Articles | Compliance Week – Page 38
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CFPB targets fintechs with examination policy shift
The Consumer Financial Protection Bureau will begin conducting supervisory examinations on nonbank financial companies the agency believes “pose risks to consumers.”
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Experts assess risks to weigh as companies confront exit from Russia
As sanctions against Russia continue to come down from the United States, European Union, and other countries, companies must ensure they have the means to comply instantly—even if ceasing business dents their financials and puts them at legal risk for breaching contract.
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Anchorage Digital Bank gets OCC consent order for AML compliance failures
The Office of the Comptroller of the Currency announced a consent order against Anchorage Digital Bank, the first digital asset bank to be issued a charter by the regulator, for deficiencies in its Bank Secrecy Act/anti-money laundering compliance program.
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SEC hits ex-Domino’s accountant with nearly $2M insider trading penalty
A former Domino’s Pizza accountant was hit with a nearly $2 million penalty for using nonpublic earnings reports to gain an advantage in illegal trading activity, according to the Securities and Exchange Commission.
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CFPB, NYAG sue MoneyGram to halt ‘long pattern of misconduct’
The Consumer Financial Protection Bureau and New York Attorney General Letitia James filed a lawsuit against MoneyGram in federal court, alleging the money remittance company has failed to fulfill the compliance obligations placed upon it in previous enforcement actions.
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CFTC: Ex-portfolio manager found liable in commodity pool fraud case
The Commodity Futures Trading Commission announced Edward Walczak, former portfolio manager for Catalyst Capital Advisors, was found liable by a jury for violating the Commodity Exchange Act.
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CW National 2022 Q&A: Krista Haugner Sieg on engaging compliance training
Krista Haugner Sieg, senior compliance training and communications leader at GE Healthcare, previews her workshop titled, “Making Engagement and Effectiveness a Reality - Building the Right Training for your Employees and Business,” at CW’s National Conference in Washington, D.C. from May 16-18.
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PCAOB issues two first-of-their-kind sanctions
The Public Company Accounting Oversight Board imposed monetary penalties and other sanctions in two unrelated actions for violations of the Sarbanes-Oxley Act and PCAOB rules and standards concerning the use of unregistered accounting firms in conducting issuer audits.
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Stericycle to pay $84M to resolve FCPA violations
Medical waste disposal company Stericycle has agreed to pay $84 million in civil and criminal penalties to resolve allegations it paid bribes to win government contracts in Brazil, Mexico, and Argentina.
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Anatomy of an international, $194M ‘pump-and-dump’
The Securities and Exchange Commission and Department of Justice separately announced charges against individuals who reaped more than $194 million in illicit proceeds through an international stock manipulation scheme.
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SEC issues ‘highest penalty to date’ in data analytics case
The Securities and Exchange Commission credited its risk-based data analytics initiative for resulting in its “highest penalty to date” against a publicly traded company that engaged in improper accounting to boost its quarterly earnings per share.
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IESBA broadens definition of public interest entity
New guidance released by the International Ethics Standards Board for Accountants broadens the definition of a public interest entity and complements other recently revised provisions to the International Code of Ethics for Professional Accountants.
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Bancorp Bank names chief compliance officer
Bancorp Bank announced the appointment of Randall Baugh as managing director, chief compliance officer.
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Survey: Lease accounting implementation at critical point
The “2022 Global Lease Accounting Survey” from EY and LeaseAccelerator covers how public and private companies address U.S. and international accounting requirements and challenges they have had and expect to face post-implementation.
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NAVEX: Whistleblowers ‘more emboldened than ever’
NAVEX’s 2022 “Hotline & Incident Management Benchmark Report” provides chief compliance officers with valuable insight into how their hotline and incident management program stacks up against their peers.
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Breaking the glass ceiling in ethics and compliance
Jane Levine, chief compliance officer at DailyPay, shares three suggestions for ensuring women are empowered within the ethics and compliance profession.
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FinCEN advisory highlights Russian kleptocracy concerns
The Financial Crimes Enforcement Network issued an advisory offering red flag indicators of kleptocracy and foreign corruption, noting Russia as a country of “particular concern.”
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Yellen calls China to the carpet on Russia-Ukraine war
U.S. Treasury Secretary Janet Yellen warned countries that are unified in their sanctions against Russia “will not be indifferent to actions that undermine the sanctions we’ve put in place.”
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Joseph Gunnar & Co. names chief compliance officer
Joseph Gunnar & Co., a broker-dealer, investment adviser, and investment bank, announced the appointment of James Mazzei as chief compliance officer.
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LifePoint Health promotes deputy CCO to chief compliance officer
LifePoint Health announced Deputy Chief Compliance Officer Tizgel High has been promoted to chief compliance officer.