Articles | Compliance Week – Page 31
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ArticleCitigroup broker-dealer fined $15M for inadequate U.K. trade monitoring
Citigroup Global Markets was fined £12.6 million (U.S. $14.9 million) by the U.K.’s Financial Conduct Authority for failing to implement an adequate trade surveillance program required by British law.
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ArticleEx-Rabobank CEO fined $20K for withholding AML report
John Ryan, the former CEO of Rabobank, N.A., was fined $20,000 by the Office of the Comptroller of the Currency for his alleged role in obstructing a Bank Secrecy Act program examination that would lead to significant fines for the bank.
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ArticlePCAOB forecasts stricter oversight in five-year strategy
The Public Company Accounting Oversight Board issued its draft five-year strategic plan for public comment. Areas of focus include enhancing audit inspections, strengthening enforcement, and more.
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ArticleJohn Hancock to repay $23.8M over N.Y. insurance law violations
John Hancock Life & Health Insurance Company will return a total of $23.8 million to customers and the state of New York and pay a $2.5 million fine for violations of the state’s law regarding the handling of long-term care insurance policies.
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ArticleGenesis shakes up compliance leadership amid layoffs, CEO departure
Crypto broker Genesis Global Trading announced Chief Executive Michael Moro is stepping down as the company shakes up its leadership following layoffs totaling 20 percent of its 260-person workforce.
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ArticleKPMG Korea fined $350K for audit procedure failures
The Korean affiliate of Big Four audit firm KPMG was fined $350,000 by the Public Company Accounting Oversight Board for failures in its quality control policies and procedures to protect against improper alterations of work papers.
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ArticleEagleBank fined $23M over improper lending, disclosure practices
EagleBank agreed to pay nearly $23 million in penalties for improperly loaning approximately $90 million to family trusts controlled by its former CEO over three years, then misleading investors about the loans.
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ArticleCybersecurity, beneficial ownership lessons found in SEC fraud case
Charges levied by the Securities and Exchange Commission regarding an international scheme in which hackers accessed online brokerage accounts to manipulate stock prices impart cybersecurity and beneficial ownership lessons for compliance professionals.
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ArticleFTC warns against COPA laws for hospital mergers
The Federal Trade Commission is urging state lawmakers to avoid the use of Certificates of Public Advantage for hospital mergers, warning the certificates increase costs for patients, slow wage growth for healthcare workers, and lead to compliance difficulties.
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Cullinan Oncology names chief legal, compliance officer
Biotechnology researcher Cullinan Oncology announced the appointment of Jacquelyn Sumer as chief legal and compliance officer and corporate secretary.
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JBS appoints global chief ethics and compliance officer
Global meat processing company JBS announced the appointment of Michael Koenig as global chief ethics and compliance officer.
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ArticleFraud risks grow as cost of living soars
Just as fraud grew during the Covid-19 pandemic, so will it now flourish with prices at historic highs. The question is just how widespread this fraud surge will prove to be and what can be done to help prevent it.
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L&T Technology Services names general counsel
L&T Technology Services Limited, a global engineering services company, announced the appointment of Nandini Nair as global general counsel in charge of legal compliance.
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ArticleGoogle fined $42M for misleading Australian customers on data collection
Google was ordered to pay 60 million Australian dollars (U.S. $42 million) to resolve charges levied by Australia’s competition regulator it misled its Australian customers about how to opt out from the collection of their personal location data.
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Texas Capital Bancshares appoints chief compliance officer
Texas Capital Bancshares, the parent company of Texas Capital Bank, announced the appointment of Vivek Misra as executive vice president, chief compliance officer.
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Dibbs names chief compliance officer
Dibbs, a blockchain-enabled collectibles marketplace, announced the appointment of Bill Plumeri as chief compliance officer.
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ArticleIFP Advisors fined $400K for supervision failures in ex-rep’s ‘cherry-picking’ scheme
The Securities and Exchange Commission settled charges against Florida-based investment adviser IFP Advisors and its former representative relating to a multiyear “cherry-picking” scheme.
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ArticleFTC seeks to expand authority on data breaches, commercial surveillance
The Federal Trade Commission is seeking comment on potential rules that would penalize companies that suffer data breaches due to lax cybersecurity protocols and punish firms that engage in abusive commercial surveillance practices.
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RSA Insurance appoints international chief compliance officer
RSA Insurance announced the appointment of Peter Townsend as chief compliance officer for the company’s United Kingdom and international business.
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ArticleSarbanes-Oxley 20th anniversary: Time to revisit SOX programs
Twenty years ago, in the aftermath of the Enron and WorldCom financial reporting scandals, Congress acted and created the Sarbanes-Oxley Act of 2002. Such a milestone anniversary marks a good time for organizations to refresh, rethink, and modernize their SOX programs.