All Compliance Week articles in Web Issue – Page 677
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Blog
On Advertising and the FCPA
Image: When can advertising violate the FCPA? That might not be a question often on the minds of compliance officers. The ongoing FIFA corruption scandal, however, demonstrates that any expenditure going out of a corporation may well need to be considered from an anti-bribery angle. Tom Fox, our Man From ...
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Compliance Officers Increasingly Worry About Personal Liability
A survey conducted by Thomson Reuters finds that most risk and compliance professionals at financial services companies around the world expect their personal liability to increase. The report also found that an apparent lack of oversight or awareness from senior managers exacerbates the regulatory focus on accountability. More survey results ...
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Haskell & White Hires Senior Audit Manager
Haskell & White, an accounting, auditing and tax consulting firms, has hired Hogi Kurniawan as a senior manager in the audit and business advisory services department. Details inside.
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Alstom Sentenced to Pay $772 Million FCPA Fine
U.S. District Judge Janet Bond Arterton of the District of Connecticut has sentenced French power and transportation giant Alstom to pay a record $772 million criminal penalty to the Department of Justice to resolve charges over violations of the Foreign Corrupt Practices Act. The sentence marks the largest criminal fine ...
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Fed to Bank of Nova Scotia: Fix AML Controls
The U.S. Federal Reserve and the New York Department of Financial Services in an enforcement action this week ordered the Bank of Nova Scotia and its New York agency to significantly improve its anti-money laundering operations. The bank and the branch have 60 days to jointly submit a written enhanced ...
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FASB Sets Dates for Financial Instruments Standards
In addition to finalizing and setting a 2019 effective date for a new standard on leasing accounting, FASB has wrapped up its long-running work on changes to the way companies will classify and measure financial instruments and has directed its staff to prepare the final language of the Accounting Standards ...
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HSBC Appoints Independent Non-Executive Directors
HSBC Holdings today announced changes to its board of directors, including the departure of two of its longest serving non-executive directors, and the appointment of two new independent non-executive directors. Details inside.
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Bank of America Names Global General Counsel
Bank of America announced that David Leitch will succeed Gary Lynch as global general counsel, beginning Jan. 1, 2016. Leitch will be a member of the company’s management team and report to Chief Executive Officer Brian Moynihan. More inside.
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'Living Legend' Jacob Stillman Steps Down as SEC Solicitor
After 17 years as SEC Solicitor -- and 53 years of service at the SEC -- Jacob H. Stillman is stepping down from the Solicitor position. The SEC announced today that Stillman will remain as senior advisor to Michael A. Conley, who has been appointed as the new SEC Solicitor.
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FASB Sets 2019 Effective Date on Lease Standard
Image: FASB will issue its final leasing rule in 2016, effective 2019. IASB’s new leasing requirements will follow roughly the same timeline, although the boards still differ on how to reflect lease obligations in the income statement. “We believe that this new standard is important because it will provide investors, ...
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Perplexed 'False Tweeter' Claims to Have No Interest in Stock Market
James Alan Craig is no retired Croatian underwear seamstress but the most recent developments in his "false tweets" case are starting to remind me a bit of the Sonja Anticevic saga from back in 2005.
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Akerman Launches Fraud & Recovery Practice Group
Law firm Akerman yesterday announced the launch of a new national Fraud & Recovery Practice Group, a multidisciplinary legal team devoted exclusively to fraud and recovery. The new group is led by co-chairs, David Spector, who has reshaped case law in affirmative fraud investigation and litigation, and Michael Goldberg, who ...
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Final TRG Session Leaves Lingering Questions on Licenses
FASB and IASB’s Transition Resource Group met one final time to work through questions surrounding revenue recognition. While the group forged ahead with such issues as treating customer options for additional goods and services, pre-production activities, and fixed-odds wagering contracts, uncertainty still exists for licensing. Big 4 accounting firm PwC ...
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Drop in 2015 DOJ FCPA Settlements -- 'Sea Change' or Meaningless?
So far in 2015, the Justice Department has settled just two corporate Foreign Corrupt Practices Act cases—notably lower than the 10 in 2014, nine in 2013, and 11 in 2012. According to the Wall Street Journal, the decline is due to a “sea change” in the Justice Department’s foreign ...
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Central Pacific Financial Names Division Manager, Risk Management
Central Pacific Financial, parent company of Central Pacific Bank, has appointed Glenn Ching to executive vice president, chief legal officer and division manager of risk management, effective Jan. 1, 2016. Details inside.
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Crawford & Company Self-Reports FCPA Investigation
Crawford & Company said yesterday in a filing with the Securities and Exchange Commission that it has launched an internal investigation into potential violations of the Foreign Corrupt Practices Act. The claims management company also said it has voluntarily self-reported the potential FCPA violations to the SEC and the Department ...