Compliance

When multiple regulators bring enforcement actions, information gathered in civil proceedings is often used in subsequent criminal trials. But there are also significant advantages to be gained from multi-agency cooperation. It's up to defendants to strike a balance.

In a recent Ninth Circuit Court of Appeals case, prosecutors tried to stake their argument on their analysis of anomalies in big datasets. It didn’t work. The proceedings nevertheless highlight how useful data analytics can be in the compliance function.

The best compliance training changes employees’ behavior. Is yours dry and forgettable, or is it dynamic and impactful? ComplianceLine’s Giovanni Gallo discusses what your training should cover and why engaging delivery is a must. Sponsored It’s the same at every job: An employee’s first day (or even week) is dedicated not to doing the work they were hired to do,...

The continued reliance on digital chat platforms is causing small and local governments to struggle to fulfill basic functions of open government. Marc Gilman provides a rundown of the situation and potential solutions. The reliance on videoconferencing platforms to conduct routine business continues to bottleneck the work of small and local governments (SALGs). Besides adding complexity, the communications on these...

With data analytics in compliance, you don't need to boil the ocean. A concentrated program can deliver most of the outcomes of a large automated system but is significantly more affordable. As organizations maintain more data than ever before, it is no secret that the business can benefit from using data analytics to inform decision-making and support strategy initiatives in...

Any ESG strategy brings tax implications with it. But tax departments often do not have a seat at this table. EY Global and U.S. tax policy leader Cathy Koch makes the case for why the tax department should be involved in ESG conversations. Company leaders increasingly look to gain shareholder value and stakeholder support through environmental, social and governance (ESG)...

Facing BSA/AML enforcement, a financial institution’s action plan can either ameliorate or aggravate penalties. Professionals from Deloitte’s anti-money laundering and sanctions practice discuss how organizations can get back into regulators’ good graces quickly and effectively.

Michael Volkov argues CCOs have to refuse leadership of ESG but dovetail their oversight with their roles in the overall governance framework. The “G” can be leveraged to build an even better corporate culture and improve governance operations. Forgive me for going out on a limb here.  But this issue is fairly obvious.  A simple question: Should the Chief Compliance...

Between COVID-19 disruptions, KYC challenges, paused account onboarding and altered due diligence practices, 2020 saw financial crime compliance costs increase by roughly one-third. It remains unclear to what extent those trends will continue this year. There’s no doubt 2020 has brought many unforeseen hurdles to financial institutions (FIs) like banks and investment, asset management and insurance firms. With those challenges...

The end of some pandemic-related disruptions may be in sight, but have yet to arrive. In other cases, there will be no end. Organizations need to invest in their workforces and keep their sights on ESG, according to a recent NAVEX report. Carrie Penman, CRCO at NAVEX Global, discusses. In a changed business and social landscape, it’s important to pay...

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 AI in the EU. A proposed set of regulations from the European Commission for a sweeping regulatory framework governing artificial intelligence is under consideration...

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. According to OFAC, the transactions totaled $105,627 in value and were processed on behalf of approximately 40 individuals on OFAC’s Specially Designated Nationals List...