Search results for: messaging apps
The Messaging Crackdown Continues
In case any compliance professionals out there assume that the crackdown on employee use of improper messaging apps is over, the Securities and Exchange Commission sanctioned two more Wall Street trading firms late last week for the same offenses, and imposed the same punishments of monetary penalties and extensive compliance reviews. The broker-dealer firms in…
Read MoreMore on Clawbacks, Message Apps
We have more details today on the Justice Department’s new policies for compensation clawbacks, and how prosecutors will expect companies to govern employees’ use of “ephemeral messaging apps” as part of compliance settlements. The news came from assistant attorney general Kenneth Polite, who spoke today at a white-collar crime conference in Miami. His remarks filled…
Read MoreThe Wall Street Messaging Crackdown
Compliance officers have quite the recordkeeping issue to mull over this week, now that regulators have hit 16 Wall Street banks with a collective $1.1 billion in fines for failing to preserve electronic communications employees were sending or receiving on their personal devices. This enforcement action was no surprise. Rumors of a global settlement had…
Read MoreUK Report Spotlights Internal Reporting
British regulators published a report last week on how financial firms handle allegations of personal misconduct, finding that a significant number of firms don’t have any formal governance process to review complaints and a small number still don’t even have required internal whistleblower programs. The report was published last Friday by the U.K. Financial Conduct…
Read MoreRTX, Part II: The Compliance Reforms
Today we continue our look at that RTX Corp. export controls settlement announced last week, since we barely scratched the surface of the remediation measures RTX agreed to undertake. From dedicated compliance leaders to dedicated compliance spending, there’s lots more to review here. If you missed our previous post on the case, the summary is…
Read MoreMore on Cooperating With Regulators
Cooperation with regulators is a primary message from the regulatory enforcement world these days. So let’s see what a senior SEC official had to say on the subject lately and what compliance professionals can do to anticipate those cooperation needs. The official in question is Gurbir Grewal, head of the Enforcement Division at the Securities…
Read MoreJustice Department Eyes AI Risks
Last week the Justice Department announced that it will cast a more critical eye at abuses of artificial intelligence. Today let’s unpack what that news means for compliance officers in practice, and how you might need to adjust your compliance program to accommodate this brave new AI world. The pledge about increased scrutiny of AI…
Read MoreSurveys Depict Compliance Strains
Everyone loves end-of-year surveys predicting corporate compliance challenges for the year to come, and today we have a double dose of them: one survey report from the audit world and the other from legal, both suggesting that companies are struggling to keep pace with regulatory burdens and compliance risk. First is a survey from the…
Read MoreFresh Glimpses Into SEC Enforcement
The head of enforcement at the Securities and Exchange Commission has been on a bit of a publicity tour this week, making several speeches about the importance of strong compliance functions, enforcement measures such as monetary penalties and “compliance consultants,” and other issues dear to compliance professionals’ hearts. Most notably, enforcement chief Gurbir Grewal spoke…
Read MoreCanadian Bank Needs Spy Compliance
Nutty news from up north: Canadian regulators have forced a bank there suspected of ties to the Chinese government to cut ties with its three founders, relocate to new headquarters with better security, sweep the corporate premises for bugs, and hire two senior compliance officers — including a “national security” compliance officer who will need…
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