The Office of the Comptroller of the Currency (OCC) has levied a $250 million civil money penalty against JPMorgan Chase Bank, N.A. (JPMC) for deficiencies identified in its trade surveillance program. The penalty, announced today, reflects the OCC's findings of shortcomings in JPMC's trading venue coverage and data controls essential for an effective trade surveillance program.
The European Parliament has approved the Artificial Intelligence Act, marking a significant step toward regulating high-risk AI applications, protecting fundamental rights, and promoting innovation. The regulation, agreed upon in December 2023 after negotiations with member states, received overwhelming support from MEPs, with 523 votes in favor, 46 against, and 49 abstentions.
Acting Comptroller, Michael Hsu, addressed the Institute of International Bankers (IIB) Annual Washington Conference, shedding light on the critical importance of operational resilience in the banking sector. Amidst the backdrop of discussions often dominated by capital and liquidity concerns, Hsu emphasized that operational resilience plays a pivotal role in ensuring the safety and soundness of banks and maintaining financial stability.
In an announcement at the American Bar Association's 39th National Institute on White Collar Crime, Deputy Attorney General Lisa Monaco revealed a comprehensive set of initiatives aimed at reinforcing the Department of Justice's (DOJ) commitment to corporate accountability. Among the groundbreaking measures is the creation of a DOJ-run whistleblower rewards program.
In a strategic move to advance professional standards in Governance, Risk, and Compliance (GRC), OCEG (Open Compliance & Ethics Group) has unveiled the Integrated Audit and Assurance Professional Certification (IAAP) in 2024. This certification is designed to cater to GRC professionals seeking a comprehensive and advanced understanding of audit and assurance practices.
This week marks a significant shift in the digital landscape as the European Union's Digital Markets Act (DMA) comes into full effect, introducing a series of changes that aim to reshape the behavior of major tech companies. The DMA is a set of regulations specifically targeting six tech giants classified as "gatekeepers": Amazon, Apple, Google parent Alphabet, Meta, Microsoft, and TikTok owner ByteDance.
In a groundbreaking move, the U.S. Securities and Exchange Commission (SEC) has officially passed its first-ever climate disclosure rules, a development that promises to reshape corporate reporting and shed light on the environmental impact of publicly traded companies. The decision, reached in a Wednesday vote, is seen as a legacy-defining effort for SEC Chair Gary Gensler.