All Compliance Week articles in Web Issue – Page 1296
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ArticleSteps for preparing for potential Russian cyberthreats
As the West seeks to isolate Russia, the country might retaliate with state-sponsored cyberattacks. Although Russia is suspected to have launched such attacks before, the scale and scope could be much bigger this time, experts warn.
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ArticleSource of funds/source of wealth: Knowing the difference and best practices
With the similarity of their nature and how they overlap, not to mention how often they are mentioned in the same breath, it can easily lead to confusion when trying to remember which is which between source of funds and source of wealth.
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WSFS Bank promotes chief auditor to chief risk officer
WSFS Bank announced Chief Auditor Christine Davis has been promoted to executive vice president, chief risk officer.
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ArticleDOJ to seek more info on victims in white-collar enforcement cases
The Justice Department will ask companies to enhance how they address victim issues as part of new efforts announced by Criminal Division head Kenneth Polite Jr. in a speech on white-collar crime.
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ArticleDOJ informs Ericsson of second breach of DPA
Ericsson announced the Department of Justice determined the Swedish telecom breached its obligations under a 2019 deferred prosecution agreement again, this time for insufficient disclosure regarding conduct in Iraq.
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ArticleIAB Europe fighting back against ‘grossly unfair’ GDPR fine
Townsend Feehan, chief executive of the European arm of the Interactive Advertising Bureau, discusses the ramifications of her organization’s €250,000 (then-U.S. $286,000) fine under the General Data Protection Regulation in Belgium.
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ArticleFATF adds United Arab Emirates to AML/CFT watchlist
The Financial Action Task Force added the United Arab Emirates to its “grey list” of countries subject to increased monitoring due to deficiencies in fighting financial crime.
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ArticleShould SEC hold securities lawyers accountable for bad advice?
A commissioner at the Securities and Exchange Commission has proposed establishing a minimum set of standards for lawyers advising public companies on securities law to combat a trend of “overzealous” representation.
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ArticleSix years later, CW whistleblower subject receives award
Andrew Russo, one of five whistleblowers to share their stories in CW’s “Witness to Wrongdoing” series, has finally received an award from the Securities and Exchange Commission, nearly six years after he filed his claim.
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ArticleKPMG fined $1.15M for Revolution Bars Group audit failings
The U.K. Financial Reporting Council announced a reduced fine of 875,000 pounds (U.S. $1.15 million) against KPMG for audit failings in its work at bar chain Revolution Bars Group for the fiscal years ended 2015 and 2016.
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ArticleMallinckrodt to pay $260M for False Claims Act violations
Pharmaceutical company Mallinckrodt agreed to pay approximately $260 million as part of a settlement announced by the Department of Justice for underpaying Medicaid rebates and violating kickback laws regarding its drug Acthar.
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ArticleCiti chief compliance officer to step down; search for new CCO launched
Citi Chief Compliance Officer Mary McNiff will step down and accept another post within the bank as part of a reshuffling of leadership to comply with orders issued in 2020 by the Office of the Comptroller of the Currency and Federal Reserve.
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ArticleFinCEN warns financial institutions of Russian sanctions evasion
The Financial Crimes Enforcement Network issued guidance highlighting the types of red flags financial institutions should be looking for to detect potential Russian sanctions evasion attempts.
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ArticleAmazon transport arm GDPR fine imparts lesson on criminal record checks
Amazon Road Transport was fined €2 million (U.S. $2.2 million) for trying to carry out criminal record checks on freelance truck drivers it wanted to hire without Spanish law to back up the practice.
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ArticleMTS compliance monitorship extended one year
The Department of Justice and Mobile TeleSystems jointly agreed to voluntarily extend for one year the term of the Russian telecommunications company’s independent compliance monitorship in accordance with a 2019 deferred prosecution agreement.
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ArticleTop 10 reasons to attend Compliance Week 2022
A keynote with two SEC commissioners; interactive sessions on global sanctions, ESG, and ethical leadership; and a new conference location and format highlight Dave Lefort’s list of reasons to be excited for CW’s first in-person event in nearly three years.
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ArticleBiden executive order seeks to study crypto, evaluate Fed-backed digital currency
President Joe Biden has ordered federal regulators to study the risks and potential benefits of digital assets and their underlying technology while encouraging the Federal Reserve to continue evaluating the creation of a federally backed digital currency.
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ArticleSEC proposes companies report cybersecurity incidents within four days
Public companies would have to report material cybersecurity incidents no later than four business days after they occur if a rule proposed by the Securities and Exchange Commission takes effect.
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ArticleGoldman Sachs first major U.S. bank to exit Russia
Goldman Sachs announced the winding down of its business in Russia, becoming the first major U.S. bank to take such action in the wake of the invasion of Ukraine. JPMorgan Chase later announced similar plans to exit the country.
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ArticleClearview AI fined $22M in Italy over unlawful data collection
Facial image aggregator Clearview AI was fined €20 million (U.S. $22 million) for unlawfully processing the biometric and geolocation data of Italian citizens in violation of privacy laws including the General Data Protection Regulation.