Articles | Compliance Week – Page 116
-
Article
Purdue Pharma case more than an $8B fine
Compliance officers in the pharmaceutical and healthcare industries should look beyond the $8 billion fine Purdue Pharma received from the DOJ and at the bigger enforcement trend highlighting the need for better oversight in the field.
-
Article
FRC pushes for clarity on audit’s role in finding fraud
The proposed changes reflect regulatory fears that U.K. companies will be tempted to hide the scale of their financial losses as the effects of the coronavirus pandemic continue to dent balance sheets.
-
Article
Compliance lessons from Goldman Sachs’ $2.9B 1MDB settlement
Jaclyn Jaeger explores compliance takeaways from Goldman Sachs’ $2.9 billion global bribery settlement for its role in the 1MDB scandal.
-
Article
SEC doubles previous record with $114M whistleblower award
A $114 million whistleblower payout announced Thursday is the highest ever awarded by the Securities and Exchange Commission, more than doubling the previous $50 million record set in June.
-
Article
SEC Commissioner Hester Peirce mulling CCO liability framework
SEC Commissioner Hester Peirce revealed in a recent speech that she is considering developing a draft framework that would aim to clarify when the Commission may seek personal liability in compliance cases.
-
Article
‘FinCEN Files’ reaction poll: Corporate culture blocks AML compliance
In the aftermath of the “FinCEN Files” leak, financial industry practitioners polled by Fenergo say changing the system needs to start within their own institutions.
-
Article
NIST guidance tackles how to integrate cyber-security with ERM
New guidance from NIST aims to demystify a process with which many companies across all industries have long struggled: how to seamlessly integrate cyber-security risk into an overall enterprise risk management program.
-
Article
FASB proposes three amendments to leases standard
The Financial Accounting Standards Board proposed three amendments to its leases standard prompted by post-implementation feedback from stakeholders.
-
Article
Berkshire Hathaway fined $4.1M for Iran sanctions violations
The U.S. Department of the Treasury’s Office of Foreign Assets Control assessed a $4.1 million fine against Berkshire Hathaway for “egregious” violations of sanctions against Iran committed by a subsidiary in Turkey.
-
Article
Avoiding the compliance pitfalls of bias, bullying, and blind spots
As compliance professionals we have an important role to play in helping businesses confront and challenge the three Bs of bias, bullying, and blind spots. If we can’t see it, we can’t police it, and that is our job, writes Martin Woods.
-
Article
Study: Financial crime compliance costs top $42B in U.S./Canada
A new study of financial crime compliance costs found spending by American and Canadian financial institutions is up sharply in 2020, driven in part by the coronavirus pandemic.
-
Article
How auditors can help companies with non-GAAP measures, KPIs
A new report from the Center for Audit Quality includes key questions audit committee members can ask to fulfill their oversight responsibilities as they discuss non-GAAP financial measures and KPIs with management and auditors.
-
Article
ICA expands to Rwanda with new partnership
The International Compliance Association announced a partnership with Rwanda Finance Limited to provide ICA education in the country.
-
Article
What would a Democratic regulatory agenda look like under Biden?
Democratic presidential nominee Joe Biden is no lock to win the presidency on Nov. 3. But it’s worth examining what compliance-related regulatory policies he’d support if he wins.
-
Article
CAMs, coronavirus highlight audit committee transparency report
The 2020 Audit Committee Transparency Barometer, an annual report issued by the CAQ and Audit Analytics, explores new disclosure trends related to the coronavirus pandemic and critical audit matters.
-
Article
Is human trafficking financial services’ blind spot?
A new report from BAE Systems demonstrates just how far we have to go in the fight against money laundering, particularly when it comes to human trafficking.
-
Article
Bitcoin platform operator fined $60M for AML violations
Larry Dean Harmon, the operator of virtual currency platforms Helix and Coin Ninja, was assessed a $60 million civil penalty by FinCEN for violations of the Bank Secrecy Act and its implementing of AML regulations.
-
Article
Embattled BitMEX hires chief compliance officer
On the heels of a CFTC enforcement action, cryptocurrency exchange platform BitMEX announced the appointment of Malcolm Wright as chief compliance officer of its operating company 100x Group.
-
Article
McDonald’s general counsel retires after Parkinson’s diagnosis
Fast food chain McDonald’s announced Jerome Krulewitch, corporate executive vice president, general counsel and secretary, has retired from his role immediately following his being diagnosed with Parkinson’s disease.
-
Article
Libra recruits HSBC exec as CFO, chief risk officer
Digital currency group the Libra Association continued the buildout of its risk and compliance department with the appointment of Ian Jenkins as chief financial officer and chief risk officer of Libra Networks.