All Compliance Week articles in Web Issue – Page 203
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Loomis adds chief risk officer
Cash handling company Loomis Group announced the appointment of Stellan Abrahamsson as chief risk officer, effective March 1, 2022.
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What might an overhauled PCAOB look to accomplish?
With no requirements for the PCAOB to feature a certain number of members from each political party, the SEC has the chance to staff the organization with a decidedly Democratic majority. What might such a Board set out to change?
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Survey: In-house counsel salary increases down amid pandemic
In-house counsel salaries across every industry took a hit in 2020 as a direct result of the coronavirus pandemic’s impact, according to the latest compensation survey by executive search firm BarkerGilmore.
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USAA Real Estate names chief compliance officer
USAA Real Estate announced the appointment of Andra Purkalitis to its senior leadership team as executive managing director and chief compliance officer.
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‘Cost of Compliance’ survey reflects post-COVID landscape
A year removed from the start of the pandemic, the long-term effects the shift in work culture will have on the compliance profession have become more apparent. The “Cost of Compliance Report 2021” by Thomson Reuters reflects these changes.
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Options Clearing Corp. appoints chief risk officer
The Options Clearing Corporation, a derivatives clearing organization, announced the appointment of David Ye as chief risk officer and a member of its management committee.
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Australia’s NAB cited for ‘serious and ongoing non-compliance’ with AML laws
Australia’s financial regulator has identified “serious concerns” with National Australia Bank’s compliance with anti-money laundering and counter-terrorism financing rules but indicated it won’t fine the bank—for now.
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CCO settles SEC charges of causing firm to breach fiduciary duties
The SEC announced settled charges with the chief compliance officer of investment adviser VII Peaks Capital for her alleged role in causing the firm to breach fiduciary duties.
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Compliance changing culture requires proactive collaboration
Compliance teams might recognize opportunities for changing culture. To do so, they need to adapt readily in both purpose and approach and embrace innovation.
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SEC ousts PCAOB head William Duhnke; larger overhaul planned
SEC Chair Gary Gensler removed William Duhnke III as head of the PCAOB while also announcing plans to replace the entire board of the audit regulator.
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Biden memo establishes fighting corruption as national security priority
A new directive released by President Biden instructs U.S. federal agencies to make combating corruption a national security interest. Compliance practitioners in the financial services industry, particularly, may feel the ripple effect
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SEC drops FCPA probe into Avianca
Avianca Holdings disclosed in a regulatory filing that the SEC has dropped its FCPA investigation into the company and will not recommend an enforcement action.
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‘FinCEN Files’ source sentenced to 6 months in prison for disclosing SARs
Natalie Mayflower Sours Edwards, a former senior advisor at FinCEN who provided 2,100 SARs to BuzzFeed News that would form the basis of 2020’s “FinCEN Files” investigation, was sentenced to six months in prison.
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SEC pauses proxy voting rule enforcement amid review
SEC Chairman Gary Gensler announced he is directing staff to consider whether to recommend further regulatory action regarding proxy voting advice, leading the agency to pause related enforcement activity.
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NYC Bar framework seeks clarity on when CCOs face SEC charges
The New York City Bar Association has proposed a framework for regulators like the SEC to use when considering charging chief compliance officers for misconduct that occurs on their watch.
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OFAC bills Bulgarian sanctions as ‘single largest action targeting corruption’
Calling it the “single largest action targeting corruption to date,” the Office of Foreign Assets Control sanctioned three prominent Bulgarian individuals along with their network of 64 companies for their “extensive roles” in corruption in Bulgaria.
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EU probes of Microsoft, Amazon reignite calls for new Privacy Shield
European investigations into whether Amazon and Microsoft’s cloud-based services infringe EU privacy rules have once again shone a spotlight on how—and when—the United States and the European Union intend to come up with a new Privacy Shield.
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Assessing yet another ransomware attack on critical supplier (JBS)
Meatpacker JBS USA has become the latest critical infrastructure company to be targeted by a ransomware attack, which temporarily halted its global operations. The attack brings with it implications for the food and agriculture industries.
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Senate steps in to save CFTC’s whistleblower program
In an attempt to save the whistleblower program at the CFTC, the Senate approved a bill to create a separate fund to pay whistleblowers rather than having the office draw on penalties levied against wrongdoers.
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Calif. judge dismisses bribery charge against Apple security chief (and former CCO)
A bribery charge against Apple’s chief security officer was dropped by a California Superior Court judge, citing a lack of evidence.