Appointment Blogs | Compliance Week – Page 172
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CFPB slams Wells Fargo with its largest ever fine
Is the Wells Fargo Wagon a-comin’ down an ethical street? The banking giant has been hit with the largest fine ever ($185M) by the Consumer Financial Protection Bureau in addition to terminating 5,300 employees and redoubling efforts to establish an ethical culture. Joe Mont reports.
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Medical equipment companies to pay $12M for False Claims Act violations
U.S. Healthcare Supply and Oxford Diabetic Supply will pay the United States more than $12.2 million for a False Claims Act violation in which they used a fictitious entity to make unsolicited telephone calls to Medicare beneficiaries. Jaclyn Jaeger reports.
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CAMs in new audit report would protect auditors, study says
If the PCAOB requires CAMs, or disclosures of critical audit matters, it will raise doubt in financial statements while protecting auditors from litigation, a new study says.
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First Bank of Nigeria appoints chief risk officer
First Bank of Nigeria has appointed Olusegun Alebiosu as its new chief risk officer (CRO). His appointment is still subject to approval by the Central Bank of Nigeria.
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EnteroMedics names new chief compliance officer
EnteroMedics, a medical-device company, has appointed Scott Youngstrom as chief compliance officer. He also will assume the additional role of chief financial officer.
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First Names Group appoints chief risk officer
First Names Group has appointed David Wild as chief risk officer, effective immediately. Wild will be responsible for all aspects of the risk management framework.
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Let’s check in on FASB’s disclosure projects
Reporting companies have long had to include large amounts of information in the disclosures of financial statements, but that all might change for the better, says CW columnist Scott Taub.
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Law firm that ran whistleblower ads in theaters secures blockbuster award
When the Dodd-Frank whistleblower provisions were passed in 2010, some plaintiffs' lawyers believed that a lucrative new whistleblower practice area might be brewing. One law firm even created an ad seeking whistleblowers that ran as a movie preview in Manhattan theaters. Six years later, this marketing seems to seems to ...
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Perception, reality, and global anti-corruption enforcement
Tom Fox looks at scandals involving Swedish business empire Industrivärden and Apple that point to an increasing need for good compliance programs in an age of corruption and social media.
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VimpelCom Russia CEO resigns
Mikhail Slobodin, chief executive officer of VimpelCom Russia, will resign with immediate effect amid a corruption probe. As Jaclyn Jaeger reports, the Amsterdam-based telecommunications company is no stranger to bribery allegations.
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Taxonomy changes focus on helping consumers interpret data
FASB’s proposed 2017 U.S. GAAP Financial Reporting Taxonomy contains some changes that are meant to address concerns of users of XBRL-tagged financial statement data. Tammy Whitehouse has more.
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Former SEC Whistleblower Chief McKessy lands at law firm
Sean McKessy, the former first-ever chief of the SEC’s Office of the Whistleblower, is joining law firm Phillips & Cohen as a partner in its Washington, D.C. office. Bruce Carton has more.
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Compliance lessons keep coming from HP/Autonomy deal
HP’s legendarily bungled acquisition of U.K. software company Autonomy continues to provide valuable compliance lessons as well as one heck of a corporate governance horror story. Tom Fox reports.
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When good-intentioned sales incentives go bad
When do sales incentives move from the realm of legal to the realm of the nefarious? When do company communications become so code-word laden as to demonstrate corrupt intent? Tom Fox explores this latest trend that occurred at Fiat-Chrysler.
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AstraZeneca settles FCPA case with SEC for $5.5M
Biopharmaceutical-company AstraZeneca has reached a $5.5 million settlement with the SEC to settle claims that it violated the Foreign Corrupt Practices Act by making improper payments to state-controlled healthcare providers in China and Russia. Jaclyn Jaeger reports.
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Compliance Week will publish one day late this week
Compliance Week will publish one day late this week on Wednesday, Sept. 7, due to the Labor Day holiday.
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Internationalization of football and anti-corruption enforcement
Tom Fox explores the recent bid by a Chinese state-controlled investment fund to purchase the Liverpool Football Club and how it will be impacted by the U.K. Bribery Act.
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Trump’s border wall could be muy malo for bank CCOs
A key talking point of Republican Donald Trump’s campaign is to build a wall along the U.S./Mexico border, forcing Mexico to fund it. That plan, however, says Joe Mont, could mean added compliance burdens for banks and an expansion of Know Your Customer protocols.
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SEC wants more hyperlinks in registration statements and periodic reports
SEC proposed rule amendments would require registrants that file registration statements and periodic reports subject to Regulation S-K’s exhibit requirements to include a hyperlink to each exhibit listed in the index of their filings. More from Joe Mont.
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To ease fears, agencies address correspondent banking ‘myths’
Federal banking regulators have authored a “fact sheet” intended to clarify supervisory and enforcement activities that focus on the money laundering and sanctions compliance risks that may arise with correspondent banking relationships. Joe Mont has more.