All Compliance Week articles in Web Issue – Page 186
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Article
WaFd Bank to pay $2.5M for AML/BSA deficiencies
Washington Federal Bank has agreed to pay $2.5 million in accordance with a consent order reached with the Office of the Comptroller of the Currency in February 2018.
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Article
Petrofac to pay $105M for widespread bribery scheme
Petrofac was ordered to pay £77 million (U.S. $105 million) to conclude a long-running investigation into allegations company executives paid to win lucrative oil contracts in Iraq, Saudi Arabia, and the United Arab Emirates.
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Article
FRC probing Crowe over Akazoo audit
The U.K. Financial Reporting Council announced the start of an investigation into audit firm Crowe UK concerning the financial statements of Luxembourg-incorporated on-demand music streaming subscription company Akazoo.
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Article
LPL Financial to pay $4.8M to settle claims of poor KYC procedures
The nation’s presumed top independent broker-dealer will pay more than $4.8 million to settle AML charges stemming from its alleged failure to reconcile inconsistencies of a new customer who would scam a Puerto Rican city out of millions of dollars.
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Article
PCAOB fines Deloitte Canada $350K for quality control failures
The Public Company Accounting Oversight Board imposed a $350,000 civil penalty on Deloitte Canada for reasonable assurance quality control failures regarding an electronic work paper system update.
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Article
SNC-Lavalin touts compliance enhancements amid fresh corruption charges
Enforcement authorities in Canada arrested and brought charges against two former executives of SNC-Lavalin and its subsidiary, SNC-Lavalin International, for their role in a bribery scheme that occurred two decades ago.
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Article
Rohit Chopra confirmed as CFPB director; more dominoes to follow?
The Senate confirmed Rohit Chopra to be the next director of the Consumer Financial Protection Bureau with a party-line vote. Lawmakers will soon shift their attention to his replacement at the Federal Trade Commission.
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Resource
Survey Report: ESG: Benchmark your initiative
A Compliance Week and Fulcrum survey of more than 200 compliance, audit, legal, and finance executives worldwide revealed support for ESG initiatives, but uncertainty about how to monitor progress and measure results.
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Resource
White paper: 2021 Consumer Cybersecurity Poll Executive Report
To uncover Americans’ top cybersecurity concerns, CSI partnered with The Harris Poll to survey more than 2,000 U.S. adults age 18 and above about their perceptions, fears and expectations related to cybersecurity.
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Article
ICA announces virtual African compliance event
The International Compliance Association will host a three-day virtual conference to explore the latest regulatory and financial crime compliance developments and challenges in Africa.
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Article
SEC charges ex-Goldman compliance analyst with insider trading
The Securities and Exchange Commission charged a former senior compliance analyst at Goldman Sachs who abused his position of authority unbeknownst to the investment bank with insider trading.
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Article
SEC seeks to implement Dodd-Frank provision on executive compensation votes
The SEC has proposed rulemaking that would enact a provision of the Dodd-Frank Act requiring mutual fund managers to disclose how they voted on proxy proposals, including on compensation agreements with company executives.
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Article
Top DOJ Criminal Division official Daniel Kahn to rejoin Davis Polk
Daniel Kahn, who most recently served as acting deputy assistant attorney general of the Department of Justice’s Criminal Division, will rejoin Davis Polk as a partner.
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Article
Germany’s N26 fined $5M for AML lapses
Mobile bank N26 revealed it paid a €4.25 million (U.S. $5 million) fine ordered by Germany’s market regulator regarding deficiencies in its reporting of suspicious activities “in the area of anti-money laundering.”
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Article
Activision Blizzard EEOC deal: All form, no substance
Activision Blizzard’s $18 million settlement with the Equal Employment Opportunity Commission mirrors in many ways the terms ride-sharing company Uber reached in a deal with the EEOC in 2019—except the agreement is void of any accountability.
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Article
Visa promotes general counsel to EVP
Payment services giant Visa announced the promotion of General Counsel Julie Rottenberg to executive vice president. She will assume oversight of Visa’s global legal and compliance function as part of the change.
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Article
Citi appoints new general counsel
Citi announced the appointment of former Treasury Department official Brent McIntosh as general counsel and corporate secretary, effective Oct. 25.
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Article
Robinhood touts crypto wallet offering, hires new CCO
Fintech firm Robinhood has hired a new chief compliance officer at its cryptocurrency arm ahead of the first round of testing for its cryptocurrency wallet offering.
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Article
Pall Corp. adds global compliance head
Pall Corp., a supplier of filtration, separations, and purification products, has hired Tiffany Archer as global head of compliance, risk and privacy.