All Compliance Week articles in Web Issue – Page 1224
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Article
DOJ official: ‘Inability to pay’ playing more prominent role in criminal cases
Revenue constraints faced by companies due to the coronavirus pandemic are factoring more prominently into settlement discussions with the Department of Justice, according to acting Criminal Division head Brian Rabbitt.
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ArticleEx-KPMG partner avoids prison in cheating scandal sentencing
Former KPMG partner David Britt has been sentenced to six months of home confinement for his role in a cheating scandal that has haunted the Big Four audit firm for two years and is now finally nearing its end.
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ArticleBack to the drawing board on transaction monitoring
In the wake of the “FinCEN Files” leaks, Martin Woods examines whether monitoring text rather than numbers in transactions could serve as a solution to our greater anti-money laundering woes.
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ArticleHow Danske is cleaning up after a €200B money laundering scandal
It is not clear what action Danske Bank will take on the back of its investigation into Europe’s biggest-ever money laundering scandal, but it is a safe bet to think further improving compliance will be on the list.
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ResourceWhite paper: The Data Trinity: Governance, Security & Privacy
Creating policies for data handling and accountability and driving culture change so people understand how to properly work with data are two important components of a data governance initiative, as is the technology for proactively managing data assets.
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ArticleDeutsche Bank fined $15.9M for lag in reporting suspicious transactions
A German public prosecutor levied a €13.5 million (U.S. $15.9 million) fine against Deutsche Bank for failing to report over 600 suspicious transactions in a timely manner but dropped a wider investigation related to the Danske Bank money laundering scandal.
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ArticleCorrective action could trump fines as GDPR evolves
Experts discuss whether EU data protection authorities would be better served using corrective actions other than eye-watering fines to encourage companies to commit to best (and legal) GDPR practices.
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ArticleSEC ‘pay-to-play’ enforcement surge projected in 2021
More donations in a high-stakes election year means more chances that the Securities and Exchange Commission will pursue investigations related to its often overlooked “pay-to-play” rule.
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ArticleBest practices for M&A cyber-security due diligence in a virtual world
The slowdown in mergers and acquisitions in the early stages of the coronavirus pandemic in March is waning, and M&A activity is approaching pre-pandemic levels again, with cyber-security risk now the top concern.
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ArticleMerit Medical fined $18M after ignoring CCO’s kickback warnings
The former chief compliance officer for Merit Medical Systems will be paid $2.65 million for his role in uncovering a six-year kickback scheme that paid hospitals and doctors to purchase company products.
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ArticleBrazilian meatpacker’s FCPA settlement details widespread corruption
Brazilian company JBS, the largest meat producer in the world, and its holding company agreed to pay nearly $300 million for systemic and widespread corruption in settlements with two U.S. enforcement agencies.
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ArticleWells Fargo gives us another reason to doubt their culture comeback
While Wells Fargo ends up with yet another “Failed It” this week, we salute the principled Deutsche Bank whistleblower whose refusal to accept “dirty money” cost him everything.
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ArticleUSAA $85M fine for compliance failures lacks justification
The OCC’s recent $85 million penalty assessed against USAA for compliance risk management failures leaves too many questions unanswered for a fine that size, writes Jaclyn Jaeger.
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ArticleLeading the way: Diversity standouts among Canadian public companies
A new report assessing diversity disclosure trends among Canadian public companies also showcases several corporate standouts for chief ethics and compliance officers to benchmark their programs against.
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Article
Anatomy of a 90% fine reduction: How BA saved $200M on GDPR penalty
The U.K. Information Commissioner’s Office agreed to slash its intended GDPR fine for British Airways from £183.39 million (U.S. $230 million) to just £20 million (U.S. $26 million). What was behind the massive reduction?
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Article
Split SEC loosens conflict-of-interest rules for independent auditors
The Securities and Exchange Commission has moved forward with relaxing its conflict-of-interest rules for independent auditors by a 3-2 vote.
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ArticleChief Auditor Zietsman to join PCAOB board
The Securities and Exchange Commission announced changes to the Public Company Accounting Oversight Board, including the appointment of Megan Zietsman as a board member for a term ending in October 2025.
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Article
Fisker appoints chief accounting officer
Electric car maker Fisker announced the appointment of John Finnucan as chief accounting officer.
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Article
Gemini adds APAC compliance chief
Gemini Trust Company, a cryptocurrency exchange and custodian, announced the appointment of Andy Meehan as chief compliance officer of the Asia-Pacific region.
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Article
Libra recruits HSBC exec as CFO, chief risk officer
Digital currency group the Libra Association continued the buildout of its risk and compliance department with the appointment of Ian Jenkins as chief financial officer and chief risk officer of Libra Networks.