All Compliance Week articles in Web Issue – Page 1221
-
ArticleChinese regulator fines Luckin Coffee, affiliated groups $9M
China’s market competition regulator announced a fine of 61 million yuan (U.S. $9 million) against Luckin Coffee and a group of affiliated firms in response to the coffee chain’s inflated sales scandal.
-
ArticleFormer Wells Fargo execs settle with OCC for fake account scandal roles
Three former senior executives of Wells Fargo Bank must pay a combined total of $1.675 million in civil money penalties in settlements with the OCC for their individual roles in the bank’s now-infamous fake account scandal.
-
SponsoredHow the new reality of remote and distributed work is changing the risk and compliance landscape
Join Executive Q&A with Microsoft and Frost Bank Risk Management Leaders to hear how their companies are addressing new risks brought by pandemics.
-
ArticleTakeaways from FASB leases roundtable
FASB held a public roundtable on implementation of the new lease accounting standard, discussing technical issues that are challenging for practitioners and where additional or amended guidance might be needed.
-
Article
Sargeant Marine to pay $16.6M in FCPA case
Sargeant Marine has pleaded guilty to conspiracy to violate the anti-bribery provisions of the FCPA and agreed to a $16.6 million criminal fine to resolve the charges, the Department of Justice announced.
-
Article‘FinCEN Files’ highlight bank leadership flaws, not compliance flaws
Compliance has been taking some heat in the wake of the “FinCEN Files” reports, but it’s banks’ senior leadership that failed, not the folks filing all those SARs.
-
ArticleDéjà vu: Senate committee revisits need for federal privacy law
Nearly a year since their last hearing to discuss the urgent need for a federal privacy law in the United States, the Senate Committee on Commerce, Science, and Transportation largely remains stuck in neutral.
-
ArticleFinCEN leaks impart key lessons on basics of writing SARs
Martin Woods, who has analyzed many of the suspicious activity reports released as part of the “FinCEN Files,” offers best practices for compliance officers in writing SARs.
-
ArticleWhistleblower advocates up in arms over changes to SEC program
More than two years after proposing them, the Securities and Exchange Commission approved a series of controversial amendments to its whistleblower program designed to make the issuance of awards more streamlined and efficient.
-
ResourceWhite paper: Additional Tips for Success in Combatting Bribery and Corruption
On July 3, 2020, quietly and with little fanfare, the Criminal Division of the US Department of Justice (“DOJ”) and the Securities and Exchange Commission (“SEC”) released the 133-page Resource Guide to the US Foreign Corruption Practices Act, Second Edition (“the FCPA Resource Guide”).
-
ArticleCompanies face greater risk as GDPR class actions emerge
In the past month three of the world’s largest tech firms have been hit with legal actions that could lead to billion-dollar damages suits for alleged violations of the GDPR. Neil Hodge explores the trend and what to expect moving forward.
-
Article‘FinCEN Files’ fallout: Where do banks go from here?
The “FinCEN Files” report raises the question: What should banks be doing to address the trillions of dollars’ worth of banking transactions that are facilitating criminal activity every year?
-
ArticleWestpac set to pay record $912.6M civil penalty for AML failures
Westpac is bracing for a record AUD$1.3 billion (U.S. $912.6 million) civil penalty issued by Australia’s financial crime regulator related to a money-laundering scandal and the facilitation of child exploitation in the Philippines and Southeast Asia.
-
Article
Keysight Technologies to pay $473K for sanctioned dealings in Iran
Keysight Technologies, a successor entity to Anite Finland, has reached a $473,157 settlement with the U.S. Department of the Treasury’s Office of Foreign Assets Control regarding subsidiary dealings in the sanctioned country of Iran.
-
ArticleLighting company, four executives fined for improperly booking revenue
A Connecticut industrial lighting company has been fined $1.25 million by the SEC for falsely booking $55 million worth of sales on its financial statements over four years. Four company executives have been fined as well.
-
Article‘FinCEN Files’ show Europe’s AML efforts maybe aren’t so world class
The damning revelations from the “FinCEN Files” leaks have once again put Europe and its supposed world-leading anti-money laundering rules under the spotlight.
-
ArticleInternal whistleblower exposes fraud at Illinois engine manufacturer
An internal whistleblower exposed a scheme by three executives of a Chicago-area engine manufacturer to improperly inflate revenue and cover their tracks by lying to company accountants and independent counsel.
-
ArticleBoA a silver lining in damning ‘FinCEN Files’ report; Wells Fargo CEO puts foot in mouth
Bank of America gets a pat on the back for going beyond an “observe and report” approach to filing a SAR, and we learned this week that Wells Fargo’s CEO needs a little unconscious bias training.
-
ArticleSurvey: Practitioners weigh in on IIA’s new Three Lines Model
A look at results from a joint survey from Compliance Week and Workiva reveals companies could benefit from a deep dive into the IIA’s new Three Lines Model, especially in light of the recent pandemic.
-
ArticleTwo companies charged in landmark SEC data analytics cases
A new risk-based data analytics initiative at the SEC has been credited for forming the basis of charges against two publicly traded companies for improper reporting of quarterly earnings per share.