Wolters Kluwer launches Regulatory Violations Intelligence Index to highlight key trends in U.S. regulatory supervision
2024年5月14日 - 9:05PM
ビジネスワイヤ(英語)
Significant regulatory fines and new compliance
obligations spotlight shifting regulatory priorities
Wolters Kluwer has unveiled a compilation of penalties imposed
by U.S. financial services regulators over the past several years,
providing compliance officers strategic insights into the aggregate
volumes and penalty amounts issued to financial services
institutions in the United States. Covering a period from 2018
through 2023 reflected in half-year increments, the Regulatory
Violations Intelligence Index examines key violation
categories—competition-related offenses, consumer
protection-related offenses and financial offenses—across federal
and state regulatory bodies.
“In today’s rapidly evolving regulatory landscape, compliance
executives increasingly depend on data-driven intelligence to help
optimize their compliance risk management efforts,” says Vikram
Savkar, Executive Vice President and General Manager for
Wolters Kluwer Compliance Solutions. “Our Regulatory Violations
Intelligence Index helps expand the peripheral vision of compliance
leaders by analyzing the key supervisory priorities of the most
important U.S. regulatory bodies.”
Key findings from the Index six-year review period
In terms of the volume of enforcement actions issued, the
ranking of the three violation categories has remained consistent
over the Index assessment period, with consumer protection-related
regulations driving the highest number of penalties and
competition-related regulations the lowest. Among the key
findings:
- Enforcement actions for illegal fees and customer data security
breaches have been consistent priorities for banking
regulators.
- Policy issuance and claims handling issues were repeatedly
cited by insurance regulators.
- Consumer protection-related violations have been predominant,
reaching a peak of 123 enforcement actions in the first half of
2020 and, in the second half of 2022, resulting in approximately
$4.1 billion in penalties issued.
Additional findings
The second half of 2023 further reflects the magnitude of
financial-related offense penalties in both the volume and amounts
assessed:
- 46 violations totaling $11.3 billion, which represents a 130%
increase in enforcement actions and a 2,739% increase in penalty
value over the previous half-year levels.
- The U.S. Securities and Exchange Commission (SEC) and Commodity
Futures Trading Commission (CFTC) issued the highest number of
actions, focusing heavily on investor protection violations and
internal financial institution supervision failures.
“With the Index, financial institutions will be able to gain
access to vital data intelligence, empowering them to more
effectively understand compliance risk factors and build
data-informed compliance and regulatory change management programs
to help enhance their overall compliance program effectiveness,”
adds Savkar.
Wolters Kluwer will update the Index semi-annually to give
compliance professionals a timely, holistic view of the evolving
supervisory priorities of key regulators for banks, brokerage firms
and insurance providers.
For more information about Wolters Kluwer, please visit:
www.wolterskluwer.com.
About Wolters Kluwer
Wolters Kluwer (EURONEXT: WKL) is a global leader in
information, software solutions and services for professionals in
healthcare; tax and accounting; financial and corporate compliance;
legal and regulatory; corporate performance and ESG. We help our
customers make critical decisions every day by providing expert
solutions that combine deep domain knowledge with technology and
services.
Wolters Kluwer reported 2023 annual revenues of €5.6 billion.
The group serves customers in over 180 countries, maintains
operations in over 40 countries, and employs approximately 21,400
people worldwide. The company is headquartered in Alphen aan den
Rijn, the Netherlands.
For more information, visit www.wolterskluwer.com, follow us on
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version on businesswire.com: https://www.businesswire.com/news/home/20240514647898/en/
David Feider Associate Director, External Communications
Financial & Corporate Compliance Wolters Kluwer Office +1
612-246-9454 david.feider@wolterskluwer.com