All Compliance Week articles in Web Issue – Page 159
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California judge strikes down state’s board diversity law
A California state superior court judge struck down a diversity mandate that ordered public companies in the state to have at least one minority board member by the end of 2021.
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Wells Fargo appoints first chief sustainability officer
Wells Fargo & Company announced the appointment of Robyn Luhning to the newly created role of chief sustainability officer.
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JST Capital hires former CCO from New York Fed
Martin Grant, the former chief compliance and ethics officer of the Federal Reserve Bank of New York, has joined financial services firm JST Capital as its new global head of regulatory affairs and integrity.
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PayZen adds first chief risk officer
Fintech firm PayZen announced the appointment of Chiranjib Gupta as the company’s first chief risk officer.
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Casella Waste Systems appoints chief accounting officer
Casella Waste Systems announced the promotion of Corporate Controller Kevin Drohan to vice president and chief accounting officer.
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Prada Group appoints new general counsel
Prada Group, a luxury retail brand, announced the appointment of Cristina De Dona as general counsel.
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Geneva Financial names chief compliance officer
Geneva Financial, a direct mortgage lender, announced Kelly Singh has joined its leadership team as chief compliance officer. In her role, Singh will drive quality control and compliance for the company’s mortgage operations.
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Ex-KPMG audit head fined record $100K by PCAOB over cheating scandal
Scott Marcello, the former vice chair of audit at KPMG during the Big Four firm’s infamous cheating scandal, was fined a record $100,000 by the Public Company Accounting Oversight Board for his supervision failures.
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Danske Bank fined $1.5M for data processing failures under GDPR
The Danish Data Protection Agency has reported Danske Bank to the police and fined it 10 million Danish kroner (U.S. $1.47 million) over its failure to erase customers’ personal data in its systems in violation of the General Data Protection Regulation.
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Ex-Poseidon exec gets 3-year sentence in securities fraud case
Joseph Kostelecky, former executive VP of U.S. operations at Poseidon Concepts, was sentenced to three years in prison and ordered to pay approximately $406.2 million in restitution for perpetrating a scheme to fraudulently inflate the company’s reported revenue.
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Credit Suisse: Risk chief, executive board ‘extremely surprised’ by Greensill collapse
Credit Suisse shared further information regarding its exposure to the collapse of U.K. supply chain finance startup Greensill Capital in March 2021 and how the bank was caught off guard.
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Greenwashing under the spotlight
Financial institutions have outlined commitments to reduce their CO2 emissions, though many observers have noted a disconnect between what institutions are saying about climate change and what they are doing about it.
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S&P Global fined $79K over alleged 2016-17 dealings with sanctioned Rosneft
Financial analytics provider S&P Global agreed to pay $78,750 as part of a settlement with the Office of Foreign Assets Control regarding alleged dealings with sanctioned Russian state-owned oil company Rosneft in 2016 and 2017.
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DOJ declines FCPA prosecution of insurance broker JLT
The Department of Justice informed Jardine Lloyd Thompson Group Holdings it would not face prosecution under the Foreign Corrupt Practices Act despite alleged evidence of nearly $3.2 million the company paid in bribes to Ecuadorian government officials.
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PCAOB urges auditors assess widespread implications of Ukraine crisis
Auditors must emphasize continuous monitoring and reassessment of relevant implications in navigating the economic climate following Russia’s invasion of Ukraine, according to guidance from the Public Company Accounting Oversight Board.
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CW National 2022 Q&A: Charles Schwager on current state of compliance
Charles Schwager, chief compliance and ethics officer at Waste Management, previews his leadership panel titled, “The Current State of Compliance and What’s in Store for the Future,” at CW’s National Conference in Washington, D.C. from May 16-18.
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FinCEN fines A&S World Trading $275K in first GTO action
The Financial Crimes Enforcement Network fined A&S World Trading $275,000 for willful violations of the Bank Secrecy Act in its first enforcement action against a company for failing to comply with a geographic targeting order.
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New bill seeks shorter wait for SEC whistleblower awards
The “SEC Whistleblower Reform Act of 2022” proposes to shorten the wait time for a whistleblower to receive a payout by requiring the Securities and Exchange Commission to issue an initial ruling on a claim within one year of the deadline to file the claim.
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Ex-coal company exec charged with FCPA violations
Former coal company executive Charles Hunter Hobson was arrested on charges of violating the Foreign Corrupt Practices Act, laundering funds, and receiving kickbacks in an alleged bribery scheme in Egypt, the Department of Justice announced.
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FASB issues CECL disclosure updates
The Financial Accounting Standards Board finalized amendments to its credit losses standard aimed at enhancing loan modification and writeoff disclosures.