All Compliance Week articles in Web Issue – Page 214
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CFTC joins SEC in climate risk push
The Commodity Futures Trading Commission announced the formation of a “Climate Risk Unit” to support the agency’s efforts to determine the role of derivatives in addressing climate-related risks.
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SFO closes bribery investigation into KBR’s U.K. subsidiaries
The Serious Fraud Office announced it closed its bribery and corruption investigation into the activities of KBR’s British subsidiaries and employees, weeks after the U.K. Supreme Court unanimously ruled the agency breached its authority in the case.
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Italian court acquits Eni, Shell of corruption charges
An Italian court acquitted oil companies Royal Dutch Shell and Eni and a group of current and former executives of corruption charges surrounding a widespread bribery scheme to acquire oil exploration rights in Nigeria.
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U.K. government proposals spell out Big Four breakup, new audit responsibilities
The U.K. government has unveiled proposals designed to end the Big Four accounting firms’ dominance of the region’s audit market while also making companies and executives more directly accountable—and liable—for failures in corporate reporting.
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Tolerance key to defining company culture
Many believe culture is all about conduct, but the culture sitting behind the conduct is based upon tolerance and intolerance, writes Martin Woods.
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Och-Ziff ex-CFO fined $35K for role in bribery case
The former chief financial officer at then-Och-Ziff Capital Management Group has agreed to pay $35,000 in a settlement with the SEC for his role in the firm’s notorious bribery scheme.
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ABN AMRO facing new charges in money laundering probe
ABN AMRO is facing new charges from Dutch prosecutors that imply the bank is suspected of knowing of money laundering activities perpetrated by its customers without intervening.
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John Wood Group earmarks $197M for global bribery settlement
Scotland-based multienergy services company John Wood Group is in “advanced stage” settlement talks with authorities in the United States, the United Kingdom, and Brazil regarding legacy bribery and corruption investigations.
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U.S., U.K. enforcement heads praise coordination in corruption cases
Daniel Kahn of the U.S. Department of Justice and Lisa Osofsky of the U.K. Serious Fraud Office discuss how enforcement agencies expect closer cooperation through 2021 in the global fight against bribery and corruption.
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NatWest facing criminal charges in landmark U.K. money laundering case
The U.K. Financial Conduct Authority has brought criminal proceedings against National Westminster Bank concerning alleged violations of the 2007 Money Laundering Regulations—a first for the regulator.
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Article
OFAC fines UniControl $216K for Iran sanctions violations
Ohio-based manufacturer UniControl will pay $216,464 for apparent U.S. sanctions violations that occurred when its European trade partners re-exported its products to Iran.
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CFPB flips on Trump-era abusive acts stance
The Consumer Financial Protection Bureau reversed a Trump administration policy on how it assesses and punishes abusive practices in the financial services industry.
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Vodafone Spain fined record $9.72M for data protection failures
Vodafone Spain has been fined €8.15 million (U.S. $9.72 million) for aggressive telemarketing tactics and other data protection failures under the GDPR. The penalty is the highest the Spanish Data Protection Agency has handed out.
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Study: Racial diversity still lacking among Russell 3000 board members
A new board diversity report by BoardProspects reveals companies in the Russell 3000 are at a major inflection point regarding racial equality on their boards, but most (60 percent) still have no Black board members.
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Article
Braskem self-reports probe into ‘improper payments’
Brazil-based petrochemical giant Braskem disclosed the launch of an internal investigation into allegations of “improper payments” related to an ethane supply project in Mexico.
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Volvo Cars adds new chief compliance and ethics officer
Volvo Cards has appointed Augusta Speiser as chief compliance and ethics officer.
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Peloton adds risk, compliance head
Upstart exercise equipment and media company Peloton has appointed Lance Lanciault as senior vice president, head of compliance and risk.
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Westpac general counsel to step down
Australia-based financial institution Westpac announced Group General Counsel and Enterprise Executive Rebecca Lim has decided to step down and move to a part-time advisory role.
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Eli Lilly names new chief ethics and compliance officer
Pharmaceuticals firm Eli Lilly announced the appointment of Alonzo Weems as senior vice president and chief ethics and compliance officer amid a series of executive-level transitions.
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USAA Real Estate tabs general counsel
USAA Real Estate announced the appointment of Michael Boyd as its new general counsel.