All articles by Jaclyn Jaeger – Page 106
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The Ever-Growing CD&A Disclosure Battles
Image: Proxy season may be winding down now, but expect a long summer of debate about disclosure of executive pay. This week Compliance Week offers a trio of articles about compensation, starting with all the new pressures on Compensation Discussion & Analysis. “There is still a bit of a push-pull, ...
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Blog
Société Générale to Pay $17.8 Million Under Swiss Bank Program
The Justice Department announced that two more banks—Société Générale Private Banking and Berner Kantonalbank—have reached a resolution under the Swiss Bank Program, which provides a means for Swiss banks to resolve potential criminal liabilities in the United States. Société Générale will pay a $17.8 million penalty, Berner Kantonalbank a $4.6 ...
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Blog
OCC: Cyber-Security Priorities for 2015
Comptroller of the Currency Thomas Curry last week provided an overview of the top cyber-security priorities that the Office of the Comptroller of the Currency will be focusing on for the remainder of 2015. These priorities include the release of a new cyber-security assessment tool that financial institutions can use ...
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New ‘Blacklisting’ Rules Have Contractors in Uproar
Image: Uncle Sam is poised to impose sweeping new reporting obligations on government contractors to disclose labor law violations for the prior three years. Trade associations are spitting nails over the rules, but meanwhile, compliance officers have yet another reporting risk that needs process and attention. “You don’t want a ...
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Demystifying the Risks of Board-Level Risk Committees
Image: In the wake of the financial crisis, many large financial institutions created new, board-level risk committees to oversee their most critical risk issues. For other industries, the decision to create a risk committee isn’t so simple—and isn’t without some risk-taking itself. “You have to guard against the risk that ...
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Blog
Lumber Liquidators Chief Compliance Officer (Quietly) Departs
Ray Cotton, chief compliance officer of Lumber Liquidators, apparently left the company in May, according to his LinkedIn page. The embatteld hardwood flooring company currently is under investigation by numerous state and federal agencies and is facing more than 100 class-action lawsuits after a 60 minutes report accused the company ...
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Blog
FinCEN Fines Tinian Dynasty Hotel & Casino $75 Mill on AML
The Financial Crimes Enforcement Network this week fined Tinian Dynasty Hotel & Casino, $75 million for “willful and egregious” violations of the Bank Secrecy Act. According to FinCEN, Tinian Dynasty failed to develop and implement policies and procedures designed to ensure anti-money laundering compliance, or to detect suspicious transactions. Details ...
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Blog
Report: Non-U.S. Bribery Actions Doubled Since 2012
A new report released by anti-bribery group TRACE International shows that while the United States still sets the pace for cracking down on bribery, non-U.S. enforcement actions have more than doubled since 2012, and in 2014 total non-U.S. enforcement actions concerning bribery of foreign officials outnumbered U.S. enforcement actions. Details ...
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Lessons From the BHP Billiton Case
Image: If compliance officers needed another reminder that the FCPA’s books-and-records provisions are still a dangerous trap for global businesses, look no further than the SEC’s recent $25 million fine against BHP Billiton. Observers say it offers valuable lessons in the SEC’s expansive interpretation of the law. “A check-the-box compliance ...
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Resolving Compliance and HR Turf Wars
Image: Compliance and HR have been tussling for years over which function owns company culture, when the truth is both have a crucial role to play. “If HR and compliance could come together and realize and accept that they’re on the same team … it could be a really powerful ...
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Blog
Five Major Banks Agree to Parent-Level Guilty Pleas
Five major banks—Citicorp, JPMorgan Chase, Barclays, The Royal Bank of Scotland, and UBS—last week agreed to plead guilty to conspiring to manipulate the price of U.S. dollars and euros exchanged in the foreign currency exchange (FX) spot market. The banks also agreed to pay criminal fines totaling more than $2.5 ...
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Blog
Compliance Director Charged With Defrauding Investors
The Securities and Exchange Commission yesterday announced fraud charges against a former director of compliance of a registered broker-dealer who was accused of defrauding investors and stealing money from the brokerage firm where he worked. “We allege a classic situation of the fox guarding the henhouse as William Quigley subverted ...
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The Real State of CCO Legal Liability
A compliance mishap in a company can feel like a professional failure to chief compliance officers; a more urgent question is whether it might also bring professional liability. At Compliance Week 2015, enforcement officials with the SEC and Justice Department, as well as compliance professionals themselves, explored how CCOs can ...
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Survey: CCOs Lack Confidence in FCPA Financial Controls
Compliance officers do not have much confidence in their companies’ financial controls to catch books-and-records violations of the FCPA, according to a new report published by Compliance Week and Kroll. The finding was one of many included in the 2015 Anti-Bribery & Corruption Report, looking at all manner of anti-corruption ...
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Blog
Deutsche Bank to Pay $55 Million for Misstating Financial Reports
Deutsche Bank has agreed to pay a $55 million penalty to the SEC to resolve charges that it filed misstated financial reports, which failed to take into account a material risk for potential losses estimated to be in the billions of dollars, during the height of the financial crisis. Details ...
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No Charges in HyperDynamics FCPA Case
Oil and gas company HyperDynamics announced last week that the Department of Justice has decided not to file charges following the completion of its investigation into potential violations of the Foreign Corrupt Practices Act. "We are extremely pleased to be informed that the DOJ has closed its inquiry into this ...
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Second Citigroup Compliance Update Posted
Ten months after Citigroup’s $7 billion settlement with the government to resolve investigations into the sale of sub-prime mortgages, the bank has published its second compliance progress report, which provides an update on consumer relief credit submitted for the monitor’s assessment; a description of outreach events Citi has conducted; and ...
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Blog
Managing FCPA Audits on a Global Scale
Enforcing anti-corruption policies among employees and third parties is one of the foremost concerns for compliance departments, but developing a robust process to assess and uncover bribery risks is not easy. At Compliance Week 2015, legal and audit executives with oil services giant Baker Hughes shared how they audit parties ...
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Caldwell: What a Robust Compliance Program Looks Like
During a keynote speech at the Compliance Week 2015 conference, Assistant Attorney General Leslie Caldwell provided some insight on what a robust compliance function and strong internal investigations look like. “Overall, our message is really a simple one: we really expect that corporations will take compliance risks as seriously as ...
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Hurry-Up Offense on Employee Surveillance
Image: Surveillance of employee activity is nothing new in the financial services sector, but the financial crisis, the LIBOR scandal, and other misconduct are driving new demands for smarter, better surveillance. Inside, we look at some of the IT challenges to extracting better intelligence from your data. The goal is ...