Articles | Compliance Week – Page 133
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Analysis: When clean money is used for dirty purposes
There are times when it is a necessary to consider where clean money is going to as much as where dirty money may have come from, writes financial crime expert Martin Woods.
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CCO Hinton leaves Google to advise whistleblower startup
Andy Hinton told CNBC he left his longtime position as vice president and chief compliance officer at Google in March as he looks toward a new role advising a startup that offers a whistleblower app.
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Supreme Court to consider scope of FTC enforcement authority
The Supreme Court agreed to hear a case that will decide whether the FTC can seek to recoup funds unlawfully obtained by individuals and companies resulting from violations of consumer protection laws.
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FCPA Resource Guide revision a gold mine for compliance officers
The first update to the SEC and Justice Department’s FCPA Resource Guide since it was published in 2012 includes several clarifications intended to benefit chief compliance officers and in-house counsel.
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Kudos to TikTok, tech brethren; Starbucks & Luckin have us soured on coffee cos.
In the inaugural edition of our weekly “Nailed It or Failed It?” feature, we give TikTok and other tech companies a pat on the back and shake our heads at the actions of Starbucks and Luckin Coffee.
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FASB proposes delay to long-duration insurance standard
The Financial Accounting Standards Board proposed a one year delay to its standard on accounting for long-duration contracts at insurance companies as a result of the ongoing coronavirus pandemic.
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Coinbase poaches Facebook deputy GC for legal chief role
Cryptocurrency marketplace Coinbase announced the addition of Facebook VP and Deputy General Counsel Paul Grewal as chief legal officer.
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Howard University appoints chief compliance officer
Howard University announced the appointment of Robert Clark as its new chief compliance officer.
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Nonprofits Insurance Alliance adds chief risk officer
Nonprofits Insurance Alliance, a group of cooperative 501 nonprofit insurance organizations, announced the appointment of Steven Salar as chief risk officer.
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ICA, AMPEC partner on Mexico expansion
The International Compliance Association announced a partnership with the Mexican Association of Ethics and Compliance Professionals to offer the ICA’s full suite of accredited qualifications in Mexico.
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What regulators want to know about KYC technology
So, your company has decided to embark on an update of its legacy Know Your Customer system. Hear from experts on how to begin the process of onboarding that tech to the regulators.
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Grant Thornton UK fined $2.4M for ethical, independence failures
The U.K. Financial Reporting Council fined Grant Thornton £1.95 million (U.S. $2.4 million) for firmwide ethical and independence failures concerning an audit of alcohol retailer Conviviality Retail.
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PG&E makes organizational changes to risk, audit, and safety
A month after admitting guilt in the wildfire deaths of 84 Californians, PG&E announced organizational changes to its risk, audit, and safety leadership teams.
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Amazon pays $135K to settle OFAC screening violations
Amazon will pay approximately $135,000 as part of a settlement with the Office of Foreign Assets Control regarding apparent sanctions violations derived from deficient screening processes.
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FinCEN issues advisory on coronavirus-related financial scams
The Financial Crimes Enforcement Network has issued an advisory on the types of coronavirus-related scams and schemes that financial institutions should be on alert for—for example, “mule money schemes”—and how and where to report such activity.
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Deutsche Bank rightly paying the price for looking the other way on Epstein
In terms of Know Your Customer, Deutsche Bank knew what it had with Jeffrey Epstein. It just didn’t care enough to do anything about it.
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Will U.K. mandate that Big Four separate audit units make a difference?
The FRC hopes its demand that the Big Four isolate their audit units from their other businesses by 2024 will improve their ethical behavior … but some are skeptical.
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Deutsche dinged $150M for compliance failures related, in part, to Jeffrey Epstein
Deutsche Bank will pay $150 million in penalties under a consent order with New York State for “significant compliance failures” regarding, in part, its former relationship with accused child sex trafficker Jeffrey Epstein.
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Wirecard scandal will have cascading impact on Germany’s audit, regulatory landscape
Wirecard already is shaping up to be to Germany what Enron was to the United States: An accounting oversight failure so epic in its scope and scale that its aftermath is likely to forever alter the country’s auditing and accounting profession as it exists today.
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Adidas vows more ‘diverse and inclusive’ workplace after key exec departs
Footwear and apparel giant Adidas is focused on improving its diversity efforts after its head of global human resources stepped down following controversial remarks on race that angered employees.