All Compliance Week articles in Web Issue – Page 257
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Why a principles-based regulatory approach works for CFTC
CFTC Chairman Heath Tarbert seeks to let the evolving commodities market breathe with a “principles-based” regulatory approach.
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Report slams ‘woefully lax’ cyber-security controls at CIA
Cyber-security protections deployed for some of the nation’s most secret data was “woefully lax,” according to a 2017 intelligence brief that detailed shortcomings at the CIA following the agency’s 2016 data breach.
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ICA expands to Czech Republic with new partnership
The International Compliance Association announced the signing of a partnership with the Czech Compliance Association to offer the ICA’s suite of accredited qualifications in the Czech Republic.
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Contact tracing app development stunted by inaction in Congress
As federal officials dicker over details in a federal data privacy law, the coronavirus continues to spread. Development of a key technological tool in the fight is being kneecapped by their inaction.
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Former Bumble Bee CEO sentenced 40 months for price-fixing
The former CEO and president of Bumble Bee Foods was sentenced to serve 40 months in prison and pay a $100,000 criminal fine for playing a leading role in a three-year antitrust conspiracy to fix prices of canned tuna.
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FCA fines Commerzbank London $47.4M for AML failures
Commerzbank London will pay a £37.8 million (U.S. $47.4 million) penalty in a settlement with the U.K. Financial Conduct Authority for anti-money laundering systems and controls failures.
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Regulators skew virtual with summer events calendar
Despite the coronavirus pandemic throwing a wrench into the events industry, U.S. regulators are still planning Webinars and other opportunities this summer to engage with the public.
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DOJ Civil Division head to resign
Jody Hunt, head of the Justice Department’s Civil Division, informed staff in an e-mail that he will resign from his role, effective July 3.
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U.S. regulators boast coordination in addressing coronavirus fraud
Testimony provided by several agencies before a U.S. Senate Judiciary Committee hearing offers valuable insights for chief compliance and risk officers regarding where coronavirus fraud threats may lurk, especially in the financial services and healthcare sectors.
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Analysis: Path to effective AML is doing less with more
The answer to being more effective at stopping money launderers is to challenge the value of processes that are clearly failing. Financial crime expert Martin Woods explains.
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Dems propose coronavirus whistleblower protection bill
A group of prominent Democratic legislators has proposed a whistleblower protection bill designed to help uncover fraud and waste in the trillions of dollars worth of coronavirus-relief funds allocated by Congress.
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SEC guidance: Areas of focus for Reg BI
The SEC confirmed the June 30 compliance date for its Regulation Best Interest rule, in addition to sharing a handful of areas that deserve attention when making recommendations to investors in accordance with new policy.
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Be mindful of gender equity with return-to-work policies
As you’re making your back-to-work policies during the emergence from our collective quarantines, take into consideration that “optional” isn’t an option for everyone.
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Five cyber-security lessons from the pandemic
Verizon Public Sector Counsel David Kessler, winner of CW’s “Excellence in Compliance: Cyber-Security” award, offers five lessons garnered from the pandemic to assist companies with their cyber-security compliance.
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Navigating layoffs is always hard. During a pandemic, it’s harder
As businesses begin to reopen, many companies are reassessing the furlough decisions they made in March. If you manage such employees, you would be wise to heed this advice.
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FRC sanctions KPMG for audit failings of Foresight 4 VCT
The U.K. Financial Reporting Council imposed non-financial sanctions on KPMG related to audit failures concerning the financial statements of investment firm Foresight 4 VCT for fiscal years ending 2013, 2014, and 2015.
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LRN survey: Values, not policies, drive ethical behavior
Establishing a culture based on values and transparency is more effective at preventing misconduct than a robust set of rules, according to an LRN survey.
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Weatherford parts with compliance chief
Multinational oil and gas company Weatherford International announced the departure of Christina Ibrahim as executive vice president, general counsel, chief compliance officer and corporate secretary.
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Libra Association appoints chief compliance officer
The Libra Association continued its string of key executive hirings with the appointment of Sterling Daines as chief compliance officer.
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Report: AI tools carry many benefits, some risks for securities industry
A study on the use of artificial intelligence in the securities industry by FINRA found a number of challenges with the technology—data bias, customer privacy, and cyber-security among them—but noted it can offer “significant benefits.”