Appointment Blogs | Compliance Week – Page 295
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SWIFT’s KYC Registry for Banks Goes Live
Banks seeking to increase efficiency and reduce risk related to their correspondent banking know-your-customer (KYC) compliance activities now have a new resource at their fingertips. SWIFT this week announced the official availability of the KYC Registry, a community-driven financial crime compliance initiative that more than 20 global and regional banks ...
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New York Becomes First State to Launch Cyber-Security Exams for Banks
Add the New York Department of Financial Services to the growing list list of regulators (such as the SEC and FINRA) who will be scrutinizing the cybersecurity practices of Wall Street banks and financial institutions. On Wednesday, Benjamin Lawsky, New York's Superintendant of Financial Services, stated in a letter to ...
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CenterPoint Energy Names Chief Accounting Officer
CenterPoint Energy has promoted Kristie Colvin to the role of chief accounting officer. Colvin joined the company in 1989 and has served in a variety of financial roles with increasing responsibility. Details inside.
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Rheinmetall Subsidiary Fined $46 Million for Bribery
Rheinmetall AG, a German-based auto parts maker and defense contractor, disclosed in a statement this week that one of its subsidiaries, Rheinmetall Defense Electronics, reached a $46 million settlement with German prosecutors to resolve allegations of bribery. Details inside.
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Dallas Airmotive Pays $14 Million for FCPA Violations
Dallas Airmotive, a provider of aircraft engine maintenance, repair and overhaul services, has reached a $14 million settlement with the Department of Justice to resolve criminal charges over violations of the Foreign Corrupt Practices Act. The settlement resolves charges that Dallas Airmotive bribed government officials in Latin America in order ...
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Budget Bill Targets Dodd-Frank’s Derivatives Restrictions
Dec. 10—Seeking to avoid another government shutdown, the House has approved the fiscal year 2015 Omnibus Appropriations bill, legislation that will provide discretionary funding for the vast majority of the federal government for the remainder of the current fiscal year. Notable inclusions in the bill—now before the Senate—are a $150 ...
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Citigroup’s Legal Expenses Reach $2.7 Billion
Citigroup announced this week that it has set aside $2.7 billion to cover legal costs for the fourth quarter in connection with several ongoing regulatory investigations. “We believe these legal charges should cover a significant portion of our outstanding legal matters based on current information,” Citigroup CEO Michael Corbat said. ...
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Justice Department Extends Standard Chartered DPA
The U.S. Attorney's Office for the District of Columbia and the Department of Justice have decided to extend for three more years a deferred prosecution agreement reached with British bank Standard Charted Bank in 2012, finding that it has not satisfied the requirements of the original agreement—and may have ...
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Banking Union Moves Ahead With Bail-Out Fund Rules and Chairman Pick
Image: Dec. 10—The European Union has taken important steps in recent days regarding a bloc-wide banking union. The Council of the European Union has agreed to an eight-year phase-in plan to switch banks from national resolution funds contributions to the bloc-wide Single Resolution Fund. Meanwhile, the European Commission selected Germany’s ...
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U.K. Financial Regulator Sharpening Focus With New Structure
Image: Dec. 10—The Financial Conduct Authority, which took over financial regulation for the United Kingdom in 2013, is undertaking a complete restructuring to better deliver on its objectives, protect consumers and market integrity, and promote competition. The agency announced that certain divisions will be consolidated with new ones created for ...
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Study: Many Businesses Struggle With Anti-Corruption Controls
Image: Dec. 10—Three years after the U.K. Bribery Act came into force, many businesses are still struggling to implement the procedures necessary to prevent corruption as expected by the Ministry of Justice. More than one-third of almost 3,000 anti-corruption controls assessed by GoodCorporation were graded as inadequate in a recent ...
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Madoff's Secretary Gets Lighter Sentence Due to Her 'Unusually Small Stature'
"Madoff secretary gets 6 years after judge cites ‘small stature’" When I came across the headline above in yesterday's New York Post, I thought that while "small stature" was an odd way to characterize the role of Madoff's secretary in his massive fraud, it did make sense that someone who ...
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New IntelligenceBank GRC Tool Simplifies Risk, Compliance Management
IntelligenceBank, an Australia-based privately-held business process management company, has announced the launch of IntelligenceBank GRC, a new customizable plug-and-play solution that enables risk managers to create their own registers for risk, incidents, conflicts of interests, manage internal controls within a single platform, and more. Details inside.
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Audits Failures Linked to Execution, Not Process Problems
Image: Dec. 10—Audits fail not so often because the audit firm’s process was flawed, but because individual auditors or engagement teams fail to adhere to firm methodologies, according to Jay Hanson, a member of the PCAOB. At a national accounting conference on regulatory issues, Hanson said he sees much more ...
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Fed Seeks New Capital Requirements for Biggest Banks
Image: Dec. 9—The Federal Reserve is proposing a new risk-based capital surcharge for the most systemically important firms. The proposed rule would implement a new methodology for determining “global systemically important” banks and increase mandated capital conservation buffers by as much as 4 percent. The proposal establishes five broad categories ...
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LRN Names President of Ethics and Compliance Solutions
LRN, a firm that helps organizations meet their compliance obligations, shape ethical behavior, and strengthen culture and leadership, announced today the hiring of Jean-Marc Levy, most recently head of global issuer services at the New York Stock Exchange, as president of ethics and compliance solutions. He also will serve on ...
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ZL Technologies Partners With Socialware
ZL Technologies, a unified information governance provider, has formed a strategic partnership with Socialware, a social media compliance and marketing platform for regulated industries. The partnership combines the consolidated data management of the ZL Unified Archive with Socialware’s social media access and policy enforcement solutions for social media users in ...
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Halliburton Establishes Integration Leadership Team
Halliburton has appointed Charlie Geer, currently vice president of finance, as corporate controller, effective Jan. 1, 2015. The move is part of an overall integration plan, following the acquisition of Baker Hughes in November. Details inside.
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FASB Studies Three Revenue Issues for Possible New Guidance
Image: Financial Accounting Standards Board Chairman Russ Golden has authorized FASB staff to conduct research on (1) how to apply the new revenue recognition standard to licensing agreements; (2) when revenue should be recognized on a gross versus net basis; and (3) how to determine performance obligations. The research should ...
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Justice Department Launches New Digital Services
The Department of Justice today announced the launch of two new digital services: the News API and the Law Jobs API. These new Web application programming interfaces add search, sort, and filter capabilities to thousands of Supreme Court briefs, legal opinions, Freedom of Information Act court decisions, Congressional testimony, and ...