Appointment Blogs | Compliance Week – Page 227
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Fed to Bank of Nova Scotia: Fix AML Controls
The U.S. Federal Reserve and the New York Department of Financial Services in an enforcement action this week ordered the Bank of Nova Scotia and its New York agency to significantly improve its anti-money laundering operations. The bank and the branch have 60 days to jointly submit a written enhanced ...
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FASB Sets Dates for Financial Instruments Standards
In addition to finalizing and setting a 2019 effective date for a new standard on leasing accounting, FASB has wrapped up its long-running work on changes to the way companies will classify and measure financial instruments and has directed its staff to prepare the final language of the Accounting Standards ...
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HSBC Appoints Independent Non-Executive Directors
HSBC Holdings today announced changes to its board of directors, including the departure of two of its longest serving non-executive directors, and the appointment of two new independent non-executive directors. Details inside.
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Bank of America Names Global General Counsel
Bank of America announced that David Leitch will succeed Gary Lynch as global general counsel, beginning Jan. 1, 2016. Leitch will be a member of the company’s management team and report to Chief Executive Officer Brian Moynihan. More inside.
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'Living Legend' Jacob Stillman Steps Down as SEC Solicitor
After 17 years as SEC Solicitor -- and 53 years of service at the SEC -- Jacob H. Stillman is stepping down from the Solicitor position. The SEC announced today that Stillman will remain as senior advisor to Michael A. Conley, who has been appointed as the new SEC Solicitor.
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FASB Sets 2019 Effective Date on Lease Standard
Image: FASB will issue its final leasing rule in 2016, effective 2019. IASB’s new leasing requirements will follow roughly the same timeline, although the boards still differ on how to reflect lease obligations in the income statement. “We believe that this new standard is important because it will provide investors, ...
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Perplexed 'False Tweeter' Claims to Have No Interest in Stock Market
James Alan Craig is no retired Croatian underwear seamstress but the most recent developments in his "false tweets" case are starting to remind me a bit of the Sonja Anticevic saga from back in 2005.
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Akerman Launches Fraud & Recovery Practice Group
Law firm Akerman yesterday announced the launch of a new national Fraud & Recovery Practice Group, a multidisciplinary legal team devoted exclusively to fraud and recovery. The new group is led by co-chairs, David Spector, who has reshaped case law in affirmative fraud investigation and litigation, and Michael Goldberg, who ...
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Final TRG Session Leaves Lingering Questions on Licenses
FASB and IASB’s Transition Resource Group met one final time to work through questions surrounding revenue recognition. While the group forged ahead with such issues as treating customer options for additional goods and services, pre-production activities, and fixed-odds wagering contracts, uncertainty still exists for licensing. Big 4 accounting firm PwC ...
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Drop in 2015 DOJ FCPA Settlements -- 'Sea Change' or Meaningless?
So far in 2015, the Justice Department has settled just two corporate Foreign Corrupt Practices Act cases—notably lower than the 10 in 2014, nine in 2013, and 11 in 2012. According to the Wall Street Journal, the decline is due to a “sea change” in the Justice Department’s foreign ...
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Central Pacific Financial Names Division Manager, Risk Management
Central Pacific Financial, parent company of Central Pacific Bank, has appointed Glenn Ching to executive vice president, chief legal officer and division manager of risk management, effective Jan. 1, 2016. Details inside.
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Crawford & Company Self-Reports FCPA Investigation
Crawford & Company said yesterday in a filing with the Securities and Exchange Commission that it has launched an internal investigation into potential violations of the Foreign Corrupt Practices Act. The claims management company also said it has voluntarily self-reported the potential FCPA violations to the SEC and the Department ...
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Banks May Get More Time to Prepare for Financial Market Regulation
The EU is considering delaying the release of a comprehensive regulation that will overhaul financial market rules. The delay comes amid mounting concerns that the legislation’s accompanying technologies may not be ready in time for the January 2017 start date. Due to the complexity of the rule, banks and other ...
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PCAOB Delivers Harsh Inspection Findings to KPMG
The PCAOB’s 2014 inspection report for KPMG found fault with 28 of 52 audits selected for inspection, marking the first time errors have been found in more than half of the audits selected at a Big 4 firm. KPMG’s rate has crept upward every year since 2009 when the PCAOB ...
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Justice Dept. Boosts Its Game for Corporate Compliance Programs
The Justice Department has long talked about the need for companies to take compliance programs seriously. Now with its first-ever compliance counsel hired (she started this month), the department itself will be able to bring a more practiced eye to evaluating compliance programs. This week, columnist Tom Fox reviews what ...
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Leniency in Petrobras Scandal Means Decision on Self-Disclosure
As the Petrobras corruption scandal moves to the investigation of international companies that did business with the Brazilian national energy company, Europeans companies now face some challenging decisions around the issue of self disclosure. Our Man From FCPA, Tom Fox, has more inside about the considerations you need to make.
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Justice Department Appoints New Compliance Counsel
It's official: the Department of Justice Criminal Division has announced that it has retained Hui Chen as a full-time compliance expert, as of Nov. 3. She will report to Andrew Weissmann, Chief of the Fraud Section, and Dan Braun, acting chief of the strategy, policy, and training unit in the ...
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Supreme Court May Be Last Stop for Conflict Minerals Rule
The SEC’s Conflict Minerals Rule may be headed to the nation’s highest court after suffering another legal setback in the U.S. Court of Appeals for the D.C. Circuit this week. To preserve the rule’s full slate of intended disclosure requirements, the Commission has one last legal option: a review of ...
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U.K. SFO Drops Olympus Probe: Misleading Auditors Not a Crime
The U.K. Serious Fraud Office has dropped a two-year case against Japanese endoscope maker Olympus Corp., in the wake of a London court ruling that doctoring reports to auditors is not a criminal offence under English law. The move is a setback for SFO Director David Green, who has been ...
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FCA’s ‘Regulatory Sandbox’ to Drive Innovation and Competition
Image: The U.K. Financial Conduct Authority is planning to unveil a “regulatory sandbox” for companies to test new products, services, or business models without facing enforcement actions. “To promote competition it is vital that we support firms—both regulated and unregulated, whether large incumbent or small start-ups—that want to bring new ...