All Compliance Week articles in Web Issue – Page 679
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Blog
Libor Scandal Costs Deutsche Bank $2.5 Billion in Penalties
Deutsche Bank and its subsidiary, DB Group Services (U.K.), pleaded guilty to wire fraud for their role in manipulating the London Interbank Offered Rate and agreed to pay $775 million in criminal penalties to the Department of Justice, bringing the total amount of penalties against the bank to $2.5 billion. ...
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Blog
SDNY Names New Chief, Deputy Chief of Securities Fraud Task Force
The U.S. Attorney's Office for the Southern District of New York has named Katherine Goldstein as Chief and Telemachus Kasulis as Deputy Chief of that office's Securities and Commodities Fraud Task Force.
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Blog
Inland Securities Corporation Names Chief Compliance Officer
Inland Securities Corporation, the managing broker dealer for Inland Real Estate Investment Corporation, has named Suzanne Bond as chief compliance officer. Details inside.
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Resource
White Paper: Building Better Vendor Risk Assessments
Increase the Quality and Efficiency of Your Vendor Risk Management Program.Download our informative new white paper, Building Better Assessments, and learn how organizations like yours can improve third-party risk assessments while balancing regulatory pressures, business requirements, and budget constraints.Key topics include:Quality - How did you perform against your objectives during ...
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Blog
SEC Issues Whistleblower Award to Compliance Officer
Image: The SEC awarded more than $1 million to a compliance officer who provided information that helped in an enforcement action against the whistleblower’s company. “This compliance officer reported misconduct after responsible management at the entity became aware of potentially impending harm to investors and failed to take steps to ...
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Blog
Merrill Lynch Fined £13.2 million ($19.8 million) for 35 Million Compliance Lapses
Britain’s Financial Conduct Authority fined Merrill Lynch International a record £13.2 million ($19.8 million) for inaccurately reporting more than 30 million transactions and for failing to report another 120,000 transactions over several years. The size of the fine marks the highest ever imposed for transaction reporting failures. Details inside.
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Blog
Gazprom Faces Antitrust Trouble in Europe
The European Commission plans to file formal antitrust charges against Gazprom, as the Russian energy giant is suspected of abusing its power in the natural gas sector by preventing some countries—such as Lithuania and Poland—from re-exporting gas they purchased from the company. If the Commission succeeds, Gazprom will face a ...
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Blog
EU to Postpone Capital Rules on EU Banks
The European Union is again planning to postpone new capital rules on EU banks to hold more capital when trading derivatives with unapproved foreign exchanges. In response to the financial crisis, the United States formulated its own trading guidelines without giving European regulators sufficient opportunity to weigh in, experts say. ...
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Blog
BofA Deputy General Counsel Joins Moore & Van Allen
Ed O’Keefe, deputy general counsel and global legal operations executive of Bank of America, will be joining the litigation practice group of law firm Moore & Van Allen in May. Details inside.
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Blog
FDIC Mulls New Recordkeeping Requirements for Big Banks
The Federal Deposit Insurance Corp. is considering new recordkeeping requirements for the nation’s largest banks to streamline the process for reimbursing insured depositors should one of them fail. New recordkeeping standards would likely apply to banks with more than $2 million in account value. Details inside.
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Blog
New Guidance for Healthcare Compliance Oversight
An unusual coalition of compliance and audit professional associations has joined forces with federal healthcare regulators to publish new guidance on how healthcare organizations can carry out their oversight responsibilities. The guidance is intended for internal auditors, compliance, and legal executives that report to those boards, and carries the blessing ...
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Blog
2014 Restatements Show Further Declines
Restatement data for 2014 suggest companies are getting better at financial reporting—producing fewer erroneous reports, with less damaging effects, and correcting mistakes more quickly when they find them, the latest report from Audit Analytics shows. Contrary to all the good news, however, restatements among accelerated filers are not falling. More ...
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Article
Sentencing Commission Shifts Focus on Fraud Punishments
The U.S. Sentencing Commission has adopted new sentencing guidelines for financial fraud, heaping more punishment on masterminds but reducing penalties for others who might be lower-level minions in such frauds. The change has provoked mixed emotions in the legal community. Some welcome the new flexibility extended to judges as they ...
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Article
Conflict Minerals: From Compliance to Risk Management
Image: As a June 1 deadline nears for companies’ second year of conflict minerals compliance, some might consider life beyond the next Form SD filing to a broader risk management program for suppliers. It can be done, particularly with the OECD’s framework for conflict minerals due diligence. “The entire rule ...
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Blog
FBI Agent David Makol Rejoins SEC as Forensic Accountant
Back in 2012, I recommended a "must-read" article by WSJ reporters Susan Pulliam, Michael Rothfeld and Jenny Strasburg about FBI agent David Makol. The article provided some fascinating insight into the tactics that Makol, then the FBI's go-to guy for "flipping" suspects in insider trading investigations, used so successfully in ...
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Blog
KPMG Elects New Chairman and CEO
KPMG has elected Lynne Doughtie to serve as its next chairman and chief executive officer, for a five-year term starting July 1. Doughtie currently leads KPMG’s Advisory business. Details inside.
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Article
Buying Time With Revenue Standard Delay
Image: FASB might delay implementation of the new revenue recognition standard; corporate financial reporting executives should not. Despite uncertainty on fine points of the standard and business software yet to digest FASB’s seachange in reporting revenue, businesses can do plenty now. “The deferral is telling companies don’t delay in assessing ...
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Article
Cleaning Up FCPA Cases That Spill Into Litigation
Image: Companies under investigation for possible violations of the FCPA have more than enforcement action to worry about; they must be prepared to fend off shareholder lawsuits as well. That requires some careful strategy about how to investigate FCPA allegations and document them. “I can’t tell you how often I ...