Articles | Compliance Week – Page 41
-
Article
FinCEN fines A&S World Trading $275K in first GTO action
The Financial Crimes Enforcement Network fined A&S World Trading $275,000 for willful violations of the Bank Secrecy Act in its first enforcement action against a company for failing to comply with a geographic targeting order.
-
Article
New bill seeks shorter wait for SEC whistleblower awards
The “SEC Whistleblower Reform Act of 2022” proposes to shorten the wait time for a whistleblower to receive a payout by requiring the Securities and Exchange Commission to issue an initial ruling on a claim within one year of the deadline to file the claim.
-
Article
Ex-coal company exec charged with FCPA violations
Former coal company executive Charles Hunter Hobson was arrested on charges of violating the Foreign Corrupt Practices Act, laundering funds, and receiving kickbacks in an alleged bribery scheme in Egypt, the Department of Justice announced.
-
Article
FASB issues CECL disclosure updates
The Financial Accounting Standards Board finalized amendments to its credit losses standard aimed at enhancing loan modification and writeoff disclosures.
-
Article
Q1 roundup: SEC tackles climate disclosures, businesses navigate Russia restrictions, more
Regulation and guidance from U.S. agencies and the White House, plus compliance challenges stemming from a two-year global pandemic and Russia’s ongoing invasion of Ukraine, made the first quarter of 2022 a novel risk environment for regulated businesses.
-
Article
SEC 2022 exam priorities stress compliance ‘must be empowered’
The Securities and Exchange Commission released its 2022 examination priorities, providing investment firms, broker-dealers, and other registrants a breakdown of what issues the Division of Examinations will focus on this year.
-
Article
Senators call for close of private investment AML/CFT loophole
Sens. Sheldon Whitehouse (D-R.I.) and Elizabeth Warren (D-Mass.) called on the Treasury Department and SEC to close a “disconcerting loophole” that exempts hedge funds and other private investment firms from reporting suspicious activity within their transactions to authorities.
-
Article
Approved Activision Blizzard settlement with EEOC offers lessons for tech
A federal judge gave final approval to a settlement reached last year between Activision Blizzard and the Equal Employment Opportunity Commission regarding the video game company’s systemic culture of sexual harassment, pregnancy discrimination, and retaliation.
-
Article
Audit client turnover 2021: Deloitte, Grant Thornton lead national firms; EY, KPMG, PwC see declines
Deloitte and Grant Thornton each had net increases in new public company audit clients in 2021, but all but one of the other Big Four and global and national firms experienced net decreases or no change, according to the latest annual study.
-
Article
Closing the data risk gap: How technology enables data protection
Legal and compliance teams ranked data privacy and cybersecurity threats the No. 1 biggest risk entering 2022. Further survey results reveal roadblocks to organizations’ proactive compliance.
-
Article
Ex-chief compliance officer pleads guilty in Ponzi scheme
Vania May Bell, the former chief compliance officer and controller of Executive Compensation Planners, pleaded guilty for participating in a Ponzi scheme with her father that defrauded clients out of more than $11 million.
-
Article
Baidu headlines new batch of HFCAA designations
Technology giant Baidu is the latest high-profile Chinese company to be warned by the Securities and Exchange Commission of potential delisting under the Holding Foreign Companies Accountable Act.
-
Article
Reported SEC probe of Big Four taking page from U.K. breakup plans?
The Securities and Exchange Commission is reportedly investigating whether large audit firm consulting services affect auditor independence. Any action taken might mirror the United Kingdom’s ongoing actions to break up the Big Four’s dominance.
-
Article
New Utah privacy law ‘lighter’ than predecessors
Utah has become the fourth U.S. state to pass a comprehensive data privacy law, with others potentially on the way during this legislative session. Experts weigh in on how the Utah law compares to its counterparts in California, Colorado, and Virginia.
-
Article
New-look CFTC hails diversity after four commissioners confirmed
The Commodity Futures Trading Commission will feature its “most diverse set of commissioners in the agency’s history” after the Senate confirmation of four nominees—all women, and three women of color—to vacant board seats.
-
Article
PCAOB whistleblower program bill reintroduced to Congress
A bill that proposes to create a whistleblower program for the Public Company Accounting Oversight Board has been reintroduced to the House after failing to be acted upon by the Senate in 2019.
-
Article
Ukrainian telecom victim of ‘powerful’ cyberattack
Ukrainian telecommunications company Ukrtelecom is in the process of restoring its services after a “powerful” cyberattack wreaked havoc on its operations.
-
Article
FASB finalizes update to hedge accounting layering method
The Financial Accounting Standards Board issued an update designed to further align its derivatives and hedging standard with risk management strategies employed by organizations.
-
Article
U.S. lawmakers question Credit Suisse over Russian sanctions compliance
Two members of the House Committee on Oversight and Reform requested Credit Suisse provide information regarding its compliance with U.S. sanctions against several Russian oligarchs, following a media report the Swiss bank requested some documents be destroyed.
-
Article
Experts optimistic, though wary, toward Privacy Shield successor
Legal and data privacy experts have expressed cautious optimism regarding the announcement that the United States and European Union have reached an agreement in principle to resume transatlantic data flows.