Compliance Week

U.S. Customs and Border Protection (CBP) will make it a priority to check shipments of aluminum, polyvinyl chloride (PVC), and seafood from China and elsewhere in the region for links to forced labor, according to an updated Uyghur Forced Labor Prevention Act (UFLPA) enforcement strategy. The UFLPA, which took full effect in June 2022, is intended to prevent goods from entering the United States that were made with forced labor by Uyghurs and other ethnic minorities in the Xinjiang region of northwestern China. Human rights organizations have amassed extensive evidence that Uyghurs are being held against their will by Chinese authorities and forced to work as slaves. The aluminum, PVC, and seafood are just the latest of many types of goods, including textiles, cotton, polysilicon, and tomatoes, that are under increased scrutiny by CBP. Read Adrianne Appel's full story on the updated strategy at the link below. #China #Xinjiang #CBP #UFLPA #imports #forcedlabor #slavelabor #compliance #ethics #UnitedStates

It’s been a trying time for staff at firms with redundancies, affecting morale as layoffs mount amid an effort to silence dissent in the ranks for those departing. Last month, the Financial Times reported that PwC had launched a round of “silent layoffs” in the U.K. Affected staff had to stick to a “suggested wording” if they wanted to send colleagues goodbye messages, while any mention of why they were actually leaving needed to be strictly omitted. Staff who were offered a package to leave were notified individually and informed they must not tell other staff if they accept the offer, according to the FT. Additionally, FT reported they were told to follow a script provided by human resources extolling the benefits of working at the firm and the opportunities ahead if they wanted to send goodbye notes to colleagues. Read Neil Hodge's full report at the link below. #PwC #FinancialTimes #layoffs #redundancies #NDAs #UK #UnitedKingdom

Join the experts on August 6 as they discuss: 📈Emerging trends shaping the future of modern Speak Up programs ❗Risks of not having tech-driven misconduct reporting and resolution 📱Steps to build a Speak Up program fit for the age of mistrust https://lnkd.in/dTgtGyua

Join us for the Inaugural AI & Compliance Summit, hosted by Compliance Week, on October 8-9 at Boston University. Discover how AI can transform compliance with topics like managing AI within your teams, regulatory insights, ethical practices, data analytics, and global AI applications. Early bird pricing ends July 30. Register now: https://ow.ly/upwi50SCjKf

Margaret Holmes Tibbets, chief compliance officer at financial technology company Pipe, explains how firms are facing an existential compliance crisis, and to survive they’ll need to overcome not one but two hurdles. First, the mantra of “move fast and break things” will no longer cut it for companies looking to live in the financing world. They’ll need to take compliance and regulations as seriously as banks have for decades. This is a major challenge for many, who may be running with very small teams and may lack experience in compliance. Second, they’ll need to handle compliance at a pace that’s unheard of for banks. Technology and embedded partnerships allow fintechs to onboard new merchants at an unprecedented rate. At that pace, a reactive approach to compliance just won’t do. They’ll need the teams, systems, and software in place to scale quickly without negatively impacting the compliance and safety of their products or creating unnecessary risks for their partners and merchants. Read her guest column at the link below. #banking #financialservices #financialtechnology #fintech #compliance

During a panel at our Financial Crimes and Regulatory Compliance Summit, held June 10-11 at Fordham University School of Law, experts discussed nuances in bank-financial technology partnerships, offering best practices for how banks should protect themselves. The relationship between banks and fintechs has always been problematic from a compliance perspective, particularly for community and regional banks worried about being left behind by technological advances. Fintechs offer accessible, bank-like services that would take smaller banks months or years to develop on their own, while also offering their banking partners access to new customers who traditional banking models don’t reach. The banks, however, bear all the responsibility if something goes wrong. What happens if the fintech is breached and loses the bank’s customer data? What happens if the fintech processes transactions for terrorist groups or criminals? What happens if the fintech suddenly shuts down? Sheetal Parikh, general counsel and chief compliance officer at banking-as-a-service vendor Treasury Prime, said banks need to have a plan in place to deal with disruptions. Read Aaron Nicodemus' coverage from our latest event at the link below. #compliance #ethics #banking #finance #technology #fintech #Fordham #NewYork #financialservices

The Supreme Court of the United States (SCOTUS) extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision. In a 6-3 decision, issued Monday, SCOTUS opened the door to legal challenges to regulations long after those regulations take effect. The case, 𝘊𝘰𝘳𝘯𝘦𝘳 𝘗𝘰𝘴𝘵 𝘷. 𝘵𝘩𝘦 𝘍𝘦𝘥𝘦𝘳𝘢𝘭 𝘙𝘦𝘴𝘦𝘳𝘷𝘦 𝘉𝘰𝘢𝘳𝘥, centered on a challenge by a North Dakota truck stop that sued over a Fed regulation related to fees that merchants must pay banks for handling debit card transactions. The fee took effect in 2011; Corner Post did not open until 2018. Read the full story at the link below. #SCOTUS #SupremeCourt #UnitedStates #statuteoflimitations #regulation

The Supreme Court of the United States (SCOTUS) overturned a long-held precedent in which courts deferred to federal agencies in interpreting complex or ambiguous regulations–a decision that could make thousands of federal regulations more vulnerable to legal challenges. The legal crux of the decision in the consolidated cases of 𝐿𝑜𝑝𝑒𝑟 𝐵𝑟𝑖𝑔ℎ𝑡 𝐸𝑛𝑡𝑒𝑟𝑝𝑟𝑖𝑠𝑒𝑠 𝑣. 𝑅𝑎𝑖𝑚𝑜𝑛𝑑𝑜 and 𝑅𝑒𝑙𝑒𝑛𝑡𝑙𝑒𝑠𝑠, 𝐼𝑛𝑐. 𝑣. 𝐷𝑒𝑝𝑎𝑟𝑡𝑚𝑒𝑛𝑡 𝑜𝑓 𝐶𝑜𝑚𝑚𝑒𝑟𝑐𝑒 involved the legal precedent, adopted in 1984, known as the Chevron doctrine. Chevron effectively required courts to defer to agencies’ reasonable interpretations of ambiguous statutes. Chevron deference has been widely applied by courts to nearly every federal and state agency decision across the country, including regulations related to the environment, workplace safety, food and drug approvals, securities law, and banking regulation, to name just a few. Read the full story on the high court's decision at the link below. #SCOTUS #SupremeCourt #UnitedStates #regulation #Chevrondoctrine

The Supreme Court of the United States (SCOTUS) ruled that the U.S. Securities and Exchange Commission’s (SEC) practice of using in-house tribunals overseen by an administrative judge to adjudicate securities fraud cases is unconstitutional. In a 6-3 decision, issued Thursday, SCOTUS ordered the SEC to file complaints involving securities fraud in federal court. The ruling effectively strips away an alternative venue considered to be a home-court advantage by critics of the agency. The court’s majority, led by Chief Justice John Roberts, wrote, “A defendant facing a fraud suit has the right to be tried by a jury of his peers before a neutral adjudicator.” The minority opinion, written by Justice Sonia Sotomayor, argued the court was reversing longstanding precedent, cutting back on the authority of administrative agencies. Read the full story at the link below. #SCOTUS #SupremeCourt #UnitedStates #regulation #securitiesfraud

ANNOUNCING the Inaugural AI & Compliance Summit, hosted by Compliance Week! 📅 October 8-9 📍 Metcalf Trustee Center, Boston University AI is transforming industries worldwide, and compliance is no exception. By attending, you'll gain insights into how AI can impact and improve your compliance programs, helping you stay ahead in a rapidly changing environment. Our expert speakers will delve into the benefits of AI, such as increased efficiency and accuracy, while also addressing the potential risks and ethical considerations. Don't miss out on this opportunity to stay at the forefront of compliance innovation! Learn more: https://ow.ly/2iF150SrK7I