Articles | Compliance Week – Page 57
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SEC charges 3 EY employees with auditor independence violations
The Securities and Exchange Commission charged three Ernst & Young employees for violations of the agency’s auditor independence rules regarding services carried out at Cintas Corp. A former accountant at Cintas was also charged.
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Credit Suisse sets executive board roles in line with new risk strategy
Credit Suisse reemphasized its corporate restructuring plan in the wake of this year’s Archegos and Greensill Capital meltdowns as part of a series of executive board appointments, including the return of Francesco De Ferrari to lead Wealth Management.
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Societe Generale CEO to assume oversight of risk and compliance
The CEO of Société Générale will assume direct supervision of the risk and compliance control functions at the French multinational investment bank following the completion of remediation programs in line with two U.S. deferred prosecution agreements.
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Fed reminds large banks of investment risks in Archegos postmortem
The Federal Reserve reminded large banks of its expectations regarding risk management practices in investment banking after the collapse of Archegos Capital Management earlier this year led to more than $10 billion in losses.
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CFTC’s Dawn DeBerry Stump to not seek second term
Dawn DeBerry Stump, one of only two active commissioners at the Commodity Futures Trading Commission, announced she will not seek another five-year appointment when her current term ends in April 2022.
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Ten things I’d like to see happen in 2022 (2021 in review)
ESG and cryptocurrency figure to be key topics in 2022, but we’re also keeping an eye on President Biden’s anti-corruption efforts, details on Amazon’s record GDPR fine, the status of Facebook’s first CCO, and more.
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Rocket Pharmaceuticals adds general counsel and chief compliance officer
Clinical-stage pharmaceutical company Rocket Pharmaceuticals announced the appointment of Martin Wilson as general counsel and chief compliance officer.
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Balt appoints chief legal and compliance officer
Neurovascular device designer and manufacturer Balt has appointed Jeffrey Sachs as chief legal and compliance officer.
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Raytheon Technologies names general counsel
Aerospace and defense company Raytheon Technologies has named Raja Maharajh general counsel.
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Volkswagen integrity head Hiltrud Werner to depart in board reshuffle
Hiltrud Werner, board member responsible for integrity and legal affairs at Volkswagen and a key figure in the Dieselgate monitorship, will leave the German automaker on Feb. 1, 2022, as part of a series of managerial changes.
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FINRA fines Wells Fargo subsidiaries $2.25M for recordkeeping violations
Two Wells Fargo broker-dealers agreed to jointly pay a $2.25 million fine to settle charges levied by FINRA regarding a failure to store approximately 13 million customer records in the proper format over a 17-year span.
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Dutch DPA fines government tax authority $3.1M under GDPR
The Dutch Data Protection Authority announced a fine of €2.75 million (U.S. $3.1 million) against the government’s Tax and Customs Administration for data processing violations of the EU’s General Data Protection Regulation.
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SEC 2022 rulemaking preview: Clarity to come on ESG, crypto?
In his first year leading the Securities and Exchange Commission, Gary Gensler has tipped his hand regarding stricter oversight of companies’ environmental disclosures and the cryptocurrency industry. Year 2 will likely see words turn to actions.
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NYDFS guidance addresses common MFA problems—and how to fix them
The New York State Department of Financial Services outlined common vulnerabilities in multi-factor authentication and how to address them from a cybersecurity risk management standpoint.
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FRC 2022 reviews to focus on climate risks, fraud
The U.K. Financial Reporting Council will prioritize climate-related financial disclosures in company accounts and climate risks in audits as key areas of supervisory focus for 2022/23.
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SEC staff stresses importance of fallback language in LIBOR transition
Companies looking to avoid running afoul of the SEC in their LIBOR transition efforts would be wise to include fallback language in their contracts and investments that reference the soon-expiring benchmark rate.
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OCC report: Cyberattacks, pandemic among top bank risk areas in 2021
Banks and financial institutions regulated by the OCC faced elevated risks in 2021 from cyberattacks launched on them and their third parties, as well as compliance risks related to the pandemic, according to the agency’s latest report.
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Five compliance triumphs from 2021
A key CCO appointment, a company committed to transparency, and a bank that spent big on improving its AML controls highlight CW’s annual list of laudable ethics and compliance moments.
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Saule Omarova, Biden’s nominee to lead OCC, withdraws
Saule Omarova withdrew her candidacy for Comptroller of the Currency after facing fierce Republican opposition—and skepticism from some key Democrats—during her nomination hearing.
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FinCEN beneficial ownership registry takes shape in proposed rule
FinCEN’s proposed rule for a new beneficial ownership registry was released as part of the U.S. government’s efforts to pull back the veil on anonymous shell companies used to launder illicit profits from corruption, money laundering, and other financial crime activities.