All Internal Controls articles – Page 8
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ArticleCompliance deficiencies highlighted in $1.8B crackdown on messaging apps
Eleven banks, investment firms, and their affiliates will pay a total of more than $1.8 billion in fines for “widespread and longstanding failures” in monitoring, maintaining, and preserving electronic communications by employees.
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ArticleOracle to pay $23M to settle FCPA violations in 3 countries
Oracle Corp. will pay more than $23 million to settle allegations laid by the Securities and Exchange Commission it violated the Foreign Corrupt Practices Act when its subsidiaries in India, Turkey, and the United Arab Emirates bribed foreign officials for business.
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ArticleFriedman to pay $1.5M for missed red flags in 2 audits
Accounting firm Friedman will pay more than $1.5 million to settle charges it failed to comply with the standards of the Public Company Accounting Oversight Board while auditing two companies.
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Article
Waddell & Reed to pay $775K over wrap fee compliance failures
Investment adviser Waddell & Reed will pay about $775,000 as part of a settlement with the Securities and Exchange Commission for compliance failures and breaching its fiduciary duty.
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PremiumESG Summit: How Rite Aid is preparing to comply with SEC’s climate disclosure rule
Amanda Patrick, Rite Aid’s director of ESG/corporate sustainability, shared the retail pharmacy chain’s sustainability journey so far and how it is readying to meet the SEC’s potential disclosure mandates during her keynote address at CW’s virtual ESG Summit.
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ArticleDanske Bank fined $1.8M over AML checks in Ireland
Danske Bank was fined €1.82 million (U.S. $1.82 million) by the Central Bank of Ireland for omitting customers from automated financial crime checks between 2010-19 and failing to notify the regulator.
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ArticleStrategies for balancing risk/reward of investing in new technologies
Taking a step back before committing to a technology project to weigh the risks and rewards can prove beneficial in the long term. Consider the following best practices.
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ResourceWhite paper: Future-proofing your investment compliance
Seismic change is afoot for asset managers’ investment compliance programs given the significant uplift in SEC proposed rules for investor protection combined with demands for greater transparency.
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ArticleNatixis agrees to $2.8M CFTC fine for oversight failures
Natixis, a Paris-based global bank and swap dealer, will pay a $2.8 million fine to the Commodity Futures Trading Commission to settle charges it failed to prevent rogue traders from submitting false and misleading entries on trades over five years.
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Article
CHS avoids fine in SEC accounting fraud case
Minnesota-based agricultural cooperative CHS settled charges levied by the Securities and Exchange Commission that the company violated federal securities laws when it filed materially false financial statements with the agency over five years.
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ArticleBig bank messaging app crackdown exposes policy holes, monitoring struggles
U.S. regulators have signaled through an impending widespread enforcement sweep they are zeroing in on banker use of messaging apps to discuss business matters. The cases emphasize the need for financial services firms to enhance their monitoring and recordkeeping.
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ArticleTwitter whistleblower says poor cybersecurity invites breaches, manipulation
Peiter Zatko, a former cybersecurity executive at Twitter, has blown the whistle on his observations of systemic data security lapses at the company, undercounting of fake accounts, and how the social media platform could be manipulated by foreign intelligence services.
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ArticleEagleBank fined $23M over improper lending, disclosure practices
EagleBank agreed to pay nearly $23 million in penalties for improperly loaning approximately $90 million to family trusts controlled by its former CEO over three years, then misleading investors about the loans.
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ArticleSarbanes-Oxley 20th anniversary: Time to revisit SOX programs
Twenty years ago, in the aftermath of the Enron and WorldCom financial reporting scandals, Congress acted and created the Sarbanes-Oxley Act of 2002. Such a milestone anniversary marks a good time for organizations to refresh, rethink, and modernize their SOX programs.
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ArticleDOJ-informed compliance guidance helps Home Depot prep for potential scrutiny
How can a company prove its compliance bona fides to a regulator, should one ever come knocking on its door? The Home Depot has prepared for such a scenario with detailed guidance pegged to the DOJ’s “Evaluation of Corporate Compliance Programs.”
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ArticleRobinhood Crypto fined $30M for AML, cybersecurity failures
Robinhood Crypto agreed to pay a $30 million fine to the New York State Department of Financial Services for “significant failures” in its Bank Secrecy Act/anti-money laundering and cybersecurity compliance programs.
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ArticleHistoric EY fine latest by-product of KPMG cheating scandal
It is impossible to ignore the SEC’s $100 million fine against EY for employee exam cheating is double the amount the regulator penalized KPMG for its separate cheating scandal. Especially since the latter resolution appears to have served as a starting point for the SEC’s ruling on the former.
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ArticleEY fined record $100M for employee cheating scandal
Ernst & Young will pay $100 million after admitting to SEC charges addressing systematic cheating among its accounting professionals on CPA license exams over four years. The fine is the largest the agency has ever imposed against an audit firm.
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ArticleFCA fines Ghana International Bank $7.1M for AML failings
The U.K. Financial Conduct Authority fined Ghana International Bank £5.8 million (U.S. $7.1 million) for deficiencies in its anti-money laundering controls over its correspondent banking activities.
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ArticleUSAA whistleblowers want to be heard—and now
Jaclyn Jaeger reflects on feedback received from former and current USAA employees following her three-part series detailing alleged violations of law and mismanaged compliance culture at the financial services giant.