All United States articles – Page 181
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ArticleSEC enforcement priorities under Biden: Reading the tea leaves
Careful consideration as to what new tone, direction, and priorities the SEC’s Division of Enforcement will take under Joe Biden can help you reduce compliance risk.
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ArticleMore data, more problems with FinCEN international transfer proposal?
A recent international wire transfer rule change proposed by U.S. regulators could go a long way toward combatting terrorist financing, but the increased transaction reporting may overwhelm an already taxed system, writes Martin Woods.
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ArticleCOSO report: Elevating compliance leads to more informed decision-making
Many compliance departments are not independent, but instead report to other departments. COSO recommends compliance be separated out into its own division, led by a chief compliance officer with an executive-level position.
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ArticleNikola discloses subpoenas over fraud allegations
Electric truck startup Nikola disclosed in a regulatory filing it has received subpoenas from the SEC and the Department of Justice regarding fraud allegations raised in a short-seller report in early September.
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ArticleOCC report: Banks sound, but compliance risks elevated amid pandemic
The U.S. banking industry is stable nearly nine months into the coronavirus pandemic, but the OCC warns of increased risks for banks seeking to comply with the Bank Secrecy Act and consumer protection and fair lending requirements.
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ArticleEmbattled FirstEnergy parts with legal, ethics chiefs
Embroiled in the Ohio nuclear bailout federal corruption scandal, FirstEnergy Corp. continued to clean house with the firing of Chief Legal Officer Robert Reffner and General Counsel and Chief Ethics Officer Ebony Yeboah-Amankwah.
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ArticlePfizer facing FCPA probes into China operations
Pharmaceutical firm Pfizer announced in a recent regulatory filing that it has received requests from the Department of Justice and the Securities and Exchange Commission regarding the company’s operations in China.
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ArticleJulius Baer reserves $80M for FIFA corruption settlement
Julius Baer has set aside nearly $80 million in a proposed settlement with the Department of Justice regarding the agency’s corruption investigation linked to world soccer federation FIFA.
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ArticleCFPB under Biden will likely get new director, new direction
The Consumer Financial Protection Bureau is likely to revert to its more aggressive, Obama-era version of itself under a Biden administration.
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ArticleFASB delays, eases early adoption for long-duration insurance standard
The Financial Accounting Standards Board finalized an update to its standard on accounting for long-duration contracts at insurance companies that will delay the effective date by one year and ease compliance burdens for early adopters.
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ArticleAudit committee best practices for understanding and acting on cyber-threats
Cyber-security risk oversight is the area with the greatest increase in audit committee disclosures in proxy statements, so you better make sure you’ve got a handle on understanding your responsibilities.
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ArticleCalifornia voters approve creation of new state agency to enforce CCPA
California voters approved a ballot measure that will add new layers of responsibility for businesses attempting to comply with the state’s first-in-the-nation data privacy law, the California Consumer Privacy Act.
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JPMorgan Chase facing potential fine for internal control deficiencies
A subsidiary of JPMorgan Chase is facing a potential civil penalty “related to historical deficiencies in internal controls and internal audit over certain advisory and other activities.”
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ArticleFY record already in sight as SEC issues $28M whistleblower award
A $28 million whistleblower award announced Tuesday is the latest in an unprecedented stretch that has the SEC within reach of surpassing the record award total set in fiscal year 2020 just five weeks into FY2021.
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ArticleCitigroup chief risk officer to depart amid risk management overhaul
The chief risk officer at Citigroup is set to depart from his role in the wake of a $400 million enforcement action that ordered the firm to overhaul its risk management and compliance programs.
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ArticleCalifornia accounting board fines KPMG $1.3M for cheating scandal
California and its Board of Accountancy has fined audit firm KPMG $1.3 million after elements of its inspection and internal exam cheating scandals were run through the state.
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ArticleEmerging state board diversity laws encourage proactive approach
As more states enact statutes that directly address diversity in the boardroom, corporate boards that have not already done so would be wise to begin strategizing their diversity efforts now.
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ArticleNew bank resiliency guidance tackles cyber-risk, pandemic planning
Federal banking regulators have released new operational resiliency guidance aimed to strengthen risk management around technology-based failures, cyber-incidents, pandemic outbreaks, natural disasters, and more.
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ArticleSEC excludes 2 from share of $10M whistleblower award
The SEC announced the award of more than $10 million to a whistleblower whose “substantial” assistance throughout the course of an investigation was the sole driver behind a successful enforcement action.
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ArticleGE reserves $100M for potential SEC accounting enforcement
General Electric has set aside $100 million relating to a potential SEC enforcement action that could encompass several areas of alleged accounting failures.