All Compliance Week articles in Web Issue – Page 52
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Blog
CorMedix announces new chief legal officer
Biopharmaceutical company CorMedix announced the appointment of Beth Zelnick Kaufman as executive vice president, chief legal officer and corporate secretary.
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Money, size, industry: Multiple factors at play in setting compliance reporting lines
Compliance teams most often report to their firm’s legal department, our “Inside the Mind of the CCO” survey found. However, heavily regulated companies and those with fewer employees saw different trends emerge.
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News Brief
Community Health Network to pay $345M in historic Stark Law case
Indiana-based Community Health Network agreed to pay $345 million as part of a settlement with the Department of Justice resolving allegations it overcompensated physicians it employed at a rate that violated the Stark Law.
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News Brief
U.S. Bank to pay $36M in CFPB, OCC settlements
U.S. Bank agreed to pay nearly $36 million total in separate settlements with the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency for allegedly impeding consumers’ access to their unemployment benefits during the Covid-19 pandemic.
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U.S. rule package seeks to expand DOJ anti-corruption powers
A package of seven legislative proposals put forward by the Biden administration would enhance the capabilities of the Department of Justice to bring money laundering and racketeering charges related to corruption, according to a senior agency official.
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News Brief
FRC drops investigation into PwC’s Intu Properties audits
The U.K. Financial Reporting Council announced it closed its investigation into Big Four firm PwC’s audit work at collapsed real estate investment trust Intu Properties.
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News Brief
DOJ, FTC release finalized merger guidelines
A long-running initiative by the Department of Justice and Federal Trade Commission to modernize their joint merger guidelines reached its conclusion, following tens of thousands of public comments.
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ARGA future questioned as U.K. audit reform hits backburner
The U.K. Financial Reporting Council’s long-planned transition to become the Audit, Reporting and Governance Authority appears to be taking place no time soon, leading some to question whether the change will happen at all.
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News Brief
Activision Blizzard to pay $55M to settle California discrimination suit
Activision Blizzard agreed to pay nearly $55 million as part of a settlement with the California Civil Rights Department addressing highly publicized accusations of workplace discrimination against women at the video game company.
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Resource
White paper: Empowering Cybersecurity Governance and Disclosures
Do you have a clear vision of what ‘good’ means when it comes to managing governance and your security program? Setting the right targets for your organization is crucial.
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News Brief
SEC shoots down Coinbase petition for crypto rulemaking
The Securities and Exchange Commission denied a petition filed on behalf of cryptocurrency exchange platform Coinbase that called for the creation of a new regulatory framework for crypto asset securities.
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Assessing impact of court ruling on GDPR strict liability
The idea companies can be held “strictly liable” for violations of the European Union’s privacy rules was shot down, following a judgment from Europe’s top court relating to a case involving German property company Deutsche Wohnen.
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News Brief
Adobe: Penalties possible in FTC subscriptions probe
Software company Adobe disclosed it could face “significant monetary costs or penalties” resulting from an ongoing Federal Trade Commission investigation into its disclosure and subscription cancellation practices.
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News Brief
Freepoint Commodities to pay $99M in Brazil bribery FCPA case
Freepoint Commodities agreed to pay nearly $99 million to settle allegations by the Department of Justice that it paid bribes to Brazilian government officials in return for business from state-owned oil company Petrobras.
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News Brief
SEC adopts rule to ease clearing of Treasury transactions
The Securities and Exchange Commission adopted a rule change aimed at reducing the threat of systemic risk to U.S. Treasury securities by facilitating additional central clearing in the market.
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News Brief
Ex-BP CEO facing up to $41M in losses over colleague relationship dishonesty
The board of British oil and gas giant BP announced its remuneration determinations after finding former CEO Bernard Looney committed “serious misconduct” in his disclosure of personal relationships with company colleagues.
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News Brief
New European AML agency nearing adoption
A new agency to supervise high-risk financial institutions across the European Union regarding their anti-money laundering and countering the financing of terrorism activities gained provisional approval.
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Premium
Top ethics and compliance failures of 2023
A virtual currency exchange that sought to mislead regulators, banks failing after ignoring obvious risks, and a manufacturer that sold millions of its products in violation of U.S. export controls are among those that make up CW’s list of the biggest ethics and compliance fails of 2023.
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News Brief
Credit Suisse units to pay $10M in SEC mutual fund services case
Three entities of Swiss bank Credit Suisse agreed to pay more than $10 million combined as part of a settlement with the Securities and Exchange Commission for allegedly providing prohibited underwriting and advising services to mutual funds.
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Blog
Mediavine promotes general counsel to chief legal officer
Ad management firm Mediavine announced the appointment of Jamie Lieberman as its first chief legal officer.