Articles | Compliance Week – Page 125
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Credit to KPMG for shining a light on fraud at Wirecard
A scathing report on the extensive fraud at German payment giant Wirecard had a compliance silver lining: KPMG’s by-the-books, transparent approach to a special audit helped bring that fraud to light.
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BorgWarner fined $950K by SEC for downplaying asbestos liabilities
Car parts manufacturer BorgWarner has agreed to pay $950,000 as part of a settlement with the SEC for allegedly failing to calculate and report $700 million in future asbestos liability claims.
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Assessing U.K. sanctions in a post-Brexit world
Can the United Kingdom play with the big boys when it comes to issuing its own sanctions, and what do compliance professionals need to know as Brexit’s start date looms closer?
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SEC bars CCO associated with alleged trading scheme
The Securities and Exchange Commission has permanently barred the former chief compliance officer of a once-registered brokerage firm for her role in an alleged fraudulent unauthorized trading scheme.
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Super Micro Computer, former CFO charged with accounting violations
A California-based server and cloud computing firm has agreed to pay $17.5 million as part of a settlement with the SEC to resolve charges of improperly booked revenue and understated expenses.
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Clash over draft Twitter GDPR decision exposes differences among EU authorities
As Ireland’s first GDPR decision against Big Tech hangs in limbo, experts are scratching their heads as to why a seemingly straightforward case is headed to the EU’s data governing body to rule on.
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Google promotes veteran legal exec to general counsel
Embroiled in a federal antitrust investigation, tech giant Google announced the appointment of Halimah DeLaine Prado as its new general counsel.
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Raymond James chief accounting officer to retire
Investment banking firm Raymond James Financial disclosed in a regulatory filing that Chief Accounting Officer Jennifer Ackart has informed the company of her decision to retire, effective Sept. 30.
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Rite Aid adds general counsel
Drugstore chain Rite Aid announced the appointment of Paul Gilbert as general counsel and corporate secretary.
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Seniorlink names chief compliance, privacy officer
Tech-enabled health services firm Seniorlink announced the appointment of Amy McConnell as chief compliance and privacy officer.
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GMS appoints chief accounting officer
GMS, a specialty distributor of interior building products, announced William Forrest Bell has been appointed chief accounting officer, effective Sept. 14.
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BankUnited hires general counsel
BankUnited announced the appointment of Kevin Malcolm as senior executive vice president and general counsel, effective Sept. 14.
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Markel names chief risk officer
Insurance firm Markel Corp. announced Julia Chu has been appointed chief risk officer.
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Bioventus tabs chief compliance officer
Orthobiologic solutions provider Bioventus appointed Katrina Church as chief compliance officer.
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Plaid adds former CFPB general counsel
FinTech solutions provider Plaid has added Meredith Fuchs as general counsel. Fuchs previously served as general counsel at the Consumer Financial Protection Bureau.
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Choice Hotels appoints chief accounting officer
Hospitality franchisor Choice Hotels announced the promotion of Elizabeth Redmond to chief accounting officer amid a series of recent executive appointments.
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Mass. pharma company will pay $20.75M to settle FCA lawsuit
A Massachusetts-based pharmaceutical company will pay $20.75 million settle a whistleblower’s allegations that the company knowingly promoted misleading instructions for a skin lesion drug that caused doctors to submit false claims to Medicare.
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PCAOB study: Improved quality control needed in broker-dealer audits
Modest improvements in the audits of broker-dealers do little to absolve the need for firms to evaluate how they can enhance their systems of quality control, according to the latest figures from the PCAOB.
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We’re losing the war on AML, and big consultancies aren’t helping
Financial crimes expert Martin Woods writes that, in his experience, the big consultancy firms have made a substantial negative contribution to global AML endeavors.
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Banking regs reemphasize rules for monitoring accounts of foreign officials
Five federal regulatory agencies issued a reminder to banks and financial institutions that they should continually monitor risks associated with the accounts of foreign officials.