Appointment Blogs | Compliance Week – Page 73
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System, identification issues complicate lease adoption
Companies are telling the SEC they are still having trouble getting IT systems in place that can put leases on corporate balance sheets as required in 2019.
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Chief compliance officer, two broker-dealers charged with AML offenses
The Securities and Exchange Commission on May 16 announced that it settled charges against broker-dealers Chardan Capital Markets and Industrial and Commercial Bank of China Financial Services for failing to report suspicious sales of billions of penny stock shares. Chardan’s chief compliance officer was also charged.
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Novartis lawyer quits amid Michael Cohen contract controversy
Swiss pharmaceutical giant Novartis announced May 16 that Group General Counsel Felix Ehrat is stepping down. His abrupt departure follows revelations that Novartis had a $1.2 million contract with President Donald Trump’s personal attorney Michael Cohen in exchange for access to the White House on healthcare policy.
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Wells Fargo names chief risk officer
Financial services firm Wells Fargo & Co. has appointed Amanda Norton as chief risk officer. Mike Loughlin, who announced plans to retire, will continue to serve as Wells Fargo’s chief risk officer until Norton’s employment with the company begins this summer, ensuring a smooth transition.
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Freddie Mac names chief compliance officer
Freddie Mac announced on May 14 the appointment of John Krenitsky as senior vice president and chief compliance officer.
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TrustArc GDPR Validation helps companies validate GDPR compliance
TrustArc, a data-privacy management company, launched its TrustArc GDPR Validation program. Under this program, upon successful completion of all GDPR remediation items, companies will be presented with a validation report and findings letter outlining their compliance status, which they can present to customers, partners, and other stakeholders.
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Dem Senators grill CEOs over payments to Trump attorney
A team of Senate Democrats is demanding answers and information from two companies that paid President Trump's personal attorney Michael Cohen “substantial payments” through a shell company while both had business pending before the administration.
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Aegion names general counsel and secretary
Aegion has appointed Mark Menghini as senior vice president, general counsel, and secretary, effective May 10 .
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Malaysia gets new PM; further probes of prior regime coming
The election of a new Prime Minster in Malaysia has heralded a potential investigation into the allegations of massive corruption carried out by the prior administration surrounding the country’s sovereign wealth fund, 1MDB.
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Uber promises to ‘move forward,’ but still doesn’t have CCO
Uber launched a new ad campaign in which it vows to “move forward” and “always do the right thing,” but the company still does not have a chief compliance officer (CCO) to make sure it delivers on that message.
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Checklist for CCO direct reports
Inside are some factors to consider when assessing chief compliance officer direct reports and what the Justice Department expects from the direct reporting process.
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The benefits of tailored compliance training
A thoughtful look at focusing compliance training on an employee-by-employee basis could mean the difference in keeping corporate compliance on the right track.
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RBS reaches $4.9B tentative settlement in mortgage-backed securities case
The Royal Bank of Scotland Group announced that it has reached a tentative settlement of US$4.9 billion (£3.6 billion) with the U.S. Department of Justice concerning the sale of toxic residential mortgage-backed securities between 2005 and 2007.
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Trump tweet hints at ZTE deal with China
Posting on Twitter, President Trump suggested that he might back down from a U.S. ban affecting ZTE, a Chinese-owned technology company that was caught selling American-made parts to Iran.
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IRS issues new guidance on changing revenue method
Now that companies are following new accounting methods to reflect revenue in financial statements, the Internal Revenue Service is offering new guidance on reflecting income in tax filings.
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FinCEN’s due diligence rule now in effect
FinCEN has issued a reminder to financial institutions and their customers that its new customer due diligence requirements took effect on May 11. The agency also clarified its exemptive relief for certain insurance arrangements.
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Best practices from SEC enforcement official on Wells meeting communication
Prudent defense counsel will want to heed the advice of SEC Co-Director of the Division of Enforcement Steven Peikin, who discussed in broad detail what best-practice techniques make for productive and effective communication with SEC staff during Wells meetings.
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New financial instrument rule draws Buffett rebuke
New accounting rules on how to reflect financial instruments in financial statements are beginning to produce predicted earnings volatility, as recently bemoaned by America’s celebrity investor, Warren Buffett.
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Date set for demise of net neutrality: June 11
FCC Chairman Ajit Pai announced on Thursday that the his Commission’s Restoring Internet Freedom Order will take effect on June 11, officially ending "net nutrality."
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IOSCO promotes audit quality via audit committee oversight
Securities regulators globally are troubled enough by the state of audit quality that they are developing a white paper to promote better audit committee oversight.