All Compliance Week articles in Web Issue – Page 151
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CohnReznick fined $1.9M for audit failures at Sequential Brands, Longfin
Audit firm CohnReznick agreed to pay $1.9 million as part of a settlement with the Securities and Exchange Commission for improper conduct at two of its clients the SEC previously charged with filing fraudulent financial statements.
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SEC acting chief accountant: Ethical culture key to auditor independence
Paul Munter, acting chief accountant at the Securities and Exchange Commission, released a statement acknowledging recurring issues agency staff have observed regarding auditor independence consultations.
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California privacy board moves forward with draft CPRA regulations
The California Privacy Protection Agency unveiled draft rules for the soon-to-be enacted California Privacy Rights Act at its board meeting.
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Lummis-Gillibrand bill would regulate crypto for first time
The Responsible Financial Innovation Act, introduced by Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.), seeks to regulate digital assets, blockchain technology, and cryptocurrencies in the United States for the first time.
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Ropes & Gray adds Hui Chen as senior adviser for Insights Lab
Global law firm Ropes & Gray announced the appointment of compliance and ethics expert Hui Chen as a senior adviser for its Insights Lab, the legal industry’s first analytics and behavioral science consulting group.
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WellBe Senior Medical appoints chief compliance officer
WellBe Senior Medical announced the appointment of Joshua Aubey as chief compliance officer.
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Bank of Montreal recruits chief risk officer from Citi
Bank of Montreal announced the appointment of Piyush Agrawal as chief risk officer, effective Nov. 1. Agrawal joins BMO from Citigroup, where he held the role of chief risk officer for Citibank, N.A. and global head of climate risk since 2021.
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CNO Financial Group names chief risk officer
Financial services holding firm CNO Financial Group announced the appointment of Brian Schneider as vice president, enterprise risk management and chief risk officer.
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Morningstar to pay $1.15M in SEC internal control failure case
Morningstar Credit Ratings agreed to pay a civil penalty of $1.15 million to resolve charges of disclosure violations and internal control failures levied by the Securities and Exchange Commission last year.
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Article
DOJ recruits Hewlett Packard Enterprise CECO to lead Fraud Section
The Justice Department’s Criminal Division added another chief compliance officer to its ranks with the appointment of Glenn Leon to serve as chief of the Fraud Section.
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Article
Treasury considering rule to address AML ‘loopholes’ in private investment
The Treasury Department is considering rulemaking that would seek to mitigate the growing risk sanctioned Russian oligarchs and politicians will attempt to use “hedge funds, private equity firms, and investment advisers to hide their assets.”
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Synchronoss to pay $12.5M over alleged accounting misconduct by former execs
The Securities and Exchange Commission announced software company Synchronoss Technologies agreed to a $12.5 million settlement for “long-running accounting improprieties” caused, in part, by alleged misconduct from senior executives.
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Tepid reception to ‘half-hearted’ U.K. audit reform measures
The U.K. government’s confirmed plans to shake up the audit market and improve corporate governance for the country’s biggest companies has received mixed response, with some key stakeholders lamenting “missed” opportunities.
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Cravath adds ex-SEC vets Roisman, Leete to new D.C. office
Law firm Cravath, Swaine & Moore announced it will open a Washington, D.C. office anchored by two former leaders from the Securities and Exchange Commission and the former chairman of the Federal Deposit Insurance Corporation.
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PwC fined $6.2M over Galliford Try, Kier Group audit lapses
PwC will pay a total of nearly £5 million (U.S. $6.2 million) as part of a pair of enforcement actions announced by the U.K. Financial Reporting Council regarding deficiencies in the Big Four firm’s audits at construction companies Galliford Try and Kier Group.
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Fiat Chrysler pleads guilty in $300M emissions fraud case
The U.S. arm of Fiat Chrysler Automobiles pleaded guilty to conspiracy to defraud the United States, wire fraud, and violating the Clean Air Act for “making false and misleading representations” regarding emissions control systems on more than 100,000 vehicles.
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Bipartisan data privacy bill seeks to break through Congressional logjam
A bipartisan bill attempting to end the gridlock in Congress over crafting a federal data privacy law was introduced by a pair of Republicans and a Democrat.
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FinCEN launches rulemaking on no-action letter process
The Financial Crimes Enforcement Network launched rulemaking for a no-action letter process, which the agency said might help spur innovation in financial services for anti-money laundering/countering the financing of terrorism and compliance functions.
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Article
Indictment: Ex-CCO charged with wire fraud over misappropriated funds
Jennifer Campbell, a former chief compliance officer at an unnamed investment adviser in Buffalo, N.Y., faces criminal and civil charges for allegedly misappropriating approximately $500,000 in funds from client accounts.
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CFTC comment request gauging future action on climate-related risks
The Commodity Futures Trading Commission is seeking public comment on climate-related financial risks that could inform the agency’s future guidance, interpretations, policy statements, and/or rulemaking.