All Compliance Week articles in Web Issue – Page 659
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Blog
Canada AML Study Finds Compliance Gaps
A first-of-its-kind survey on Canadian compliance professionals conducted by Grant Thornton finds significant weaknesses in the AML compliance practices of Canadian companies. Among the findings: many compliance staff are not consistently visiting their overseas locations and rarely tailor their AML training programs to the specific needs of different groups, particularly ...
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Blog
The Return of 'Decimal Dust' and the SEC Penalties Act
Three years later, Sen. Chuck Grassley is re-introducing the SEC Penalties Act of 2012 -- and dusting off some old quotes.
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Blog
FASB Approves One-Year Deferral for Revenue Recognition
As long expected, FASB has approved a one-year deferral of the effective date of the new standard on revenue recognition, pushing the adoption requirement out to 2018. The board will also allow companies to adopt the standard as of the original effective date, January 2017, if they are inclined to ...
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Resource
e-Book: Corporate Policy Management: What You Don’t Know Can Hurt You
Policy management is still a maturing business practice and, for many compliance officers, finding the right approach to policy management remains tricky. This e-Book, produced by Compliance Week in cooperation with NAVEX Global, explores the current state of policy management.We begin with “When Policy and Culture Collide,” a look at ...
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Blog
Sen. Warren and 'Liberal Allies' Derail Planned SEC Nomination
Sen. Elizabeth Warren and activist groups with which she is aligned have reportedly derailed President Obama's plan to nominate a corporate lawyer for a soon-to-be open Democratic seat on the Commission.
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Blog
Deloitte Survey Shows Audit Stakeholders Want More From Audit
Image: A Deloitte survey shows that a big majority want to see auditors providing assurance on more than just financial statements, and they want to see auditors making better use of technology. “Many investors are looking for broader and deeper insights that can help them make smarter, more informed decisions,” ...
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Blog
Another Push Afoot to Resurrect Glass-Steagall Act,
Image: Sen. Elizabeth Warren (D-Mass.) has once again teamed up with Sen. John McCain (R-Ariz.) and Angus King (I-Maine) to file legislation to restore and modernize the Glass-Steagall Act, separating traditional banks that hold federally insured savings accounts from financial institutions that offer higher-risk services. Details inside.
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Blog
Excel Investment Counsel Names Chief Compliance Officer
Excel Funds Management has promoted Christine Tan to senior portfolio manager and chief compliance officer at Excel Investment Counsel, a subsidiary of Excel Funds. Details inside.
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Blog
More Disclosures Needed From Public Officials, Says OECD
Image: The pursuit of good governance is never easy. According to a recent Organization for Economic Cooperation and Development survey, inadequate disclosures, lack of whistleblower protection laws, and concerns about integrity have caused many citizens of advanced countries to lose trust in national governments. More inside.
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Blog
IMF: U.S. Must Tackle Shell Companies, Beneficial Ownership
A new report from the IMF faults the United States for turning a blind eye to shell companies and unclear beneficial ownership—that is, the parties that really control a company or its related bank accounts, even if they do so behind the scenes. That loose approach, the report says, “creates ...
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Article
U.S. Failures to Track Beneficial Owners Create AML Headaches Internationally
Image: Despite the forward march in Europe and elsewhere to fight money laundering, a problem remains: Here at the largest economy in the world, state incorporation laws in the United States create a massive loophole that bad actors can exploit. “It’s a huge problem not just for the United States ...
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Blog
IMF: Regulators Must Focus on Mutual Funds, Insurance Companies
The thesis of a new report from the International Monetary Fund is hardly shocking. Despite progress, the U.S. must finish the work begun on financial reforms, it concludes. More telling is an assessment of what new areas systemic risk has bubbled into and how regulators should respond. Greater attention ...
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Article
Rule Change to Ease Export Controls in the Cloud
Image: Good news: U.S. export control regulations may finally be catching up to modern cloud computing technology, with new rules to focus on keeping sensitive data secure rather than on where the data is stored. Defense and tech companies are likely to be beneficiaries, as they could now use cloud ...
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Article
EU AML Directive Fires Starting Pistol on Beneficial Owners Reform
European financial firms are preparing to implement new anti-money laundering rules that will require reporting about the real owners of the businesses they work with. The rules, intended to help EU governments pursue tax crimes and terrorist financing, “will increase the level of transparency across all transactions,” says Ambrose Loughlin ...
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Article
PCAOB, SEC Redouble Efforts on Audit Quality
Image: The SEC and PCAOB are pushing this summer to clarify and improve “audit quality.” That might be a proposal to name the engagement partner working on corporate audits (PCAOB idea), or an exploration of new disclosure requirements for audit committees (SEC idea), or both. “I would urge commenters to ...
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Blog
Director-Investor Communication Is Coming. Here’s How to Do It
One trend to emerge from the 2015 proxy season is a push to bring investor groups and boards of directors into closer contact—perhaps even into direct communication. Yes, columnists Stephen Davis and Jon Lukomnik say, you can make such interactions work, and work effectively. Inside are their thoughts on how ...
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Blog
ACLA and ACC Unite; Offer Expanded Benefits to Members
The Australian Corporate Lawyers Association this month announced a new brand identity, ACC Australia (ACLA), as it officially joins forces with the Association of Corporate Counsel. The alliance expands global benefits and connectivity to members while also retaining local focus and content in programming. Details inside.
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Blog
JPMorgan Chase Names New General Counsel
Global financial services giant JPMorgan Chase this week appointed Stacey Friedman, currently general counsel of the company's corporate and investment bank, as general counsel of the firm. She will assume this role from Steve Cutler early next year, when he will be appointed vice chairman of the firm. Details inside.
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Article
All the Questions Confronting Clawback Policy
The SEC has proposed a new rule that publicly traded companies adopt a clawback policy to recoup incentive-based compensation from executives that later turns out to be based on faulty financial statements. How hard can that be? Well, pretty hard, many compensation experts say. Inside, we have the run-down on ...