DOJ false claims case
Pharmaceuticals firm Nostrum Laboratories and its founder and chief executive officer could pay up to $50 million as part of a settlement with the Department of Justice addressing alleged violations of the False Claims Act by underpaying Medicaid rebates.
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Resource
White paper: Smarter Communication Surveillance with AI
In this White Paper from NICE Actimize and Accenture, we examine how financial services firms are managing Communications Surveillance today, and why current market trends demand a new approach that supplements traditional lexicon-based surveillance with Artificial Intelligence (AI) and in particular Natural Language Processing (NLP).