New guidance from the U.S. Commodity Futures Trading Commission (CFTC) to its Division of Enforcement staff outlines factors to consider when evaluating companies’ compliance programs during enforcement investigations. The guidance reflects a principles-based approach that avoids prescribing specific guidelines for compliance program structures. The CFTC aims to encourage companies to Read More
Timelines for security and compliance audits are largely unchanged in 2020, despite the disruptive impacts of COVID-19 on teams that are now working remotely, according to a recent survey of North American CISOs assessing the challenges facing security and compliance professionals. The survey, a joint effort between Shujinko and Pulse, Read More
IBM Australia underpaid 1,647 employees over eight years, resulting in $12.3 million in lost wages, an internal audit finds. Australia’s Fair Work Ombudsman, Sandra Parker, says the full scope of the issue will be “significant in size,” The Sydney Morning Herald reports. “This matter serves as a warning to all Read More
The Department of Justice released a rare Foreign Corrupt Practices Act opinion letter in response to an inquiry from a company, highlighting an avenue of communication where companies can get answers to compliance concerns for planned future actions. The inquiry asked whether a prospective fee paid to a foreign subsidiary Read More
Cryptocurrency is rising in popularity, and national banks were uncertain about how to handle them. The Office of the Comptroller of Currency answered that question, saying that national banks and federal savings associations can provide cryptocurrency custody services for their clients, the banking regulator said in a letter on July Read More
Twitter may face soon face fines of up to $250 million for privacy data violations from the Federal Trade Commission. The company received a draft complaint from the commission on July 28, alleging that the company has used phone numbers and email addresses provided for safety and security purposes, such Read More
Businesses will need to find new ways of transferring data from the European Economic Area (EEA) to the United States after European courts struck down the EU-U.S. Data Privacy Shield program. The rulings sets new hurdles for companies trying to operate across borders, especially as data and information are increasingly Read More
The Department of Justice and the Securities and Exchange Commission released the second edition of the Resource Guide to the Foreign Corrupt Practices Act on July 3, its first update in eight years. The resource guide details the government’s expectations for an internal control system, highlighting that it should “take Read More
The Office of the Comptroller of Currency has said that it will take into account the impact of the COVID-19 pandemic on compliance as it considers examinations and enforcement. Banks face heightened compliance risks during the Coronavirus Crisis as staff reductions coincide with a large influx of loan requests, making Read More
The second-largest lender in Australia, Westpac, says that millions of breaches of anti-money laundering (AML) laws resulted from technology shortcomings and human error, but were not intentional, according to an internal audit. Westpac has recently faced accusations of 23 million instances of AML compliance violations, including failures to detect money Read More
