Articles | Compliance Week – Page 117
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ArticleAudit whistleblower receives $300K in rare SEC award
The Securities and Exchange Commission announced the award of $300,000 to a whistleblower with audit-related responsibilities, a rarity for the program.
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ArticleAG William Barr to depart Justice Department on Dec. 23
Attorney General William Barr will leave his post leading the Department of Justice on Dec. 23. Deputy Attorney General Jeffrey Rosen will take Barr’s place on an interim basis.
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ArticlePCAOB reviews a year like no other, previews what lies ahead in 2021
PCAOB board members remark on changes at the organization amid the coronavirus pandemic, recent audit inspection findings, priorities for 2021, and more.
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ArticleU.S. beneficial ownership efforts a welcome sight for global AML community
U.S. Congress’ defense spending bill requiring corporations to identify who owns and controls them is a significant milestone in the global effort to put an end to anonymous shell companies, writes Martin Woods.
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ArticleRegulators catching up on use of analytics; compliance better take notice
If your company isn’t making optimal use of data to enhance its compliance program, now is the time to start—before it’s too late.
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SEC charges Sequential Brands for goodwill impairment failures
The SEC has filed a civil complaint against brand-management company Sequential Brands Group for ignoring “clear, objective evidence of likely goodwill impairment.”
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ArticleCongress passes defense bill with big ramifications for AML, whistleblowers
Congress’ defense spending bill approved Friday includes amendments that could dramatically alter the fight against money laundering, in addition to a new BSA whistleblower program with some kinks to be worked out.
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Facebook reserves $366M for expected GDPR fines in Ireland
Facebook Ireland has set aside €302 million (U.S. $366 million) for possible fines from the Irish Data Protection Commission for violations of the General Data Protection Regulation.
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ArticleFrance sidesteps GDPR in fining Google, Amazon $163M combined
Data privacy watchdog CNIL utilized the French Data Protection Act in fining Google and Amazon a combined €135 million (U.S. $163 million) for illegal cookie practices, sidestepping the “one-stop shop” provision of the GDPR.
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ArticleNew FinCEN guidance encourages information sharing among banks
FinCEN Director Kenneth Blanco announced updated guidance to encourage more financial institutions to share information among their peers regarding suspicious transactions.
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ArticleReports: Ex-EY partner steps aside as Deutsche exec amid Wirecard probe
A former EY partner is reportedly relinquishing his position as Deutsche Bank’s head of accounting temporarily after German prosecutors launched an investigation into his role as a lead auditor for Wirecard.
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ArticleUBS chief facing investigation in ING money laundering case
A Dutch court has ordered a criminal investigation into UBS CEO Ralph Hamers for his role in the ING money laundering scandal that occurred during his tenure as the latter financial institution’s leader.
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ArticleSEC enforcement head Avakian to step down by year’s end
Stephanie Avakian, who led the Division of Enforcement at the Securities and Exchange Commission for the past four years, announced she will leave at the end of the year.
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ArticleFive challenges for European CCOs heading into 2021
Many of the problems European compliance officers faced in 2020 will remain in place going into the new year, but new risks and new regulations will also present new challenges.
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ArticleCFTC Chairman Tarbert to step down early next year
Heath Tarbert, chairman and chief executive of the Commodity Futures Trading Commission, will step down from his post early next year while remaining on as one of the agency’s commissioners.
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ArticleSEC accounting office acknowledges challenging year for auditors
Among other things, the SEC’s chief accountant discussed activities relating to public company financial reporting, accounting and auditing policy updates, and financial reporting considerations related to COVID-19 at a conference this week.
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ArticleGE settles SEC accounting probe for $200M
General Electric agreed to pay $200 million to settle charges brought by the Securities and Exchange Commission regarding a series of accounting violations at its power and insurance businesses.
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ArticleRecord year of FCPA enforcement a sign of more to come in 2021
Major bribery scandals, record enforcement actions, unprecedented cross-border coordination and prosecutions—all this amid a global pandemic made 2020 an unforgettable year for FCPA enforcement.
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SEC general counsel to depart
The Securities and Exchange Commission announced Robert Stebbins will conclude his tenure as general counsel in early January, after serving over 3 1/2 years as the agency’s chief legal officer.
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Hershey general counsel to depart
The Hershey Company announced Damien Atkins, senior vice president, general counsel and corporate secretary, will be resigning due to family illness, effective Jan. 31, 2021.