Jeffrey Epstein KYC/AML case study

Epstein case study cover 3x2

Premium

Case study: ‘The Banks Behind the Epstein Enterprise’

2024-03-18T15:50:00+00:00By

This Compliance Week case study offers a deep dive into the anti-money laundering compliance failures—and alleged complicity—of JPMorgan Chase and Deutsche Bank, the two banks that enabled the Jeffrey Epstein enterprise to flourish for decades.

Top Stories

London Financial District

Premium

U.K. sets recommendations to address misogyny in finance

2024-03-28T13:59:00+00:00By

Sexism, sexual assault, and bullying are rife at financial services organizations, according to a recent report by the U.K. Treasury Committee. “The government and financial regulators have important roles to play in driving change,” the committee said.

Whistleblower vector

Premium

NAVEX whistleblower report finds third parties lead on business integrity

2024-03-27T21:27:00+00:00By

A new report on corporate whistleblowing and hotline trends in 2023 found reporting volume at an all-time high, with key disparities uncovered between reports filed by third parties and those filed by employees.

Europe technology

Premium

Big Tech practices draw early scrutiny under DSA, DMA

2024-03-27T13:27:00+00:00By

TikTok and X are under investigation related to their respective compliance with the European Union’s Digital Services Act, while the first three companies probed under the Digital Markets Act include Apple, Alphabet, and Meta.

Personalize this space

Tell us the subject areas most of interest to you in your job, and we can help you find what you’re looking for quicker. By selecting from our list of topics, industries, and regions, you can customize content on this page to suit your needs.

Sign in to set your preferences

More from Compliance Week

Bank

Premium

OCC’s Hsu: ‘Sense of fairness’ key to bank compliance initiatives

2024-03-26T19:20:00+00:00By

Acting Comptroller of the Currency Michael Hsu argued banks should adopt a “strong sense of fairness” to bolster the effectiveness of their compliance programs, particularly regarding lending decisions guided by AI and machine learning tools.

Energy efficiency

Premium

EU regs for energy-efficient buildings raise questions for commercial property

2024-03-26T14:00:00+00:00By

Organizations with property in the European Union should be asking more questions about their sustainability and emissions in light of revised plans to decarbonize buildings across the region.

UK privacy

Premium

ICO primed for enforcement increase behind new fining guidance?

2024-03-25T13:36:00+00:00By

The Information Commissioner’s Office updated its data protection fining guidance to provide companies with greater transparency and clarity about how and why it would issue penalties for a breach of the U.K. General Data Protection Regulation or Data Protection Act 2018.

FDIC

Premium

FDIC proposes strengthening, modernizing bank merger reviews

2024-03-22T17:14:00+00:00By

The Federal Deposit Insurance Corporation proposed to strengthen its approach to evaluating bank mergers under the Bank Merger Act, particularly how it would address factors like competition, financial resources, the convenience and needs of communities, financial stability, and money laundering.

adani_web

News Brief

Adani Group on defense over reports of FCPA probe

2024-03-21T18:21:00+00:00By

Indian conglomerate Adani Group said it is aware of an investigation by the U.S. Department of Justice into bribery allegations against a “third party” but denied a relationship with it.

KPMG

News Brief

PCAOB fines KPMG China partners combined $150K over audit violations

2024-03-21T17:50:00+00:00By

The Public Company Accounting Oversight Board imposed collective fines totaling $150,000 against three partners at KPMG China for violations of standards related to their audit work at education service provider Tarena International.

equinix_web

News Brief

Short seller accuses Equinix of ‘selling AI pipe dream,’ accounting manipulation

2024-03-20T19:41:00+00:00By

Data center owner Equinix boasts artificial intelligence as a boon to business when power consumption costs related to implementing AI could be detrimental to its profitability, according to short seller Hindenburg Research.

DOJSeal

News Brief

Ex-Stericycle finance director charged for bribery scheme role

2024-03-20T18:17:00+00:00By

A former finance director at medical waste disposal company Stericycle faces Department of Justice charges for his alleged role in a bribery scheme that led the company to an $84 million settlement regarding violations of the Foreign Corrupt Practices Act.

ESGReporting

Premium

Experts: Legal noise around SEC climate disclosure rule no excuse for standing still

2024-03-20T16:03:00+00:00By

Legal experts are advising their public company clients to move forward with plans to comply with the SEC’s climate-related disclosure rule, despite lawsuits and other challenges being brought against the controversial policy in the aftermath of its approval.

Deutsche Bank

News Brief

Deutsche Bank dinged $54K over IT incident reporting

2024-03-20T15:44:00+00:00By

Deutsche Bank was assessed a penalty of €50,000 (U.S. $54,000) by Germany’s financial supervisory authority for its alleged miscommunication of a 2023 information technology security incident.

FINRA

News Brief

FINRA fines M1 Finance $850K in first influencer promos case

2024-03-19T18:48:00+00:00By

The Financial Industry Regulatory Authority fined Chicago-based financial technology company M1 Finance $850,000 as part of a settlement addressing alleged improper use of a social media influencer program.

SEC

News Brief

Genesis penalized $21M by SEC for sale of unregistered securities

2024-03-19T17:53:00+00:00By

Crypto firm Genesis Global Capital agreed to pay a $21 million civil penalty to the Securities and Exchange Commission to settle charges that the Gemini Earn investment program was an unregistered security offering.

U.S. Bank

News Brief

CFTC dings U.S. Bank, Oppenheimer over off-channel comms violations

2024-03-19T16:19:00+00:00By

The Commodity Futures Trading Commission announced settlements with U.S. Bank and Oppenheimer & Co. for admitted recordkeeping and supervision failures regarding employee use of off-channel communications for conducting business.

SEC headquarters

News Brief

Delphia, Global Predictions fined by SEC in ‘AI washing’ cases

2024-03-18T19:48:00+00:00By

Delphia USA and Global Predictions agreed to pay a total of $400,000 to settle charges by the Securities and Exchange Commission the firms each engaged in artificial intelligence misrepresentations that misled clients about how they were using the technology.

Sustainability metrics

Premium

EU due diligence directive back on track, despite concession concerns

2024-03-18T14:57:00+00:00By

The future of the EU’s Corporate Sustainability Due Diligence Directive was thrown into doubt when the European Council failed to endorse proposals. The directive is back on track after being agreed upon, albeit in weaker form.

ABN AMRO

News Brief

Departing ABN AMRO risk chief says climate, cyber among priorities

2024-03-15T19:27:00+00:00By

Tanja Cuppen, chief risk officer of ABN AMRO, shared her view on the Dutch bank’s biggest risk focus areas and the accomplishments of her tenure a month ahead of her planned departure.

Privacy Shield

Premium

Privacy by design a silver bullet for stemming AI risks?

2024-03-15T17:41:00+00:00By

The proliferation of artificial intelligence technologies—and their reliance on publicly available data—has reinforced the need for tech developers and the companies using their solutions to ensure privacy by design and by default is at the crux of any offering.

WhistleblowerEmployee

News Brief

CFTC awards $1.25M to compliance/audit whistleblower

2024-03-15T11:41:00+00:00By

The Commodity Futures Trading Commission announced a landmark whistleblower award of approximately $1.25 million to an individual in an internal compliance or audit function who came forward with information on misconduct occurring at his or her employer.

EFG International

News Brief

EFG International settles Cuba, blocked persons U.S. sanctions case

2024-03-14T21:46:00+00:00By

Swiss-based global private banking group EFG International agreed to pay more than $3.7 million as part of a settlement with the Office of Foreign Assets Control addressing apparent violations of U.S. sanctions against Cuba and two blocked individuals.

Health data

News Brief

Change Healthcare facing HHS probe following crippling cyberattack

2024-03-14T19:45:00+00:00By

Change Healthcare, a health payment processor hit by a crippling cyberattack in February, is under investigation by the Department of Health and Human Services’ Office for Civil Rights.

/web/img/field/image/jpmorganhome.jpg

News Brief

JPMorgan fined $348M by OCC, Fed over trade surveillance lapses

2024-03-14T19:01:00+00:00By

JPMorgan Chase will pay $348.2 million in fines to settle allegations laid by two federal banking regulators that it failed to adequately monitor trading and order activity.

Climate change ideas

Premium

Study: Climate transition impact reporting still lacking

2024-03-14T14:15:00+00:00By

Large polluters are failing to account for climate change impact and adaptation, but policymakers need to harmonize disclosure requirements to drive coherent action.

OCC sign

Premium

U.S. banking regs mulling enhanced operational resiliency frameworks

2024-03-13T19:47:00+00:00By

Acting Comptroller of the Currency Michael Hsu said federal banking agencies are considering enhancements to their operational resiliency requirements for member banks.

ADM

News Brief

DOJ joins SEC in probing ADM accounting practices

2024-03-13T18:01:00+00:00By

ADM disclosed the Department of Justice joined the Securities and Exchange Commission in probing the food processing company’s accounting practices.

Magnifying glass

News Brief

SFO launches probe into collapsed Carlauren Group

2024-03-13T15:47:00+00:00By

The U.K. Serious Fraud Office announced two raids and three arrests coinciding with the launch of an investigation into collapsed property developer Carlauren Group.

DOJ building

News Brief

Argus to pay $37M in DOJ case over misused regulator data

2024-03-12T20:59:00+00:00By

Economic data and research firm Argus Information and Advisory Services agreed to pay $37 million to settle charges from the Department of Justice alleging misuse of data obtained through federal regulatory contracts.

ford_web

News Brief

Ford to pay $365M in DOJ deal for evading customs tariffs

2024-03-12T19:33:00+00:00By

Ford Motor Co. agreed to pay $365 million to settle charges levied by the Department of Justice that the automaker purposefully dodged import duties for years by mislabeling and undervaluing hundreds of thousands of cargo vans it brought into the United States from Turkey.

Financial Conduct Authority

News Brief

FCA fines financial adviser $1.1M over British Steel advice, oversight lapses

2024-03-12T19:10:00+00:00By

The U.K. Financial Conduct Authority fined Inspirational Financial Management nearly £900,000 (U.S. $1.1 million) regarding alleged failures in advice and oversight provided to customers who were primarily members of the British Steel Pension Scheme.

FTC

News Brief

FTC restores bipartisan balance with Ferguson, Holyoak confirmations

2024-03-11T18:58:00+00:00By

The appointments of two new commissioners on the Federal Trade Commission were confirmed, with the Democratic-led agency welcoming Republicans Andrew Ferguson and Melissa Holyoak.

Reserve Bank of New Zealand

News Brief

New Zealand banks to report material cyber incidents within 72 hours

2024-03-11T16:58:00+00:00By

The Reserve Bank of New Zealand added new reporting requirements for its member banks to follow if they suffer a material cyber incident and for all types of cyberattacks.

UniCredit

News Brief

​Italian DPA fines UniCredit $3M over data breach GDPR lapses

2024-03-11T15:54:00+00:00By

The Italian data protection authority announced a fine of €2.8 million (U.S. $3 million) against UniCredit for alleged violations of the General Data Protection Regulation regarding insufficient security measures the bank had in place during a cyberattack.

London cityscape

Premium

SFO director support for whistleblower incentives enough to drive change?

2024-03-11T12:47:00+00:00By

When Nick Ephgrave of the Serious Fraud Office said in his maiden speech he favored paying whistleblowers in exchange for information, he might not have been fully aware of the implications, according to legal experts.

DOJ

Premium

DOJ eyeing more FCPA cases with whistleblower program

2024-03-08T18:33:00+00:00By

The Department of Justice anticipates its upcoming whistleblower reward program will help the agency increase its pipeline of cases involving apparent violations of the Foreign Corrupt Practices Act, said Acting Assistant Attorney General Nicole Argentieri.

skechers_web

News Brief

Skechers fined $1.25M over related person disclosure failures

2024-03-08T17:23:00+00:00By

Footwear company Skechers agreed to pay $1.25 million to settle charges by the Securities and Exchange Commission of failing to disclose payments to executives’ family members.

Chemours

News Brief

Chemours says probe found accounting misconduct by execs

2024-03-08T16:09:00+00:00By

Chemours said an internal review into the actions of senior managers alleged to have engaged in accounting misconduct uncovered violations of the chemicals company’s code of ethics regarding the promotion of full, fair, accurate, timely, and understandable disclosure.

European Commission

News Brief

EU to ban sale of products made with forced labor

2024-03-08T15:20:00+00:00By

The European Union announced an agreement to ban products made with forced labor, a decision that will oblige organizations to track and declare more information about their supply chains for goods entering EU markets.

Koenig_web

Article

CW National 2024 Q&A: JBS CECO on compliance post-settlement

2024-03-08T15:17:00+00:00By

Michael Koenig, global chief ethics and compliance officer at JBS Foods, previews his session on rebuilding the compliance department following settlements with the Department of Justice and Securities and Exchange Commission at CW’s National Conference in Washington, D.C.

Data sharing

Premium

FTC ‘will not stand for’ misuse of browsing, location data

2024-03-07T22:33:00+00:00By

The Federal Trade Commission is amid a crackdown on businesses misusing browsing and location data that provide enough information to be used to identify nonconsenting consumers.

Whistle

News Brief

DOJ on sprint toward pilot whistleblower reward program

2024-03-07T21:07:00+00:00By

Deputy Attorney General Lisa Monaco said the Department of Justice will look to fill gaps in its whistleblower procedures with the launch of a 90-day sprint toward a DOJ-led pilot whistleblower reward program.

SECBooks

News Brief

SEC expands scope of order execution disclosure rule

2024-03-07T20:25:00+00:00By

Lost in the shuffle of the approval of its controversial climate-related disclosure rule, the Securities and Exchange Commission also adopted amendments to its rule for order executions in national market system stocks.

DOJ

Premium

Monaco: ECCP update coming for management of AI risks

2024-03-07T19:11:00+00:00By

The Department of Justice is working on an update to its Evaluation of Corporate Compliance Programs guidance to spell out the responsibilities of compliance staff for managing artificial intelligence-related risks.

2022-pcaob-inspection-reports

Premium

PCAOB 2022 inspection reports: Big Four setbacks; KPMG redacted

2024-03-07T15:31:00+00:00By

Three of the Big Four audit firms saw increases to the deficiency rates observed in their latest Public Company Accounting Oversight Board inspection reports, while KPMG had its results redacted.

SEC

Premium

Concessions can’t save ‘cursed’ SEC climate disclosure rule from scrutiny

2024-03-07T00:02:00+00:00By

The Securities and Exchange Commission finally approved its ground-breaking climate-related disclosure rule, nearly two years since it was originally proposed. Though the agency significantly watered down aspects of its proposal, the rule is already facing the prospect of legal challenge.

Ameriprise Financial

News Brief

​Ameriprise expecting $50M SEC fine over off-channel comms

2024-03-06T18:51:00+00:00By

Ameriprise Financial disclosed it recorded a $50 million accrual related to the resolution of a Securities and Exchange Commission probe into use of off-channel communications by its employees for conducting business.

Ericsson

News Brief

Ericsson promotes investigations head to CCO

2024-03-06T18:28:00+00:00By

Ericsson shook up its reporting structure with the promotion of Head of Corporate and Government Investigations Rebecca Rohr to chief compliance officer.

UK compensation

Premium

Top brands shamed for U.K. minimum wage failings ahead of hike

2024-03-06T18:09:00+00:00By

The U.K.’s Department for Business and Trade named 524 businesses found to have failed to pay the national minimum wage, ahead of wage hikes for certain workers that will take effect April 1.

GHG emissions

Premium

Experts: What to expect ahead of SEC climate-related disclosure rule vote

2024-03-05T22:06:00+00:00By

Nearly two years after it was first proposed, the Securities and Exchange Commission is finally poised to approve its climate-related disclosure rule—albeit a watered-down version, by all indications.

U.K. money laundering

News Brief

​FCA warns CEOs over firm AML failings

2024-03-05T20:55:00+00:00By

The U.K. Financial Conduct Authority warned the chief executive officers of approximately 1,000 financial institutions it supervises regarding common failures in anti-money laundering procedures it observed during recent assessments.

KPMG

News Brief

KPMG fined $1.9M by FRC over M&C Saatchi audit lapses

2024-03-05T20:05:00+00:00By

KPMG agreed to pay a reduced penalty of nearly £1.5 million (U.S. $1.9 million) assessed by the U.K. Financial Reporting Council addressing admitted failings in the Big Four audit firm’s financial year 2018 work at advertising services company M&C Saatchi.

FinCEN

Premium

Judge’s ruling calls FinCEN beneficial ownership registry into question

2024-03-05T18:30:00+00:00By

A federal court judge in Alabama ruled the Corporate Transparency Act was beyond Congress’s power, potentially throwing the effectiveness of the Financial Crimes Enforcement Network beneficial ownership information registry into doubt.

LinkedIn Group