Appointment Blogs | Compliance Week – Page 268
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Legislation Seeks Transparency on Tax-Deductible Settlements
A bill filed by Sens. Elizabeth Warren (D-Mass.) and James Lankford (R-Okla.) would require transparency on tax deductions that minimize the cost of an enforcement action. Any statement by a federal agency about the value of a settlement would need to explain how much of that agreement is tax deductible ...
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KPMG Launches Alliance With SailPoint
Audit, tax, and advisory firm, KPMG, and SailPoint, an identity and access management firm, today announced an alliance that will provide information protection solutions to help clients manage and protect their critical information. Details inside.
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Braskem Self-Reports FCPA Probe
Brazil-based petrochemical giant Braskem has launched an internal investigation into potential violations of the Foreign Corrupt Practices Act. Braskem said it is investigating allegations that two of its former executive officers made improper payments from 2006 to 2012 to Brazil’s state-owned oil company Petrobras, in exchange for raw-material supply agreements. ...
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Applying the Three Lines to Cyber-Security
Managing cyber-security risks is one of the most pressing problems facing businesses today. Absent some technological magic bullet (which won’t be found any time soon), that leaves companies forced to protect cyber-security through better process. What does that mean? How can privacy, compliance, and internal audit band together to lead ...
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SEC Ponders Tension Over Management Review Controls
Image: Amid continued tension over what it takes to satisfy auditors and regulators with respect to management review controls, the SEC is pondering whether some kind of new guidance might be in order. Deputy Chief Accountant Brian Croteau said recently, “It’s not an area that seems to be improving. So ...
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Walmart Touts Compliance Improvements in New Report
In its second annual “Global Compliance Program Report,” Walmart has detailed the compliance enhancements it has made in recent months. Among them: improved compliance training, greater supply chain scrutiny, $40 million invested in new technology, and centralized oversight of license and permit applications. More inside.
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TI Report Urges Southeast Asia to Make Anti-Corruption a Priority
Leaders of the Association of Southeast Asian Nations are not doing nearly enough to address corruption at the national level, warns a new report by Transparency International. In its report, TI recommended that ASEAN form an ASEAN Integrity Community to fast track anti-corruption policy measures and further recommended four targeted ...
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Struggles on IT Strategy for Compliance
Image: Compliance officers struggle with IT; that’s not news. This week, however, we have new data that might illuminate why so many compliance departments can’t implement an IT strategy to meet their needs. Inside, Compliance Week editor Matt Kelly looks at which IT typically goes to what compliance tasks, and ...
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UTC Gets Second Subpoena in Bribery Probe
United Technologies Corp. has disclosed that it received a second subpoena from the SEC for potential violations of anti-bribery laws. UTC said the SEC issued the subpoena “seeking documents related to internal allegations of alleged violations of anti-bribery laws from UTC’s aerospace and commercial businesses, including but not limited ...
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Lincoln Electric Names Chief Compliance Officer
The Lincoln Electric Company, a subsidiary of Lincoln Electric Holdings, has promoted Anthony Battle to chief compliance officer, effective immediately. This role is in addition to Battle's position as senior vice president of internal audit. Details inside.
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FASB Proposal May Foreshadow Changes to Cash Flow Rules
A proposal to change the presentation of financial information for not-for-profit entities, especially cash-flow classifications, could be a preview of what public companies might face down the line. The proposal would require entities to classify cash flows in ways more consistent with classifications in the statement of activities. More inside.
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ArcBest Names Controller, Chief Accounting Officer
ArcBest has named Traci Sowersby as controller and chief accounting officer, effective April 27. She will report to Chief Financial Officer David Cobb. Details inside.
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SEC Eyes ‘Pay for Performance’ Rules Next Week
The SEC will hold an open meeting April 29 to take action on pay-for-performance disclosure rules required by the Dodd-Frank Act. The Commission will consider rules stemming from Section 953 of Dodd-Frank, requiring public companies to disclose the relationship between executive pay and incentives with the financial performance of the ...
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Judge Rakoff's New Securities Law Focus: Re-Defining Insider Trading
Image: Having already left his mark on how the SEC handles deferred-prosecution agreements and other settlements, U.S. Judge Jed Rakoff now appears to be focused on another key securities enforcement issue: the definition of insider trading. More inside.
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loanDepot Names Chief Risk Officer
loanDepot, a consumer lender company, has named Brian Biglin as chief risk officer. He will join the company's executive team this month. Details inside.
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Libor Scandal Costs Deutsche Bank $2.5 Billion in Penalties
Deutsche Bank and its subsidiary, DB Group Services (U.K.), pleaded guilty to wire fraud for their role in manipulating the London Interbank Offered Rate and agreed to pay $775 million in criminal penalties to the Department of Justice, bringing the total amount of penalties against the bank to $2.5 billion. ...
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SDNY Names New Chief, Deputy Chief of Securities Fraud Task Force
The U.S. Attorney's Office for the Southern District of New York has named Katherine Goldstein as Chief and Telemachus Kasulis as Deputy Chief of that office's Securities and Commodities Fraud Task Force.
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Inland Securities Corporation Names Chief Compliance Officer
Inland Securities Corporation, the managing broker dealer for Inland Real Estate Investment Corporation, has named Suzanne Bond as chief compliance officer. Details inside.
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SEC Issues Whistleblower Award to Compliance Officer
Image: The SEC awarded more than $1 million to a compliance officer who provided information that helped in an enforcement action against the whistleblower’s company. “This compliance officer reported misconduct after responsible management at the entity became aware of potentially impending harm to investors and failed to take steps to ...
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Merrill Lynch Fined £13.2 million ($19.8 million) for 35 Million Compliance Lapses
Britain’s Financial Conduct Authority fined Merrill Lynch International a record £13.2 million ($19.8 million) for inaccurately reporting more than 30 million transactions and for failing to report another 120,000 transactions over several years. The size of the fine marks the highest ever imposed for transaction reporting failures. Details inside.