Articles | Compliance Week – Page 66
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First Bancorp appoints new accounting leadership
First Bancorp, parent company of First Bank, announced a series of transitions in accounting leadership, with General Counsel Elizabeth Bostian taking on the role of chief financial officer among the changes.
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USAA names accounting, risk chiefs amid executive shuffle
Insurance provider USAA named Brad Weber as chief accounting officer and Mani Sulur as bank chief risk officer among three appointments to its leadership team.
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ServiceNow appoints chief accounting officer
Digital workflow software company ServiceNow has hired Kevin McBride as senior vice president, corporate controller and chief accounting officer.
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CoinFlip names chief compliance officer
Cryptocurrency services platform CoinFlip appointed Colleen Kavanagh as its new chief compliance officer.
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Qualcomm announces general counsel succession
Wireless technology giant Qualcomm has appointed Ann Chaplin as its general counsel and corporate secretary, effective Nov. 1. She will replace the retiring Don Rosenberg, who served in the position since 2007.
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Pandora Papers exposed gaps in AML compliance. Is beneficial ownership registry the answer?
FinCEN’s upcoming ultimate beneficial ownership registry could help to combat some of the anti-money laundering deficiencies put on display by the Pandora Papers, but not until Congress gets serious about funding the initiative.
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Late surge expected to comply with EU Whistleblowing Directive
European companies are expected to rush to comply with new whistleblower protection rules only when they take effect in December, meaning workers are not adequately protected for any disclosures they make in the meantime.
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Fed recommends member banks perform climate change stress tests
The Federal Reserve will encourage financial institutions to assess the potential financial ramifications of climate change by conducting stress tests, similar to those performed following the 2007-09 financial crisis.
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SEC’s Gurbir Grewal stumps for proactive compliance in first speech
In his first publicized speech as director of the Securities and Exchange Commission’s Division of Enforcement, Gurbir Grewal spoke to the importance of “modeling excellence” in compliance efforts.
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Petrofac fine fallout: Penalty too light for SFO to claim success?
Petrofac’s relatively low penalty for multiple bribery offenses might encourage companies to take their chances when faced with the choice of a possible criminal conviction or cutting a deal with the Serious Fraud Office, legal experts warn.
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Metals Technology Initiative issues new anti-corruption resources
The Metals Technology Initiative has launched a new website making its guidance on gifts and hospitality and third-party due diligence freely accessible.
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DOJ to enforce False Claims Act in regulating contractor data breaches
The Department of Justice will use the False Claims Act to pursue cases of cybersecurity-related fraud by government contractors and grant recipients—including claims against entities that fail to report breaches and hacks in a timely manner.
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NatWest pleads guilty in landmark U.K. money laundering case
National Westminster Bank pleaded guilty to landmark criminal charges brought by the U.K. Financial Conduct Authority for violations of the Money Laundering Regulations 2007.
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Senators waiving white flag on privacy law with request to FTC?
The request by a group of prominent Democratic senators that the Federal Trade Commission launch rulemaking on data privacy signals Congress is not close to passing a federal law anytime soon, experts say.
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Scotiabank announces chief risk officer succession
Scotiabank announced the appointment of Phil Thomas as chief risk officer. He will succeed Daniel Moore, who is leaving the bank after 25 years to pursue other interests.
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Apria appoints chief accounting officer
Home medical equipment and supply company Apria has appointed Christopher Lee to the newly created position of chief accounting officer.
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Fed increasing LIBOR scrutiny as finish line nears
Financial institutions’ transition efforts away from the London Interbank Offered Rate will be intensely scrutinized by the Federal Reserve as the expiration deadline of the benchmark interest rate looms.
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Petrobras fulfills obligations of 3-year FCPA agreement
Brazilian state-owned energy company Petrobras announced it has met the obligations of a three-year agreement reached with the Department of Justice for playing a role in one of the world’s largest political corruption investigations.
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FRC investigating Mazars over French Connection audit
The U.K. Financial Reporting Council has begun an investigation into Mazars concerning its audit of financially ailing retail company French Connection Group, which has just been sold.
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Senate confirms U.S. attorneys to lead SDNY, EDNY
The Senate confirmed Damian Williams and Breon Peace to lead U.S. attorney’s offices in Manhattan and Brooklyn, respectively. Williams becomes the first Black prosecutor to ever lead the SDNY.