Articles | Compliance Week – Page 174
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FASB finalizes tweaks to CECL standard
The Financial Accounting Standards Board has issued an update to the upcoming standard on credit losses that addresses negative allowances and expected recoveries.
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TPRM Summit preview: How to ensure you’re prepared when disaster strikes
In a preview of their upcoming session at Compliance Week’s Third-Party Risk Management & Oversight Summit, two experts share best practices on how to ”Earthquake-Proof Your Organization.”
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BGC Financial to pay $3M for supervisory failures
BGC Financial was accused of various supervision, reporting, and recordkeeping violations that went on for more than five years in a $3 million enforcement action from the CFTC.
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Dannenbaum Engineering overhauls compliance; fined $1.6M for campaign contributions
Dannenbaum Engineering and its parent company have agreed to pay a $1.6 million criminal fine for a scheme involving illegal campaign contributions. While the fine might not be significant, the compliance lessons are.
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Samsung Heavy Industries to pay $75M in foreign bribery case
Samsung Heavy Industries will pay total criminal penalties of $75.5 million to enforcement authorities in the United States and Brazil to resolve violations arising out of a bribery scheme in Brazil.
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Alstom U.K. fined $20.8M for role in long-running bribery case
Alstom Network U.K., the British subsidiary of the French rail and power company, has been ordered to pay a total of £16.4 million (U.S. $20.8 million) for bribes it paid to win a contract to supply trams in Tunisia.
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Corporate Enforcement Policy revisions impact FCPA disclosure
The Department of Justice this month made a few minor adjustments to its Corporate Enforcement Policy that are worth a closer look, as these changes could impact when compliance officers and corporate counsel decide to self-report a potential Foreign Corrupt Practices Act violation.
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At rare open meeting, PCAOB says it’s on path to change
A recent PCAOB open meeting reviewed details about shareholder outreach and offered a view into its five-year strategic plan.
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More companies pointing finger at proxy advisory firms
A new survey from the U.S. Chamber of Commerce and Nasdaq says the number of companies identifying conflicts of interest at proxy advisory firms has almost doubled.
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Westpac accused of 23M violations of Australian AML rules
Australia’s financial crime regulator has accused Westpac Banking of committing over 23 million breaches of the country’s anti-money laundering and counter-terrorism financing rules.
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Guest column: Consumers embrace Big Tech
Mark Jamison of the American Enterprise Institute discusses why breaking up Big Tech would be bad for consumers, startups, and more.
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TrustArc acquires Nymity
TrustArc has announced its acquisition of Nymity, as the two privacy technology providers are combining forces with sights set on the future of technology-driven privacy solutions.
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‘Femtech’ wanders into uncharted regulatory territory
Applications that serve women’s health needs could soon be held to a higher standard of accountability for protecting users’ data if they become classified as “covered entities” under HIPAA.
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Regulators wary of crypto as digital assets go mainstream
Federal agencies struggle to categorize digital coins as currency, securities, commodities, property, or something else—but even as they dither, some big companies strive forward in the digital assets arena.
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Six steps for developing an AI ethics framework
Artificial intelligence can undoubtedly improve processes and create efficiencies, but it can also be an enormous risk if it’s not designed with ethics in mind.
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Regulators need experts in AI, too
Machine learning isn’t something that’s going to happen—it’s already happened. Ali Shah, head of tech policy at the U.K. Information Commissioner’s Office, discusses how artificial intelligence will impact regulators.
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House passes bill requiring disclosure of diversity on corporate boards
If enacted, legislation on corporate board diversity would require the SEC to work on strategies to increase gender, racial, and ethnic diversity on corporate boards.
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Hong Kong, Singapore regulators fine UBS $59M for client overcharges
Swiss bank UBS will pay $59 million in total civil penalties in resolutions with both Hong Kong and Swiss regulators for overcharging clients for over a decade.
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SEC awards three whistleblowers $260,000
The SEC has awarded over $260,000 to three individuals who jointly submitted a tip alerting the agency to a well-concealed fraud targeting retail investors that led to a successful enforcement action. The whistleblowers were, themselves, harmed investors.
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U.S. consumers express unease over personal data collection
A recent survey says a majority of Americans don’t trust data privacy policies and procedures, even while U.S. companies are hastening to enhance them in advance of the California Consumer Privacy Act’s implementation.