Tag: BOA

Compliance Into The Weeds: Data Analytics, BoA and DOJ Pronouncements

Post author By admin
Post date December 6, 2023
No Comments on Compliance Into The Weeds: Data Analytics, BoA and DOJ Pronouncements

The award-winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt take a deep dive into data analytics and highlight the Bank Of America CFPB enforcement action for failures in a data analytics program.

Data analytics is a powerful tool in the realm of compliance and risk management, providing invaluable insights that can help organizations identify potential risks and assess the effectiveness of their compliance programs. Tom emphasizes the importance of continuous monitoring using data analytics, citing a case where Bank of America was fined $12 million due to poor use of data analytics. He advocates for the use of analytics algorithms as ongoing monitoring tools and encourages business units to take an active role in managing their risks. Matt underscores the significance of data analytics in identifying and managing compliance risks. He echoes Fox’s sentiments on the need for continuous monitoring and the involvement of business units in risk management.

They also note that both the DOJ and SEC are ramping up their focus on data analytics for corporate compliance, setting higher expectations, especially for larger corporations. This shift is not only transforming the landscape of corporate compliance but also reshaping the way companies approach self-disclosure of misconduct. Join Fox and Kelly on this episode of the Compliance into the Weeds podcast as they delve deeper into the implications of the DOJ and SEC’s increasing focus on data analytics for corporate compliance.

Key Highlights:

The Importance of Continuous Data Analytics
Bank of America’s Compliance Risk Management
Effective Monitoring and Surveillance in Financial Services
DOJ’s Expectations for Corporate Data Analytics
Uncovering Fraud Through Data Analytics

Resources:

Matt’s blog posts in Radical Compliance

A $12M Lesson on Data Analytics

Some Vague Hints on Analytics, FCPA

Tom

Tags Bank of America, BOA, Data Analytics, DOJ

GalloCast

Gallocast – Episode 10 – The Seven Year Anniversary Edition

Post author By admin
Post date July 21, 2023
No Comments on Gallocast – Episode 10 – The Seven Year Anniversary Edition

Welcome to the GalloCast. You have heard of the Manningcast in football. Now we have the Gallocast in compliance. The two top brothers in compliance, Nick and Gio Gallo, come together for a free-form exploration of compliance topics. It is a great insight on compliance brought to you by the co-CEOs of ComplianceLine. Fun, witty, and insightful with a dash of the two brothers throughout. It’s like listening to the Brothers Gallo talk compliance at the Sunday dinner table. Hosted by Tom Fox, the Voice of Compliance.

This podcast episode focuses on the importance of proper oversight and diligence when it comes to CCOs and other corporate leaders. The discussion highlights the implications of the Supreme Court’s ruling on diversity hiring, the need for internal controls implementation, the potential of ESG investment ROI, the consequences of unethical behavior, and the need for Deutsche Bank to address its culture of ethics. This episode emphasizes the need to create a culture of compliance and oversight within organizations in order to protect against fraud and mismanagement.to navigate these challenging issues in the corporate world. Tune in to GalloCast now!

Key Highlights

FTX CCO charged
Diversity after Supreme Court. Is it still important?
At what level should you apply DD to new hires? Executive level or something else
ESG-positive or negative for shareholders
BOA follows Wells Fargo with a fake accounts scandal.
KPMG caught cheating in The Netherlands
Deutsche Bank fails to meet DPA requirements.

Resources

Nick Gallo on LinkedIn

Gio Gallo on LinkedIn

Ethico

Tom Fox

Connect with me on the following sites:

Tags BOA, culture, Deutsche Bank, diversity, ESG, FTX, KPMG

2 Gurus Talk Compliance

2 Gurus Talk Compliance – Florida Man Moves Outside of Florida

Post author By admin
Post date July 20, 2023
No Comments on 2 Gurus Talk Compliance – Florida Man Moves Outside of Florida

What happens when two top compliance commentators get together? They talk compliance of course. Join Tom Fox and Kristy Grant-Hart in 2 Gurus Talk Compliance as they discuss the latest compliance issues in this week’s episode! This week on the podcast, we discussed a variety of financial fraud and corruption cases that have recently come to light. From Bank of America’s creation of millions of fake accounts to KPMG getting caught cheating in the Netherlands, these cases serve as a reminder to the importance of strong compliance programs and the need for companies to be proactive in preventing fraud. Additionally, the DOJ is utilizing data analytics to enhance their ability to prosecute FCPA cases, while Women in Compliance work to empower and support female professionals in the industry. Finally, the Florida Man Scam highlights the need to be aware of the potential for scams and to exercise caution when giving out personal information.

Highlights Include

· Bank of America Scandal

· Navex Survey

· Corruption in Singapore

· KPMG Cheating Scandal

· Kenneth Polite Reflects

· Lisa Osofsky Reflects

· Women in Compliance

· Florida Man Should Stay in FL

· Contracts and Emojis

Resources

Connect with Kristy Grant-Hart on LinkedIn

Tom

Tags BOA, compliance, corruption, Florida Man, GWIC, Kenneth Polite, Kristy Grant-Hart, Lisa Osofsky, Navex, SFO, Singapore

Compliance Into the Weeds

Compliance into the Weeds: BOA Enforcement Action for Bogus Accounts

Post author By admin
Post date July 19, 2023
No Comments on Compliance into the Weeds: BOA Enforcement Action for Bogus Accounts

The award-winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to explore a subject and looking for some hard-hitting insights on sanctions compliance. Look no further than Compliance into the Weeds! In this episode, Tom and Matt take up the recent CFTC enforcement action involving Bank of America.

In yet another reminder of the importance of ethical practices within the banking industry, Bank of America recently faced civil charges for misconduct, including a junk fees scheme and opening credit cards for customers without their authorization. This follows in the footsteps of similar misconduct from Wells Fargo in the mid-2010s, which resulted in a hefty $185 million fine. To address the issue, Bank of America has agreed to discontinue its flawed incentive program and develop a compliance plan within 90 days. Banks must remain vigilant in their compliance efforts, capture customer consent and documentation, and have data analytics capabilities, or risk similar fines. Furthermore, this penalty emphasizes the need for banks to keep their practices updated with regulations.

Key Highlights

· Facts of enforcement action

· BOA penalty

· BOA remediation

· Comparisons to Wells Fargo

· Banks behaving badly

Resources:

Matt Kelly

Blog Post in Radical Compliance

Tom Fox

Tags Bank of America, BOA, compliance, corruption, fake accounts

10 For 10

10 For 10: Top Compliance Stories For the Week Ending July 15, 2023

Post author By admin
Post date July 15, 2023
No Comments on 10 For 10: Top Compliance Stories For the Week Ending July 15, 2023

Welcome to 10 For 10, the podcast which brings you the week’s Top 10 compliance stories in one podcast each week. Tom Fox, the Voice of Compliance brings to you, the compliance professional, the compliance stories you need to be aware of to end your busy week. Sit back, and in 10 minutes hear about the stories every compliance professional should be aware of from the prior week. Every Saturday, 10 For 10 highlights the most important news, insights, and analysis for the compliance professional, all curated by the Voice of Compliance, Tom Fox. Get your weekly filling of compliance stories with 10 for 10, a podcast produced by the Compliance Podcast Network.

· EU-US agree on data sharing pact. (NYT)

· Max Schrems slams back, vows legal challenge. (Reuters)

· Labor Party to back global ABC court. (The Guardian)

· Chinese ABC probe moves to advanced stage. (FT)

· Did a sheriff’s corruption lead to a mass shooting? (Houston Chronicle)

· Is your company investing in China? (NYT)

· Alleged fraudster said customers devised the fraud. (FT)

· UK AML regime ‘not fit for purpose’. (FT)

· BOA has its own fake accounts scandal. (Radical Compliance)

· Merrill Lynch to pay $12MM fine for failure to report. (WSJ)

You can check out the Daily Compliance News for four curated compliance and ethics related stories each day, here.

Connect with Tom

Tags AML, BOA, China, compliance, corruption, Data Transfer, fraud, FTC, Merrill Lynch

Daily Compliance News

Daily Compliance News: July 13, 2023 – The Fake Accounts Scandal (Not WF) Edition

Post author By admin
Post date July 13, 2023
No Comments on Daily Compliance News: July 13, 2023 – The Fake Accounts Scandal (Not WF) Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance brings to you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen in to the Daily Compliance News. All, from the Compliance Podcast Network. Each day we consider four stories from the business world, compliance, ethics, risk management, leadership, or general interest for the compliance professional.

BOA has its own fake accounts scandal. (Radical Compliance)
Singapore announces ABC investigation into Minister of Transportation. (Reuters)
Serbian spy chief sanctioned by US for corruption. (Bloomberg)
Merrill Lynch to pay $12MM fine for failure to report. (WSJ)