All Compliance Week articles in Web Issue – Page 1280
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ArticleOCC acting head: 5 climate questions bank boards should be asking
Michael Hsu, acting head of the Office of the Comptroller of the Currency, explores the role of bank boards to promote improvements in climate risk management practices at their banks.
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ArticleSEC appoints 4 to overhauled PCAOB; Erica Williams named chair
The SEC appointed Erica Williams to serve as chairperson of the newly overhauled PCAOB. Kara Stein, Christina Ho, and Anthony Thompson will join as new additions, while Acting Chair Duane DesParte will remain on as a board member.
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ArticleMexico AML chief resigns amid wedding scandal
Santiago Nieto stepped down as head of Mexico’s Financial Intelligence Unit after controversy surfaced regarding a large amount of cash found on a plane carrying guests to his wedding in Guatemala.
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ArticleFed supervision head Randal Quarles to resign
Randal Quarles, vice chair for supervision at the Federal Reserve, submitted his resignation as a member of the board, effective at the end of December.
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Article
FASB proposes amendments to interim disclosure requirements
The Financial Accounting Standards Board proposed an update to its interim reporting standard as part of its disclosure framework project aimed at improving the clarity, consistency, and effectiveness of financial statement disclosures.
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ArticleRobinhood data breach impacts 7 million customers
Robinhood announced a hacker obtained the email addresses or names of approximately seven million of its customers. Approximately 310 customers had their personal information exposed as part of the same breach.
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ArticleSEC, CFTC charge U.S. Commodity Funds with disclosure failures
The SEC settled charges against U.S. Oil Fund and its general partner U.S. Commodity Funds for misleading statements about futures broker limitations. USCF additionally settled a parallel CFTC case and will pay a total penalty of $2.5 million.
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ArticleNHTSA issues first-ever whistleblower award of $24M to Hyundai insider
A former Korean safety engineer with Hyundai will receive the first whistleblower award from the National Highway Traffic Safety Administration: A $24.3 million payment for information regarding engine safety issues in 1.6 million Hyundai and Kia vehicles sold in the U.S.
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ArticleIAB Europe expecting to be found in violation of GDPR
The European arm of the Interactive Advertising Bureau released a statement acknowledging it expects to be found in violation of the EU’s General Data Protection Regulation regarding its Transparency and Consent Framework.
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ArticleTreasury ransomware response: More sanctions, updated FinCEN guidance
The U.S. Treasury continued its crackdown on facilitators of ransomware payments, sanctioning a second virtual currency exchange and its affiliates and updating FinCEN guidance to help make financial institutions more aware of related red flags.
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ArticleIgnoring compliance, Mashreqbank fined $100M for Sudan sanctions violations
The New York State Department of Financial Services fined United Arab Emirates-based Mashreqbank $100 million for violating now-repealed Sudanese sanctions regulations and for having in place an inadequate compliance program.
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ArticleEx-McKinsey partner charged with insider trading on Goldman Sachs deal
Former McKinsey Partner Puneet Dikshit was arrested and charged with using inside information to profit on the acquisition of a fintech company by his firm’s client, Goldman Sachs Group.
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OraSure Technologies hires general counsel, CCO
Home diagnostic testing company OraSure Technologies hired Agnieszka Gallagher as its general counsel, chief compliance officer, and secretary to replace the retiring Jack Jerrett.
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Cabaletta Bio appoints chief compliance officer
Clinical-stage biotechnology company Cabaletta Bio promoted Heather Harte-Hall to the role of chief compliance officer.
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ArticleFASB passes on third leases delay
The Financial Accounting Standards Board declined providing private companies and certain not-for-profit organizations a third date delay to its leases standard, which is scheduled to take effect fiscal years beginning after Dec. 15, 2021.
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ResourceWhite paper: E-Discovery Market Trends and Challenges
Organizations are asking more of IT, legal and compliance teams than ever before. They need to manage more data, from more data sources and they’re required to comply with an increasing number of e-discovery requests
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ArticleWhen racist words, stereotypes are not in the eye of the beholder
A recent case involving discrimination allegations raised by a former compliance executive at Commerzbank serves as a reminder that sometimes people use words that hurt others’ feelings, but it doesn’t always mean the intention is there.
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ArticleU.K. Supreme Court decision on Google deals blow to class actions
Legal experts weigh in on the U.K. Supreme Court’s rejection of a claim that sought billions of pounds in damages from Google over alleged illegal tracking of millions of iPhones and what it means for future collective actions.
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ArticleCWE panel: Risks, rewards of outsourcing compliance
As they look to manage third-party risks, compliance departments are increasing their reliance on outsourcing. Experts at Compliance Week’s virtual Europe event discuss the benefits and risks of enlisting external help.
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ArticleFASB update provides expedient for valuing share-based awards
The Financial Accounting Standards Board has provided a practical expedient for private companies to reduce the complexity of determining the fair value of share-based awards.