All articles by Jaclyn Jaeger – Page 59
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New guidance (somewhat) relaxes federal contractors’ compensation audits
The Labor Department’s Office of Federal Contract Compliance Programs has released a new directive outlining the agency’s procedures for reviewing contractor compensation practices that promises “greater transparency, consistency, and efficiency in compliance evaluations.”
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SEC awards $54M to two whistleblowers
The Securities and Exchange Commission today announced it is awarding $54 million to two whistleblowers, whose critical information and continued assistance helped the agency bring an enforcement action.
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Ensco: U.S. authorities will not be bringing enforcement actions
U.K.-based offshore drilling contractor Ensco announced this week that the U.S. Department of Justice and Securities and Exchange Commission do not intend to bring enforcement actions in connection with a previously disclosed investigation into alleged irregularities related to a drilling services contract.
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ING reaches $900M settlement with Dutch authorities
Global financial institution ING announced Tuesday that it has reached a $900 million settlement with Dutch authorities to resolve its money laundering case. A close reading of the enforcement action offers numerous lessons for compliance and risk officers.
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Sanofi to pay $25M to resolve FCPA violations
The SEC on Tuesday announced that Paris-based pharmaceutical company Sanofi has agreed to pay more than $25 million to resolve charges that its Kazakhstan and Middle East subsidiaries made corrupt payments to win business.
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ArticleCompliance analytics can help you harness the power of data
If you’re drowning in a sea of information, compliance analytics might be the life vest that can rescue you from chaos.
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Second Circuit ruling limits scope of FCPA liability
Compliance officers and in-house counsel should take a close look at a recent Second Circuit decision that limits the scope of the FCPA liability.
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Swiss bank to pay $60.4M in U.S. tax evasion case
Swiss bank Basler Kantonalbank entered into a deferred prosecution agreement and will pay $60.4 million in total penalties for conspiring with others to evade U.S. taxes, the Department of Justice announced.
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Legg Mason to pay $34M to resolve FCPA charge
Investment management firm Legg Mason will pay over $34 million to resolve a charge brought by the Securities and Exchange Commission that the company violated the Foreign Corrupt Practices Act in a scheme to bribe Libyan government officials.
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ArticleLessons from Wynn Resorts’ sexual harassment scandal
Companies looking for a case study in how to respond (and how not to respond) when allegations of sexual harassment arise, as well as what corporate governance practices put a company at greater legal risk, should look to Wynn Resorts.
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Microsoft offers details into reported corruption probe
According to the Wall Street Journal, U.S. authorities are investigating Microsoft over a bribery and corruption matter in Hungary, some details of which the company shared with Compliance Week.
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FCPA inquiry into Güralp Systems Limited ends as SFO investigation continues
Consistent with its FCPA Corporate Enforcement Policy, the Department of Justice has closed its Foreign Corrupt Practices Act inquiry into U.K. company Güralp Systems, without bringing any action, as the maker of seismic testing equipment faces an ongoing parallel investigation by the U.K. Serious Fraud Office.
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CFTC simplifies its regulations governing compliance officers
The Commodity Futures Trading Commission on Aug. 21 unanimously approved final amendments clarifying and simplifying its regulations governing chief compliance officer duties and annual compliance reporting requirements for futures commission merchants, swap dealers, and major swap participants.
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Treasury targets Russian shipping companies
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced that it has targeted Russian shipping firms for violating North Korea-related United Nations Security Council Resolutions.
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New Zealand’s financial regulator to financial services firms: Culture is lacking
New Zealand’s Financial Markets Authority, the government agency responsible for financial regulation, on Aug. 9 set out its work plan for the year ahead, as the conduct and culture of the country's financial services industry comes under increased scrutiny.
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Danske Bank case illustrates poor anti-money laundering practices
There seems to be no end to the AML woes hounding Danske Bank. Most recently, Denmark’s financial crime regulator announced a pending investigation into the beleaguered bank for possible money laundering violations related to its Estonian branch.
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Reading the tea leaves of the Market Integrity and Consumer Fraud Task Force
Compliance, risk, and legal professionals that are not already familiar with the new Task Force on Market Integrity and Consumer Fraud should get up to speed, and fast.
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ArticleAs technology evolves, so do accounting and finance leaders
A new study from Robert Half and the Financial Executives Research Foundation reveals how evolving technology is rapidly enhancing the accounting and finance functions.
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World Bank debars Chinese information-technology company
The World Bank on Aug. 1 announced the 15-month debarment of China-based Jiangsu Zhidehuatong Information Technology in connection with fraudulent practices as part of the Hubei Xiangyang Urban Transport Project in China.
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24 attorneys general push for shell company transparency
Washington Attorney General Bob Ferguson has led a bipartisan group of 24 attorneys general to urge leadership of the House Financial Services Committee to advance legislation improving transparency of shell corporations by requiring them to disclose who controls and profits from their activities.