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Conflicting Risk Appetites: A Surefire Recipe for Due Diligence Disasters
CDD and KYC have been baked into AML compliance for two decades now, yet enforcement of money-laundering violations continues to accelerate. How is it that penalties from a highly regulated environment are not able to serve as a bulwark against the corporate (and human) appetite for profit? Know Your Customer...
Compliance & Risk Articles
The EU Wants to Make AI Trustworthy. Here’s What That Means for International Businesses.
The European Commission proposed a new set of regulations to both make AI trustworthy and spur its development. While rules still need to be ratified, they have the potential to affect any business leveraging or developing...
The Trump Administration Allowed an Estimated $84B in EIDL and PPP Fraud. Now Congress Is Revamping Oversight.
The Biden administration, in a March memo, estimated EIDL and PPP fraud has totaled $84 billion to date. Numerous federal entities and civil servants have been empowered to investigate. Organizations should expect an increase in enforcement...
MoneyGram Agrees to Pay OFAC $34K for Sanctions Violations
OFAC's recent enforcement action against MoneyGram underscores organizations' need for robust screening to ensure AML compliance and prevent sanctions violations. MoneyGram, a global payments service, has settled with OFAC for $34,329 for 359 sanctions programs violations....
The Proposed U.S. Citizenship Act of 2021 Could Cut Both Ways for Employers Who Hire Overseas
The proposed U.S. Citizenship Act of 2021 includes numerous items that, if passed, would fundamentally shift the landscape of migrant labor. Its features could affect a range of visas, the green card application system and more.
A Perfect Perfecta: Amid New FRTB Reporting Requirements, Don’t Bet on the Wrong Horse
The Fundamental Review of the Trading Book (FRTB) affects capital calculations and substantially impacts one's risk monitoring framework. Richard Moss encourages readers to avoid betting on the long shot. Financial institutions may be facing higher capital...
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Recent News
Investment Firms Struggle to Gather Timely Data – and Information Silos Are Growing
An overstressed data-gathering process can generate information silos, and the process of proving data-backed valuations can be laborious. Greater data...
The Trump Administration Allowed an Estimated $84B in EIDL and PPP Fraud. Now Congress Is Revamping Oversight.
The Biden administration, in a March memo, estimated EIDL and PPP fraud has totaled $84 billion to date. Numerous federal...
“It Lets Me Pass the Flame.” This Virtual Compliance Networking Event Has Connected Hundreds Over the Course of the Pandemic
Early in the pandemic, a chance virtual meeting via a webinar appearance sparked the creation of a monthly compliance networking...
InfoSec Articles
Extortionware Is on the Rise. Here’s How to Anticipate and Prevent Attacks Before They Happen.
While organizations around the world are coming to terms with ransomware, a new cyberthreat...
On-Demand Webinars
Use it, Save it, or Lose it: Spring Cleaning Strategies for Information Governance
Spring has sprung, which means it’s time to get your data house in order....
Opinion
Governance
Shifting Employee (Im)Permanence and Digitization Will Make or Break Future Workplace Strategy
The workplace of the future is being shaped by two powerful forces: the shifting mix of permanent and non-permanent talent,...
Companies Say They’re Serious About DEI. So Why Are This Year’s 10-Ks So Short on Detail?
Most companies aren't including DEI and other workforce data in the human capital disclosure sections of their 10-Ks. A recent...
The Crystal Ball in the Boardroom: 2021 Board Agenda Topics
Deloitte's quarterly assessment of board focus finds that diversity, equity and inclusion subjects are a paramount concern for many companies...
Financial Services
Financial Crime Compliance Costs Spiked 33% in 2020. Will They Correct in 2021?
Between COVID-19 disruptions, KYC challenges, paused account onboarding and altered due diligence practices, 2020 saw financial crime compliance costs increase...
FinCEN’s Registry Will Be a Game-Changer. It Will Also Place an Added Burden on Corporations.
The Corporate Transparency Act (CTA) passed last year mandates FinCEN to establish a national registry of ultimate beneficial ownership (UBO)...
The Intersection of EDD and Banking Cannabis
As the cannabis industry continues to grow, so does its demand for banking services. Brandi Reynolds champions an enhanced due...
Leadership & Career
“It Lets Me Pass the Flame.” This Virtual Compliance Networking Event Has Connected Hundreds Over the Course of the Pandemic
Early in the pandemic, a chance virtual meeting via a webinar appearance sparked the creation of a monthly compliance networking...
How Far Will You Go?
Throughout one's career, one is often tempted by potential gains to be realized from misconduct. But trading in your honor...
Linear vs. Nonlinear Career Paths
Many believe that professionals know where they want to go and how to get there. But in reality, most of...
Ethics & Opinion
Conflicting Risk Appetites: A Surefire Recipe for Due Diligence Disasters
CDD and KYC have been baked into AML compliance for two decades now, yet enforcement of money-laundering violations continues to...
From Awkward to Organic
I don’t really know how to talk about business ethics to my team. This is a phrase that many ethics...
Investment Firms Struggle to Gather Timely Data – and Information Silos Are Growing
An overstressed data-gathering process can generate information silos, and the process of proving data-backed valuations can be laborious. Greater data...