All Compliance Week articles in Web Issue – Page 208
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LRN survey: Compliance and ethics rose to challenge of COVID-19
LRN’s “2021 Ethics & Compliance Program Effectiveness Report” highlights the strengthening of ethical culture that has occurred during the COVID-19 pandemic.
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MoneyGram plagued by tech, human error in OFAC sanctions settlement
The Office of Foreign Assets Control announced a $34,329 settlement with MoneyGram Payment Systems for apparent violations of multiple sanctions programs, including the processing of transactions involving Syria.
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Danske Bank compliance costs down after completing internal Estonia probe
New Danske Bank CEO Carsten Egeriis told investors compliance costs at the bank have stabilized now that a forensic audit into a money laundering scandal involving its Estonia branch is complete.
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What you need to know about proposed EU rules for trustworthy AI
With various levels of defined risk and the potential for steep fines for offenders, the European Commission’s recent proposal to ensure trust in the use of artificial intelligence should receive urgent attention from industries beyond Big Tech.
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New SEC enforcement head Alex Oh resigns for personal reasons
Alex Oh resigned as head of the Securities and Exchange Commission’s Enforcement Division for personal reasons after less than one full week on the job.
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Airbus subsidiary GPT pleads guilty to corrupt acts in Saudi Arabia
Airbus subsidiary GPT Special Project Management will pay approximately £30.3 million (U.S. $42.1 million) after pleading guilty to corruption relating to contracts it was awarded for work carried out in Saudi Arabia.
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JBS USA names global head of legal and compliance
JBS USA has named Kevin Arquit to the newly created role of chief legal officer. Arquit will be responsible for leading the company’s global legal, ethics, and compliance efforts.
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GDPR one-stop shop ‘unsustainable,’ says key regulators
Irish Data Protection Commissioner Helen Dixon and European Data Protection Supervisor Wojciech Wiewiórowski are among those who believe the one-stop shop provision of the GDPR needs to be reformed for the long term.
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FirstEnergy could face DPA in corruption scandal settlement
FirstEnergy has begun discussions with the U.S. Attorney’s Office regarding resolution of the Ohio nuclear bailout federal corruption scandal, including possibility of a deferred prosecution agreement.
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Resource
e-Book: ESG initiatives a top priority for SEC, CFTC
Companies would be wise to start evaluating their environmental, social, and governance practices under the new presidential regime, especially with confirmation the Securities and Exchange Commission is planning to increase its expectations of public companies to assess and disclose climate-related risks.
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U.K. rolls out new anti-corruption sanctions regime
The United Kingdom has in place a new global anti-corruption sanctions regime, and the government is wasting no time enforcing it, imposing its first wave of sanctions against 22 individuals.
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Bracing for impact: Supply chain risk management post-Suez Canal blockage
A month has gone by since a 1,300-foot cargo ship ran aground and blocked one of the busiest waterways in the world. For many industries, the ripple effects will continue to batter global supply chains for weeks to come, absent having in place a sound supply chain risk management program.
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Goldman Sachs hires chief risk officer back from Wells Fargo
Brian King will return to Goldman Sachs as consumer chief risk officer and head of business operations after seven months with Wells Fargo.
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Citgo names Steven Scarpino as first stand-alone CECO
Citgo Petroleum Corp. announced the appointment of Steven Scarpino to serve as its first stand-alone chief ethics and compliance officer reporting directly to the CEO and audit committee of the board of directors.
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SFO strikes out again in Serco execs case
Two former executives at security company Serco were acquitted of defrauding the U.K.’s Ministry of Justice after the Serious Fraud Office failed to disclose documents to the defense.
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CFTC ends whistleblower award drought with $3M payout
The Commodity Futures Trading Commission awarded approximately $3 million to a whistleblower in its first announced payout since September 2020.
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Resource
White paper: Concentrate on effective compliance
The Anti-Money Laundering Act of 2020 (AMLA) is intended to improve transparency between financial institutions and regulators in an effort to streamline financial crime compliance.
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Article
Lawmakers push FTC to investigate Google Play for COPPA violations
Two lawmakers sent a letter to the Federal Trade Commission urging the agency to investigate Google Play for potentially violating children’s privacy.
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Six best practices for managing cyber-security upon return to office
The hybrid work environment many organizations are expected to utilize as part of the gradual return to the workplace presents numerous cyber-security risks that require proactive attention.
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Supreme Court limits FTC’s power to recoup ill-gotten gains
The Supreme Court ruled the Federal Trade Commission cannot seek to recover funds unlawfully obtained by individuals and companies resulting from violations of consumer protection laws.