All Compliance Week articles in Web Issue – Page 184
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New DOJ tip line created to fight corruption in Central America
The Department of Justice has created a tip line to assist its Anticorruption Task Force in fighting corruption in El Salvador, Guatemala, and Honduras.
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When academic studies and hoax hotline claims go ‘off the rails’
Imagine this: An anonymous hotline tip comes through that a senior executive has engaged in insider trading. This scenario happened this summer as part of academic research, effectively leaving hundreds of unwitting corporate subjects to foot the bill for unnecessary follow-up conducted.
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GDPR enforcement roundup: Austrian Post facing new record fine
The Austrian Post is once again appealing what would be a record GDPR fine in the country after successfully defending itself in the first instance. Other recent decisions under the law provide further enforcement trends.
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How to respond to government’s renewed emphasis on cybersecurity
The Department of Justice’s new Civil Cyber-Fraud Initiative is the latest development to suggest companies’ cybersecurity defenses had better be up to snuff when doing business with the U.S. government or risk enforcement.
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CFTC fines stablecoin Tether $41M for misleading investors
Cryptocurrency firm Tether will pay $41 million to settle CFTC charges that it misled investors when it claimed its stablecoins were 100 percent backed by fiat currencies like the U.S. dollar and the euro.
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‘Soft-hearted’ Irish DPC proposes $42M GDPR fine against Facebook
The Irish Data Protection Commission has set out plans to fine Facebook between €28 million and €36 million (U.S. $32 million and $42 million) for violations of the General Data Protection Regulation.
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SEC enforcement head seeking company admissions in settlements
Gurbir Grewal, head of the SEC’s Enforcement Division, said it will be a priority under his tenure for companies to accept responsibility for wrongdoing in certain cases of public interest.
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CFTC fines UBS $500K for inadvertently deleting swap trade files
UBS AG has been fined $500,000 by the CFTC for prematurely but inadvertently deleting more than 1,000 hours of audio files related to pre-execution swaps trade information the regulator required be saved for one year.
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Former Poseidon executive pleads guilty in securities fraud case
A former executive of U.S. operations at Canadian oil services company Poseidon Concepts pleaded guilty to perpetrating a scheme to fraudulently inflate the company’s reported revenue, resulting in more than $886 million in shareholder losses.
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SEC investor advocate: ‘Gamification’ exposes holes in Reg BI
SEC Investor Advocate Rick Fleming said online platforms designed to make stock trading more easily accessible and exciting “expose what may be a significant flaw in Reg BI” regarding unsolicited transactions.
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FINRA encourages proactive compliance with FinCEN AML/CFT priorities
The Financial Industry Regulatory Authority is encouraging member firms to start proactively incorporating new AML/CFT priorities mandated by Congress into their risk-based compliance programs.
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SEC commissioners clash on cryptocurrency securities debate
SEC Commissioners Caroline Crenshaw and Hester Peirce used recent speeches to stake opposite sides on the central debate of whether all cryptocurrencies are securities.
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KPMG rapped for ‘untruthful defense’ in Silentnight investigation
KPMG and one of its former partners were found to be “untruthful” during an independent tribunal’s investigation into the audit firm’s advisory role regarding the sale of mattress company Silentnight to private equity firm HIG Capital.
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Ex-Braskem CEO gets 20 months in prison over bribery scheme
Jose Carlos Grubisich was sentenced to 20 months in prison for his role in a scheme to divert hundreds of millions of dollars in bribe payments from Braskem to government officials and political parties in Brazil.
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First Bancorp appoints new accounting leadership
First Bancorp, parent company of First Bank, announced a series of transitions in accounting leadership, with General Counsel Elizabeth Bostian taking on the role of chief financial officer among the changes.
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USAA names accounting, risk chiefs amid executive shuffle
Insurance provider USAA named Brad Weber as chief accounting officer and Mani Sulur as bank chief risk officer among three appointments to its leadership team.
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ServiceNow appoints chief accounting officer
Digital workflow software company ServiceNow has hired Kevin McBride as senior vice president, corporate controller and chief accounting officer.
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CoinFlip names chief compliance officer
Cryptocurrency services platform CoinFlip appointed Colleen Kavanagh as its new chief compliance officer.
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Qualcomm announces general counsel succession
Wireless technology giant Qualcomm has appointed Ann Chaplin as its general counsel and corporate secretary, effective Nov. 1. She will replace the retiring Don Rosenberg, who served in the position since 2007.
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Pandora Papers exposed gaps in AML compliance. Is beneficial ownership registry the answer?
FinCEN’s upcoming ultimate beneficial ownership registry could help to combat some of the anti-money laundering deficiencies put on display by the Pandora Papers, but not until Congress gets serious about funding the initiative.