Insights

At the Society of Corporate Compliance and Ethics (SCCE) 23rd Annual Compliance & Ethics Institute, Principal Deputy Assistant Attorney General Nicole M. Argentieri delivered a keynote speech underscoring the U.S. Department of Justice’s (DOJ) evolving corporate enforcement landscape. Compliance professionals were at the center of her address, emphasizing their critical role in upholding corporate integrity.

As businesses increasingly depend on external partners, the concept of a "self-contained" organization has become outdated. From suppliers and service providers to contractors and consultants, third-party relationships now form the backbone of modern operations. However, with this expansion into vast networks of external entities comes an equally vast landscape of risks—many of which businesses fail to fully grasp, often resulting in costly mistakes that could have been avoided.

The collapse of FTX in November 2022 was not merely the downfall of one of the world’s largest cryptocurrency exchanges but a seismic event that reverberated throughout the entire cryptocurrency industry. Once the third-largest crypto exchange, FTX handled billions of dollars in customer funds, making its rise and fall a significant case study in financial instability and regulatory oversight. The event exposed profound vulnerabilities within the cryptocurrency ecosystem, a sector once viewed as both promising and robust. The fallout from FTX’s demise extended far beyond its balance sheet, devastating other cryptocurrency services, shaking investor confidence, and prompting global regulatory scrutiny.

AT&T has agreed to pay a $13 million fine after the Federal Communications Commission (FCC) found the telecommunications giant had improperly shared customer billing information with a vendor to create personalized videos. The company also allegedly failed to ensure that this data was destroyed when no longer needed, which ultimately led to a security breach.

The Institute of Internal Auditors (IIA) has released a report that sheds light on the future of the internal audit profession. Titled "Internal Audit: Vision 2035 – Creating Our Future Together," the study draws insights from over 7,000 practitioners and stakeholders worldwide, revealing key trends and challenges that will shape the profession over the next decade.

Chinese authorities have imposed severe penalties on PricewaterhouseCoopers (PwC) for its role in auditing the collapsed property developer Evergrande. The punishment, including a six-month ban and fines exceeding 400 million yuan ($56.4 million), marks the heaviest sanctions yet for international accounting firms operating in China.

New York-based facial recognition startup Clearview AI has now accrued fines exceeding $115 million for privacy violations across the European Union and the United Kingdom. The Dutch Data Protection Authority (DPA) has recently imposed a $33.7 million penalty, adding to a series of General Data Protection Regulation (GDPR) compliance issues that date back to 2020.