Appointment Blogs | Compliance Week – Page 97
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FCA fines and bans former RBS trader
The Financial Conduct Authority imposed a financial penalty of £250,000 on a former Royal Bank of Scotland interest rate derivatives trader, Neil Danziger, and prohibited him from performing any function in relation to any regulated financial activity.
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SFO: Tell-tale signs of money laundering
Serious and organised crime costs the United Kingdom an estimated £24 billion a year, states a new government report setting out the threats posed by money laundering. With the report, the government relaunched its “Flag it Up” campaign to raise awareness and show how the legal and accountancy sectors can ...
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FASB proposes lease accounting transition relief
FASB proposes a change to the new lease accounting standard taking effect in 2019 that promises to ease the implementation.
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The Fair Process Doctrine in compliance
Human resources has a key role to play in operationalizing the compliance program, specifically by ensuring that discipline is handed out fairly across the company and to those employees who integrate ethical and compliant behavior into their individual work practices, writes The Man From FCPA.
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The role of risk management in compliance
As compliance evolves and corporate compliance programs become more sophisticated, compliance is seen not as simply a legal prophylactic, but as a business process, writes The Man From FCPA.
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How character relates to compliance
Merely having in place a paper compliance program does not account for the human condition, which unfortunately is not always pure of heart, writes The Man From FCPA, while considering a recent book, “The Character Gap,” by Christian Miller.
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More fallout from Och-Ziff corruption case
In an interesting turn of events, the Och-Ziff corruption case recently reared its head once again, following news that Michael Cohen—who once oversaw the company’s investments in Europe, the Middle East and Asia—is facing criminal charges of fraud and obstruction of justice, according to recently unsealed court documents.
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PCAOB names Chief of Staff
Public Company Accounting Oversight Board Chairman William Duhnke has named Francis “Abe” Dymond chief of staff for the PCAOB, effective immediately.
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KPMG acquires Cyberinc's Global Identity and Access Management unit
Audit, tax, and advisory firm KPMG announced that it has acquired the Identity and Access Management business of Silicon Valley-based Cyberinc, a provider of cyber-security solutions globally.
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‘CAE Checkup’ evaluates effectiveness of AI-based audit investigations
QuantaVerse has launched a new service, CAE (Chief Audit Executive) Checkup, that enables companies and financial institutions to evaluate the effectiveness of an artificial intelligence (AI)-based approach to audit investigations.
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Financial Conduct Authority appoints new chair
HM Treasury this week appointed Charles Randell as the new chair of the Financial Conduct Authority. He will take up the role on 1 April 2018 for a five-year term.
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OCC: Citibank to pay $70M for AML deficiencies
The Office of the Comptroller of the Currency assessed a $70 million civil penalty against Citibank for failing to comply with the agency’s 2012 consent order related to Bank Secrecy Act and anti-money laundering deficiencies.
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FASB considers guidance on accounting for tax reform
FASB is considering whether to take up any new rulemaking as a result of the accounting consequences of the Tax Cuts and Jobs Act.
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FINRA sanctions Citigroup Global Markets $11.5M for inaccurate research ratings
The Financial Industry Regulatory Authority has fined Citigroup Global Markets $5.5 million and required the firm to pay at least $6 million in compensation to retail customers for displaying inaccurate research ratings for numerous equity securities during a nearly five-year period, and for related supervisory violations.
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Hallmark names general counsel and secretary
Hallmark has appointed Jill Marchant as executive vice president, general counsel and secretary, effective Jan. 16. Marchant replaces Brian Gardner, who is retiring from the company and will depart March 31.
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Kite Realty names new chief accounting officer
Kite Realty Group Trust, a real estate investment trust company, has promoted David Buell to the role of senior vice president, chief accounting officer, effective as of Jan. 1, 2018. He replaces Thomas Olinger, who retired from the company.
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The stunning Petrobras securities lawsuit settlement
In a stunning capitulation, Petrobras settled with U.S. investors for nearly $3bn in a class-action lawsuit as follow-on litigation to the long-standing corruption allegations against the company.
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Ruling against PwC may portend greater auditor scrutiny
A court ruling in a lawsuit brought by the Federal Deposit Insurance Corporation against PwC for its failure to detect a multibillion-dollar fraud may well portend greater skepticism and scrutiny by auditors when looking at FCPA issues.
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XL Group chief enterprise risk officer retires
Insurance and reinsurance company, XL Group, together with its subsidiaries, announced that Group Chief Enterprise Risk Officer Jacob Rosengarten retired, effective Dec. 31, 2017.
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Audit fees creep higher in 2016, study shows
Public company audit fees inched upward again in 2016, based on the latest data available from Audit Analytics.