All Compliance Week articles in Web Issue – Page 227
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Resource
Survey Report: A blueprint for COVID-19: Getting back to the office
A recent survey from Compliance Week and Skillsoft of 180 compliance, risk, and audit professionals asked the question: “What’s your back-to-office plan, and does it work for you?”
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Article
FTC data requests could pave way to federal privacy law, experts say
FTC requests issued to nine social media and video streaming services for information about how they collect and use personal information could be a step toward the U.S. government enacting federal privacy legislation.
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Article
FASB Chair Jones projects pandemic challenges to persist in 2021
New FASB Chairman Richard Jones said in a recent speech that he believes accounting challenges from the coronavirus pandemic won’t go away soon, with his organization poised to address new issues as they arise.
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Article
Twitter’s tiny $547K GDPR fine leaves many scratching their heads
Ireland’s first major decision against a Big Tech company under the GDPR has stirred controversy as the country’s data regulator hit Twitter with an underwhelming €450,000 (U.S. $547,000) fine for a 2018 data breach.
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Article
SEC charges CCO over illegal security sales practices
A chief compliance officer is one of three individuals on the receiving end of SEC charges for illegally selling securities in unregistered transactions to retail investors while acting as an unregistered broker.
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Article
Audit whistleblower receives $300K in rare SEC award
The Securities and Exchange Commission announced the award of $300,000 to a whistleblower with audit-related responsibilities, a rarity for the program.
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Article
AG William Barr to depart Justice Department on Dec. 23
Attorney General William Barr will leave his post leading the Department of Justice on Dec. 23. Deputy Attorney General Jeffrey Rosen will take Barr’s place on an interim basis.
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Article
PCAOB reviews a year like no other, previews what lies ahead in 2021
PCAOB board members remark on changes at the organization amid the coronavirus pandemic, recent audit inspection findings, priorities for 2021, and more.
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Article
U.S. beneficial ownership efforts a welcome sight for global AML community
U.S. Congress’ defense spending bill requiring corporations to identify who owns and controls them is a significant milestone in the global effort to put an end to anonymous shell companies, writes Martin Woods.
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Article
SEC charges Sequential Brands for goodwill impairment failures
The SEC has filed a civil complaint against brand-management company Sequential Brands Group for ignoring “clear, objective evidence of likely goodwill impairment.”
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Article
Congress passes defense bill with big ramifications for AML, whistleblowers
Congress’ defense spending bill approved Friday includes amendments that could dramatically alter the fight against money laundering, in addition to a new BSA whistleblower program with some kinks to be worked out.
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Article
Facebook reserves $366M for expected GDPR fines in Ireland
Facebook Ireland has set aside €302 million (U.S. $366 million) for possible fines from the Irish Data Protection Commission for violations of the General Data Protection Regulation.
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Article
France sidesteps GDPR in fining Google, Amazon $163M combined
Data privacy watchdog CNIL utilized the French Data Protection Act in fining Google and Amazon a combined €135 million (U.S. $163 million) for illegal cookie practices, sidestepping the “one-stop shop” provision of the GDPR.
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Article
New FinCEN guidance encourages information sharing among banks
FinCEN Director Kenneth Blanco announced updated guidance to encourage more financial institutions to share information among their peers regarding suspicious transactions.
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Article
Reports: Ex-EY partner steps aside as Deutsche exec amid Wirecard probe
A former EY partner is reportedly relinquishing his position as Deutsche Bank’s head of accounting temporarily after German prosecutors launched an investigation into his role as a lead auditor for Wirecard.
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Article
UBS chief facing investigation in ING money laundering case
A Dutch court has ordered a criminal investigation into UBS CEO Ralph Hamers for his role in the ING money laundering scandal that occurred during his tenure as the latter financial institution’s leader.
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Resource
White paper: ASC 842 Lease Accounting Standard Handbook
Even though your deadline for complying may have moved out, it is time to start getting your organization ready to meet the new ASC 842 compliance standard for private organizations.
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Article
SEC enforcement head Avakian to step down by year’s end
Stephanie Avakian, who led the Division of Enforcement at the Securities and Exchange Commission for the past four years, announced she will leave at the end of the year.
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Article
Five challenges for European CCOs heading into 2021
Many of the problems European compliance officers faced in 2020 will remain in place going into the new year, but new risks and new regulations will also present new challenges.
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Video
Video: Compliance pros, cons included in Congress defense spending bill
Beneficial ownership provisions contained in Congress’ defense spending bill should go a long way in the fight against money laundering, but holes in the bill’s proposed whistleblower program are open for criticism, says Aaron Nicodemus.