Browsing: Risk and Compliance

Compliance and Risk

In all of the Department of Justice’s corporate resolutions regarding AML compliance violations—including guilty pleas, deferred prosecution agreements or non-prosecution agreements—it will now consider requiring both chief executive officers and chief compliance officers to certify that a company has remedied the situation, Assistant Attorney General Kenneth Polite announced today.

Compliance and Risk

In a new blog post this week, the CFPB said it is “looking to use a long-dormant authority” under Dodd-Frank Act Section 1033, which relates to consumer access to financial records, “to help spur better credit card shopping and switching by proposing rules that give consumers more control of their financial data.”

Compliance and Risk

A broad coalition of 99 trade groups representing various industries—including the American Bankers Association—today wrote to President Biden urging him to withdraw a controversial proposal that would require financial institutions to report information to the Internal Revenue Service on gross inflows and outflows for accounts above a specified de minimis threshold.

1 2