Articles | Compliance Week – Page 115
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FRC: Major audit quality at Grant Thornton UK, Mazars ‘unacceptable’
The U.K. Financial Reporting Council has singled out audit firms Grant Thornton and Mazars as needing to significantly improve audit quality in the wake of recent inspection findings.
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Study questions effectiveness of U.K. management oversight regime
The U.K.’s financial services regulator is still failing to hold individuals accountable four years after introducing a program to improve oversight and enforcement, according to a new study.
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SEC excludes 2 from share of $10M whistleblower award
The SEC announced the award of more than $10 million to a whistleblower whose “substantial” assistance throughout the course of an investigation was the sole driver behind a successful enforcement action.
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GE reserves $100M for potential SEC accounting enforcement
General Electric has set aside $100 million relating to a potential SEC enforcement action that could encompass several areas of alleged accounting failures.
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CFTC guidance details path to reduced enforcement penalties
The CFTC issued guidance that spells out how companies that self-report violations, cooperate with investigators, and remediate their issues can qualify for a “substantially reduced penalty” on any subsequent enforcement action.
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Bribes, falsified records cost Beam Suntory $19.6M in FCPA settlement
Alcoholic beverage maker Beam Suntory agreed to pay $19.6 million to resolve Foreign Corrupt Practices Act charges of improper payments by its Indian subsidiary.
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OCC deems ‘true lenders’ responsible for actions of third-party partners
The Office of the Comptroller of the Currency’s finalized “true lender” rule clarifies how banks are responsible for the compliance obligations and actions of their third-party lending partners.
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Goldman board demands accountability with widespread 1MDB clawbacks
The board of directors at Goldman Sachs Group will attempt to claw back approximately $174 million from a dozen current and former executives—one of the largest clawback attempts ever—in the aftermath of the 1MDB scandal.
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ICA launches new certification in corporate governance
The International Compliance Association has relaunched its Specialist Certificate in Corporate Governance course designed to provide an understanding of the requirements and principles of good corporate governance.
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U.K.’s SFO lays out expectations in new DPA guidance
The U.K. Serious Fraud Office has published its latest internal guidance on the threshold companies must meet before they are offered a deferred prosecution agreement.
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Julie DiMauro to join CW as Director of Compliance Programs & Training
Julie DiMauro will join Compliance Week as Director of Compliance Programs & Training. She will play a leading role in planning all live and virtual CW events in addition to developing online training and compliance education programs.
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Experian to appeal ICO enforcement notice over data protection failures
The U.K. Information Commissioner’s Office issued an enforcement notice against Experian, ordering the credit reference agency to make “fundamental changes” to how it handles personal data related to its direct marketing services.
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Training, conflict of interest early pain points of Reg BI compliance
Financial institutions complying with the SEC’s new Regulation Best Interest standard have particularly struggled with training staff and how to identify and eliminate potential conflicts of interest, regulators said during an online forum.
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Acacia Research general counsel fired after SEC fine
Patent licensing firm Acacia Research Corp. announced the firing of its general counsel less than a month after she was fined $25,000 by the SEC for impeding an investigation into her former employer.
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Rockefeller Capital adds former Morgan Stanley CCO as general counsel
Financial services firm Rockefeller Capital Management announced the appointment of former Morgan Stanley Global Chief Compliance Officer William Fenrich as general counsel.
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Hormel Foods appoints chief compliance officer
Hormel Foods Corp. announced the appointment of Pierre Lilly as senior vice president and chief compliance officer for the company’s worldwide operations.
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Hertz names new chief accounting officer
Car rental service Hertz Global Holdings announced Alexandra Brooks has been appointed senior vice president and chief accounting officer.
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Allianz insurance arm tabs NA chief compliance officer
Allianz Global Corporate & Specialty, a global corporate insurance carrier that is part of the Allianz Group, announced the appointment of Adam Hamm as chief compliance officer for North America.
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Choose your ending: What to do when your systems are hacked and ransom is demanded
What should you do if your firm is hit by ransomware? Choose your own ending to this tale about a clinic, a criminal, and coronavirus to learn the risks and rewards of each choice.
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BSA update proposal seeks more data on international transactions
FinCEN and the Federal Reserve Board have proposed lowering the threshold at which financial institutions must collect, retain, and transmit information on overseas transfers under the Bank Secrecy Act.