All articles by Jaclyn Jaeger – Page 110
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Blog
Survey: Disparate IT Systems Increase Compliance Costs
Many companies still rely on disparate systems and manual processes to manage their human capital management-related compliance, which in turn is putting a drain on company resources, according to a new survey released today by CFO Research and ADP, an HCM solutions provider. Details on the survey results inside.
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Blog
Citigroup Probe Over AML Violations Widens
Citigroup is under investigation by the Financial Crimes Enforcement Network and the California Department of Business Oversight for potential Bank Secrecy Act and anti-money laundering violations at its Banamex USA unit. The disclosure comes one year after Citigroup received a subpoena from the U.S. attorney of Massachusetts for similar issues. ...
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Blog
General Cable Sets Aside $24 Million for Angola Bribes
General Cable said this week in a regulatory filing that it has set aside an estimated charge of $24 million that it believes the Securities and Exchange Commission likely will disgorge from profits derived from sales tainted by improper payments made in Angola. In September, the maker of copper, aluminum, ...
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Blog
New York AG Proposes Whistleblower Reward Program
Image: New York Attorney General Eric Schneiderman will soon propose legislation to protect and reward employees who report fraud in the banking, insurance, and financial services industries. The bill will also provide whistleblowers protection from retaliation. “This law will be the strongest, most comprehensive in the nation and is long ...
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Goodyear to Pay $16 Million for FCPA Violations
Goodyear Tire & Rubber Co. has reached a $16 million settlement with the SEC to resolve charges that it violated the Foreign Corrupt Practices Act when its subsidiaries paid bribes to land tire sales in Kenya and Angola. Goodyear neither admitted nor denied the SEC’s findings. Details inside.
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Article
Practical Ideas on Managing Reputation Risk
Image: Reputation risk is the strategic business issue for many boards and senior executives today, and yet few know how to address it well. “Reputation is an ‘amplifier risk,’ because it attaches itself to other risks,” says Andrea Bonime-Blanc, head of consulting firm GEC Risk Advisory. She and others recommend ...
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Article
CW 2015 Conference Preview: Assessing Program Effectiveness
Image: Compliance officers are under constant pressure to demonstrate to senior executives, their boards, and regulators that the compliance function works. That means finding ways to measure compliance program effectiveness. To develop those metrics properly, “you have to define your goals,” says Anne Harris, former chief ethics officer of General ...
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Blog
NY Comptroller: Sweeping Compliance Overhaul in the Works
Image: The New York Comptroller’s Bureau of Asset Management is implementing sweeping compliance, ethics, and audit reforms for how it oversees the assets of the five city pension funds. These reforms will “significantly enhance accountability, transparency and ethics in my office,” said Comptroller Scott Stringer. Details inside.
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Blog
South Africa Fines Deutsche Bank $857,000 for Lax AML Controls
South Africa’s banking regulator last week fined Deutsche Bank $857,000 for failing to implement appropriate anti-money laundering controls. Deutsche Bank said in a statement that it acknowledged the inconsistencies and had “cooperated fully in remediating the identified shortcomings within agreed timeframes.” Details inside.
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Blog
Eli Lilly: Justice Department Drops FCPA Probe
Eli Lilly announced in a regulatory filing last week that the Department of Justice has closed its Foreign Corrupt Practices Act investigation without bringing any charges. The parallel investigation followed a $29.4 million civil settlement that the drug company reached with the Securities and Exchange Commission in 2012 for FCPA ...
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Blog
AG Nominee Loretta Lynch on FCPA Enforcement
Image: Anyone curious about where attorney general nominee Loretta Lynch stands on enforcement of the Foreign Corrupt Practices Act now has a lot of reading material. Lynch answered a host of written questions from the Senate Judiciary Committee, giving her views on the Justice Department’s current level of transparency, the ...
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Blog
Flowserve Uncovers Potential FCPA Violations
Flowserve said this week in a securities filing that it has discovered potential violations of the Foreign Corrupt Practices Act. The developer of valves and pumps said that it has uncovered actions involving an employee based in an overseas subsidiary that violated its Code of Business Conduct, and may have ...
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Blog
Canada Hits SNC-Lavalin With Fraud Charges; Company Hits Back
Canada has filed corruption and fraud charges against construction company SNC-Lavalin Group and two of its subsidiaries for possible misconduct in Libya—and the company has roundly rebutted them as baseless. “SNC-Lavalin firmly considers that the charges are without merit and will vigorously defend itself and plead not guilty,” the company ...
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Article
ABA Seeks Clarity for Corporate Monitors
Image: The American Bar Association is mulling new standards for corporate monitors that effectively could make the monitorship process a lot easier, cheaper, and transparent for compliance officers working with them. “The standards go a long way toward facilitating a better relationship between the monitor and the company,” says John ...
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Article
How to Respond to a China Antitrust Probe
Chinese regulators are stepping up enforcement of antitrust laws, resulting in more investigations of U.S. companies. “Foreign companies doing business in China need to know that Chinese antitrust authorities have far-reaching enforcement powers, and that the procedural safeguards are not the same as those which may apply in the United ...
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Blog
Rolls-Royce Gets Rolled Into Petrobras Bribery Scandal
British engineering company Rolls-Royce Holdings is facing allegations that it paid bribes to Brazilian state-owned oil company Petrobras in exchange for a $100 million contract to provide gas turbines to power Petrobras oil rigs. Pedro Barusco, a former Petrobras senior executive, said he received at least $200,000 in bribes from ...
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Blog
Prudential Financial Adopts New Clawback Policy
Prudential Financial this week adopted a new clawback policy covering all incentive-based compensation made to its executive officers in the form of stock options and other equity awards. "The policy, which marks an expansion of Prudential’s previous clawback policy, was adopted by the Board as part of its annual review ...
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Blog
Harvey Goldschmid Passes Away
Image: Columbia Law School Professor Harvey Goldschmid, a renowned corporate governance expert who served as a commissioner and the top attorney at the Securities and Exchange Commission, died this week from complications from pneumonia. “He was a true public servant, whose commitment to this agency lived long past the days ...
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Blog
AstraZeneca to Pay $7.9 Million for False Claims Act Violations
Drug maker AstraZeneca this week agreed to pay $7.9 million to the government to resolve allegations that it engaged in a kickback scheme in violation of the False Claims Act. “We will continue to pursue pharmaceutical companies that pay kickbacks to pharmacy benefit managers,” said acting Assistant Attorney General Joyce ...
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Blog
TEVA Expands Scope of FCPA Probe
An internal investigation that Teva Pharmaceutical Industries began three years ago into possible violations of the Foreign Corrupt Practices Act continues to expand in scope, and further appears to have found evidence of wrongdoing, the company stated in a recent filing with the Securities and Exchange Commission. Details inside.