Appointment Blogs | Compliance Week – Page 105
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Former Co-operative Bank chair banned from the financial services industry
The Financial Conduct Authority has banned former Co-operative Bank Chair Paul Flowers from the financial services industry after he was caught using his work phone and e-mail to conduct inappropriate phone calls and send sexually explicit messages.
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Financial Conduct Authority bans former Deutsche Bank trader
The U.K. Financial Conduct Authority has fined Guillaume Adolph, a former short-term interest rate derivatives trader at Deutsche Bank, £180,000 and banned him from performing any function in relation to any regulated financial activity.
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SFO to seek retrial of three former Tesco managers
The U.K. Serious Fraud Office is seeking a retrial of three former senior managers of retail company Tesco, who are facing fraud and false accounting charges.
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New study says long audit tenure slows corrections
Recently published academic research suggests there is indeed a detriment to audit quality when audit firms hold long tenures on audit engagements.
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Dallas Mavericks seeking chief ethics and compliance officer
In an effort to clean up its toxic workplace culture, the Dallas Mavericks are looking to hire a chief ethics and compliance officer.
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Preventing money laundering in law firms
Strict new anti-money laundering regulations will make compliance matters much more complicated for U.K. solicitors whose business makes them a target for money laundering operations.
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Autoliv elects two new board members
Autoliv, an automotive safety systems company, has added two new independent directors to the Autoliv Board, Hasse Johansson and Thaddeus “Ted” Senko, effective March 2. With the addition of Johansson and Senko, Autoliv has expanded its board size from nine to eleven directors.
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The board's role in internal controls
Internal controls for a board or board compliance committee should be broken down into five concepts, says The Man From FCPA.
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CCO reporting to the board
Chief compliance officer reporting to the appropriate board of director’s compliance committee has to be structured carefully to promote ethics and compliance. Inside are five best practices that should guide the reporting.
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Compliance lessons from the HP-Autonomy fiasco
The Man From FCPA discusses the reasons behind one of the greatest corporate disasters in the past few years: the acquisition of Autonomy by Hewlett-Packard.
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Is a success fee high risk?
It was reported that two U.S. lawyers had proposed a success fee in the amount of $75 million, if they could get the Department of Justice to drop its investigation into the 1MDB “quickly.”
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Wells Fargo continues to trip on itself
Wells Fargo cannot seem to get out of its own way to begin to move forward. Now, the bank is facing a whistleblower lawsuit and investigation by the Consumer Financial Protection Bureau for closing fraud victims’ accounts without investigating potential criminal activity, a violation of law.
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FASB fixes financial instruments, proposes fix to cloud costs
FASB has finalized some technical corrections to its standard on financial statements and proposed new guidance on accounting for certain cloud computing costs.
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CFPB launches public review of complaint database
Continuing a top-down reassessment of operations and policies, the CFPB has settled on its next review target: its controversial complaint database.
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Chief accounting officer at Oaktree Capital leaving
Susan Gentile, chief accounting officer at Oaktree Capital, has announced her resignation from the company, effective March 23, to pursue other career opportunities.
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Exterran FCPA investigation ends without enforcement action
Exterran said it will not face an enforcement action following a Foreign Corrupt Practices Act investigation, but an SEC investigation related to circumstances giving rise to a previous restatement is continuing.
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Australia rolls out real-time payments
Australia has publically launched its New Payments Platform, a landmark payments industry initiative designed and constructed to fundamentally improve how consumers, companies, and governments transact with one another.
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Deloitte settles claims tied to mortgage lender collapse
Deloitte will pay $149.5 million to settle claims with the Justice Department over its audit work at Taylor, Bean & Whitaker, a mortgage lender that collapsed in 2009.
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Grant Thornton names chief compliance officer
Grant Thornton has named Beatrix Bernauer as the firm’s chief compliance officer. In this role, she will oversee the firm’s enterprise compliance program and manage ethical and regulatory compliance issues.
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Legislation seeks to end to secrecy in workplace harassment settlements
Earlier this week, bicameral legislation, the Sunlight in Workplace Harassment Act, was filed. It would require publicly-traded companies to disclose workplace harassment and discrimination settlements.