Articles | Compliance Week – Page 53
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Difficult path ahead for new ICO head John Edwards
The United Kingdom’s newly appointed information commissioner, John Edwards, might find it hard to steer a successful path between ensuring citizens’ data rights are preserved while also trying to make U.K. laws more palatable for data-driven business.
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Erica Williams sworn in as PCAOB chair
Erica Williams assumes leadership of a newly reconstituted Public Company Accounting Oversight Board that can count implementation of the Holding Foreign Companies Accountable Act among its top priorities.
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Fed Vice Chair Richard Clarida to resign early amid trading scrutiny
Richard Clarida, vice chair of the Federal Reserve Board, will resign from his post two weeks earlier than the expiration of his term after a report called into question trades he made just prior to the start of the Covid-19 pandemic.
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DOJ probe into shadowy underworld of short selling ‘long overdue’
A Department of Justice criminal investigation into illegal short selling is just the latest indication these schemes demand greater scrutiny that chief compliance officers and in-house counsel can no longer afford to ignore.
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Report: FCPA investigations, enforcement actions hit 10-year lows in 2021
The number of enforcement actions brought under the Foreign Corrupt Practices Act in 2021 fell to the lowest total in a decade, according to a new report by the FCPA Clearinghouse at Stanford Law School.
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Carnival to pay $1M for environmental probation violation
Cruise line operator Carnival Corp. has pleaded guilty and agreed to pay a $1 million penalty for violating a condition of its probation relating to its environmental compliance plan.
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Apollo appoints chief accounting officer
Apollo announced the appointment of Louis-Jacques Tanguy as chief accounting officer and controller. He will serve in these roles at Apollo Global Management and Apollo Asset Management.
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Imperva adds chief compliance officer and general counsel
Cybersecurity software company Imperva has appointed Brad Steiner general counsel and chief compliance officer.
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Edgewell Personal Care names chief accounting officer
Consumer products company Edgewell Personal Care has named Priscilla Kasenchak chief accounting officer.
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Report: Financial services fines drop 49 percent in 2021
The value of penalties against global financial services firms in 2021 dropped to half the total levied in 2020, according to research by compliance technology provider Fenergo.
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Elizabeth Holmes verdict primes DOJ for white-collar crackdown
For Department of Justice leadership that recently laid out plans to strengthen their response to corporate crime, the outcome of the Elizabeth Holmes trial is an arrow in the quiver for what might be a new age of white-collar enforcement.
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Mishcon de Reya fined $316K for AML failings
The Solicitors Regulation Authority, the regulatory body for solicitors in England and Wales, announced British law firm Mishcon de Reya has agreed to pay a financial penalty of £232,500 (U.S. $316,000) for AML compliance violations.
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Report: Cryptocurrency-related crime reaches record $14B in 2021
The amount of illicit cryptocurrency transactions reached an all-time high in 2021 at $14 billion, according to a Chainalysis study due out next month. The rise coincides with significant increases in the overall volume of crypto transactions.
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France’s CNIL fines Google, Facebook $237M combined over cookies consent
French data privacy watchdog CNIL again sidestepped the GDPR in fining Google and Facebook a combined €210 million (U.S. $237 million) for making it too difficult for users to refuse cookies when accessing their websites.
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Supply chains brace for Uyghur Forced Labor Prevention Act
President Joe Biden signed into law a measure that introduces a U.S. import ban on goods mined, produced, or manufactured wholly or in part from the Xinjiang Uyghur Autonomous Region of China through forced labor.
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Wells Fargo chief risk officer to retire
Amanda Norton, Wells Fargo’s chief risk officer since 2018, will retire at the end of June, according to a memo from CEO Charlie Scharf distributed internally.
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How to identify ultimate beneficial owners
As financial institutions continue to face enhanced public scrutiny and potential regulatory attention, it is important they allocate competent resources to their AML programs regarding beneficial ownership.
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Former Swedbank CEO Birgitte Bonnesen charged with fraud
The Swedish Economic Crime Authority announced charges against Birgitte Bonnesen, Swedbank’s former chief executive officer, for fraud and market manipulation regarding the bank’s money laundering scandal.
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Morgan Stanley agrees to $60M settlement over compromised personal data
Morgan Stanley has agreed to establish a $60 million fund to settle a class-action lawsuit filed by nearly a dozen customers regarding personal data that was compromised when the bank decommissioned two wealth management centers.
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Airbnb subsidiary to remit $91K for Cuba sanctions violations
Airbnb Payments, a registered money services business and wholly owned subsidiary of Airbnb, will remit $91,172.29 for apparent violations of sanctions against Cuba, OFAC announced.