All United States articles – Page 139
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ArticleFinancial volatility, supply chain disruptions among PCAOB 2022 inspection focuses
The Public Company Accounting Oversight Board will pay increased attention to how auditors are addressing changing risk landscapes because of the current economic environment during its 2022 inspections.
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ArticleFINRA fines Barclays $2.8M over supervision, disclosure lapses
Barclays Capital agreed to pay $2.8 million as part of a settlement with the Financial Industry Regulatory Authority for “failure to comply with customer confirmation and related supervision rules” that led to disclosure lapses.
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ArticleUBS to pay $25M over ‘inadequate’ training, oversight in SEC fraud case
UBS Financial Services agreed to pay approximately $25 million to settle fraud charges brought by the SEC that cited “inadequate” training and supervisory oversight of the firm’s financial advisers regarding a complex options trading strategy.
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ArticleFASB update clarifies fair value guidance for equity securities
The Financial Accounting Standards Board issued an update to its fair value measurement standard that clarifies conflicting guidance regarding equity securities.
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ArticleUyghur Forced Labor Prevention Act should prompt due diligence reassessment
All companies with a global footprint should be reevaluating their supply chain due diligence and documentation practices to show the absence of forced labor in the wake of the Uyghur Forced Labor Prevention Act taking effect.
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ArticleFinCEN/BIS alert flags Russia export control evasion indicators
The Financial Crimes Enforcement Network and Bureau of Industry and Security warned financial institutions to be on the lookout for new and novel ways individuals and entities in Russia and Belarus are attempting to evade export controls.
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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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ArticleNYDFS penalizes Carnival $5M for cybersecurity failures
The New York State Department of Financial Services announced a $5 million penalty against Carnival Corp. for “significant” cybersecurity failures, including not implementing basic protocols to prevent four separate data breaches from 2019-21.
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ArticleCCO skepticism toward DOJ compliance certifications justified
Chief compliance officer concerns regarding the Department of Justice’s new certification policy have not been alleviated by the agency’s inconsistent communication regarding the requirement.
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ArticleOCC risk report: Russian sanctions, staffing churn increase compliance challenges
The Office of the Comptroller of the Currency warned banks and financial institutions about elevated operational risks caused by geopolitical tensions and a heightened compliance risk environment complicated by regulatory changes, policy initiatives, and difficulties in hiring qualified professionals.
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ArticleSEC spring rulemaking agenda signals potentially hectic fall for compliance
Final action by the Securities and Exchange Commission on its climate-related disclosure rule, whistleblower amendments, unimplemented elements of Dodd-Frank, and more could all take place by the end of the year, according to the agency’s spring agenda.
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Carnival reaches $1.25M settlement over 2019 data breach
Carnival Cruise Line reached a $1.25 million settlement with 46 attorneys general stemming from its 2019 data breach that involved the personal information of 180,000 Carnival employees and customers nationwide.
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ArticlePCAOB adopts new requirements for use of multiple audit firms
The Public Company Accounting Oversight Board announced its approval of a rule creating a new audit standard and amending a handful of others regarding audits involving multiple audit firms, the culmination of a project first launched in 2016.
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ArticleFCA fines JLT Specialty $9.7M for financial crime control lapses
The U.K. Financial Conduct Authority fined a unit of insurance broker Jardine Lloyd Thompson Group 7.9 million pounds (U.S. $9.7 million) for failing to control financial crime within its South and Central American subsidiaries.
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ArticleBrinks fined $400K over restrictive whistleblower language in contracts
The Brink’s Company, a provider of security-related services, has agreed to pay $400,000 and add wording in U.S. confidentiality agreements to comply with an SEC rule regarding corporate whistleblowers.
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ArticleFormer Rite Aid compliance exec fined $305K over insider trading case
A former Rite Aid compliance executive agreed to pay a civil penalty of $305,129 to resolve SEC insider trading charges regarding sale of company stock.
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Accuray names chief accounting officer
Accuray, a healthcare company offering radiation therapy, announced the appointment of Franco Palomba as vice president, chief accounting officer and controller.
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Article‘Have contingency plans’: TPRM expert on confronting Russia risk exposure
Melanie Gallagher, head of third-party risk management at financial software company Intuit, offered best practices for navigating sanctions compliance risks at CW’s TPRM Summit in Chicago.
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ArticleDAG Monaco: Sanctions should be ‘at the forefront’ of compliance approach
Businesses with a multinational footprint or international suppliers should be prioritizing abiding by U.S. sanctions in their compliance efforts, Deputy Attorney General Lisa Monaco said at an industry event.