Articles | Compliance Week – Page 127
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Report: Trading activity by German regs spiked ahead of Wirecard collapse
Staff members of Germany’s financial regulator, BaFin, were reportedly buying and selling Wirecard shares at a suspiciously higher rate leading up to the collapse of the FinTech firm.
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Crenshaw, Peirce sworn in as SEC commissioners
The Securities and Exchange Commission has a female majority board with the swearing in of Commissioners Caroline Crenshaw and Hester Peirce.
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Wells Fargo must do more than pay to redeem fake account scandal
Wells Fargo is now operating under a different regime, but what have the billions of dollars the bank has spent in attending to the compliance failures that arose out of its fake account scandal delivered? Not enough, posits Martin Woods.
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SEC investigating iQIYI over accounting scandal
iQIYI announced it’s under investigation by the Securities and Exchange Commission over allegations the China-based video-streaming company overstated its revenues and subscriber numbers.
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Federal banking regs clarify BSA/AML compliance violation response
Two strikes and you’re out, say four federal agencies to repeat violators of Bank Secrecy Act/anti-money laundering compliance requirements.
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SEC charges former Hertz CEO with aiding and abetting accounting misconduct
The Securities and Exchange Commission charged Mark Frissora, the former chief executive officer of car rental service Hertz, with aiding and abetting the company in its filing of inaccurate financial statements and disclosures.
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Wells Fargo CCO Roemer to depart amid new risk hirings
Wells Fargo announced Chief Compliance Officer Mike Roemer will depart two years after taking on the daunting task of transforming the troubled bank’s compliance and risk management efforts. Paula Dominick will succeed him as CCO.
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New survey highlights internal audit’s vital role in fraud risk management
The more internal audit plays a key role in the strategic management of fraud, the more effective and robust organizations’ fraud risk management processes seem to be, according to the results of a recent Kroll/IIA survey.
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OCIE risk alert offers coronavirus-related advice to investment, brokerage firms
Many of the coronavirus-related risks recently highlighted by the Office of Compliance Inspections and Examinations are well-known, but the agency made a point of mentioning fees and expenses.
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McDonald’s handling of ex-CEO scandal gets compliments, criticism
A fresh podcast from the Theranos whistleblower and a new compliance association for Black practitioners get a round of applause from us this week, while a complicated case involving McDonald’s lands the company on both the “Nailed It” and “Failed It” lists.
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Without guidance, U.S. companies in limbo after Privacy Shield scrapped
Despite a recent court ruling to scrap the EU-U.S. Privacy Shield, the program is apparently still alive and well in the United States. It’s time to move on, writes Aaron Nicodemus.
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Survey: Companies say lack of guidance, budget restrictions hamper compliance with CCPA
Complying with provisions of the California Consumer Privacy Act continues to be difficult for many companies, according to a new survey from Compliance Week and OpenText.
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FBI names general counsel
The Federal Bureau of Investigation announced the appointment of Jason Jones as general counsel.
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OFAC announces rare sanctions enforcement against individual
The Office of Foreign Assets Control announced a $5,000 settlement with a U.S. person for apparent sanctions violations—a reminder the regulator can pursue enforcement against individuals in addition to companies.
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Survey: How COVID-19 has impacted companies’ leases
The coronavirus pandemic has wreaked havoc on companies’ leasing function, according to results from a recent survey from Compliance Week and Visual Lease. The study reveals how companies are tackling leasing issues in the “new normal.”
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Basel Committee issues final AML risk management guidance
The Basel Committee on Banking Supervision recently issued an updated version of its guidelines on sound management of risks related to anti-money laundering and combating the financing of terrorism.
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Basel Committee seeks comment on principles for operational resilience
The Basel Committee on Banking Supervision is seeking comment from the financial services industry on its proposed principles for operational resilience that aim to enhance banks’ ability to withstand, adapt to, and recover from potentially severe adverse events.
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NRA shot itself in foot with poor compliance commitment
The New York Attorney General’s lawsuit to dissolve the National Rifle Association might not play out as intended, but it nevertheless exposes a number of systemic compliance flaws at the organization that appear to still need to be addressed.
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Having difficult conversations is key to modern compliance
Now more than ever, difficult conversations are necessary and increasingly expected of compliance professionals. Financial crime expert Martin Woods has some ideas on how to make them less painful.
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Treasury sanctions 11 individuals for undermining Hong Kong’s autonomy
The U.S. Department of the Treasury announced sanctions against 11 individuals for “undermining Hong Kong’s autonomy and restricting the freedom of expression or assembly of the citizens of Hong Kong.”