All Compliance Week articles in Web Issue – Page 192
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U.K. audit breakup plan hits snag without Big Four support
The Big Four audit firms have refused to back a U.K. government plan to break their dominance of the market by forcing them to share work with smaller competitors to give them a foothold.
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Preparing for China’s new GDPR-like data privacy law
China is set to enact a tough data privacy law that mirrors the EU’s General Data Protection Regulation in content but likely will be more strictly enforced, experts say.
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Compliance officials to split $1M SEC whistleblower award
Three compliance practitioners received shares of a more than $1 million whistleblower award announced by the Securities and Exchange Commission.
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Romanian bank penalized over Iran and Syria sanctions lapses
The Office of Foreign Assets Control fined Romania-based First Bank and its U.S. parent company JC Flowers & Co. $862,318 as part of a settlement for First Bank’s processing of transactions in apparent violation of Iran and Syria sanctions.
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Banking guidance: Six key areas of FinTech due diligence
Three federal banking regulators have released guidance offering tips and suggestions to community banks for conducting due diligence on potential FinTech partners.
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Weathering the storm: Why FinTech compliance failures persist
Experts weigh in with their thoughts on why FinTechs and cryptocurrency firms continue to have a bad reputation in terms of compliance.
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Monogram Health names chief compliance officer
Monogram Health, a kidney disease benefit management and care delivery company, announced the appointment of Shawn Verner as general counsel and chief compliance officer.
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CEO: T-Mobile ‘humbled’ by data breach, taking steps to prevent future attacks
T-Mobile CEO Mike Sievert lamented the recent breach of company servers that led to a hacker stealing the personal information of nearly 55 million customers, but said the company is “fully committed to take our security efforts to the next level.”
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Green Dot appoints chief compliance officer
Green Dot, a financial technology and registered bank holding company, announced the appointment of Mike Althouse as chief compliance officer.
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OFAC fines Bank of China $2.3M for Sudan sanctions violations
The Office of Foreign Assets Control announced Bank of China’s U.K. arm agreed to pay $2.3 million to settle its potential civil liability for processing transactions in apparent violation of now-repealed Sudan sanctions regulations.
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Changing accounting standards driving financial process remediations
In response to new standards affecting leases, revenue recognition, and credit losses, public companies have significantly changed their financial processes in the past year and are not done yet, according to data from Deloitte.
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Santander Holdings USA names chief risk officer
Global bank Santander Holdings USA announced the appointment of Ashwani Aggarwal as chief risk officer.
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Tradeweb Markets recruits global compliance head from Bloomberg
Electronic marketplace operator Tradeweb Markets announced the appointment of Devi Shanmugham as global head of compliance.
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Jackson Financial adds general counsel for split from Prudential
Investment holding company Jackson Financial announced the addition of Carrie Chelko as executive vice president. Chelko is expected to assume the role of general counsel and secretary following Jackson’s planned separation from Prudential on Sept. 13.
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Connect Biopharma hires chief compliance officer
Clinical-stage biopharmaceutical company Connect Biopharma Holdings Limited named Jiang Bian general counsel and chief compliance officer.
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EY fined $3M in U.K. for Stagecoach audit failings
The U.K. Financial Reporting Council ordered EY to pay a reduced fine of £2.2 million (U.S. $3 million) related to its audits of international transport company Stagecoach Group for the 2017 financial year.
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Pandemic not slowing rising AML fine totals, report says
Kroll’s latest annual enforcement review identified $2.2 billion in AML fines in 2020 compared to $444 million in 2019. The first six months of 2021 indicate a similar pace to last year.
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What went wrong at Greensill Capital? Former risk chief shares his view
Brett Downes, the chief risk officer at Greensill Capital for five years before the company filed for insolvency, explains what factors he believes led to the supply chain finance startup’s abrupt collapse.
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SEC fines Healthcare Services Group $6M over contingency reporting lapses
Healthcare Services Group agreed to pay $6 million as part of a settlement with the Securities and Exchange Commission for contingency reporting failures that led to accounting and disclosure violations.
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ICO’s first GDPR fine reduced on appeal
The U.K. Information Commissioner’s Office’s fine against pharmacy Doorstep Dispensaree for violations of the General Data Protection Regulation has been slashed approximately two-thirds on appeal to £92,000 (U.S. $126,000).