All Compliance Week articles in Web Issue – Page 69
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News Brief
FCA censures London Capital & Finance over misleading promos
Insolvent credit broker London Capital & Finance dodged a “substantial financial penalty” from the U.K. Financial Conduct Authority regarding promotions it used to market minibonds to investors.
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News Brief
Wilmington Trust to pay $1.3M over fiduciary duty lapses
Wilmington Trust Investment Management agreed to pay more than $1.3 million to settle charges by the Securities and Exchange Commission it failed to disclose conflicts of interest and breached its fiduciary duty to clients.
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News Brief
Compliance cost concerns raised as California enacts climate disclosure laws
The governor of California signed off on a pair of bills containing requirements for large businesses operating in the state to make disclosures regarding their climate-related risks and impacts, though not without mentioning work to be done on the compliance ramifications associated with each law.
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Premium
U.K. financial regs pressure firms to step up D&I considerations
The U.K.’s Financial Conduct Authority and Prudential Regulation Authority set out proposals to ensure firms treat nonfinancial misconduct, such as bullying, racist behavior, and sexual harassment, as strictly as other regulatory offenses.
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News Brief
SEC adopts shorter reporting deadlines for beneficial ownership
The Securities and Exchange Commission finalized its rule proposal to cut in half the timeline allowed for market participants to file initial beneficial ownership information with the agency.
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News Brief
HSBC unit fined $2M by FINRA over long-running disclosure lapses
HSBC Securities (USA) agreed to pay $2 million as part of a settlement with the Financial Industry Regulatory Authority addressing alleged inaccurate disclosures related to conflicts of interest.
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Podcast
Digital Transformation of Compliance podcast: FedEx CCO Justin Ross
In the debut episode of the Digital Transformation of Compliance podcast series, Justin Ross, chief compliance officer at FedEx, speaks to specific areas in which the shipping giant has digitized and automated parts of its compliance function.
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Premium
OCC examiners to focus 2024 attention on risks that led to bank failures
Bank examiners from the Office of the Comptroller of the Currency are focusing their supervision attention on how banks manage risks that brought down three mid-sized financial institutions earlier this year.
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News Brief
MGM discloses $100M hit from cyberattack
MGM Resorts International said it expects to take a $100 million hit as part of the fallout of a cyberattack that has most significantly impacted its Las Vegas operations.
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Premium
Shinhan Bank enforcements a lesson in not prioritizing compliance
The recent $25 million in combined penalties levied against South Korean-based Shinhan Bank by three U.S. regulators was the culmination of the bank’s failure over an eight-year period to timely correct deficiencies with its anti-money laundering and Bank Secrecy Act processes.
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Blog
Two Ocean Trust appoints chief risk and compliance officer
Two Ocean Trust, a Wyoming-chartered trust company, announced the appointment of Albert Forkner as its new chief risk and compliance officer.
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Blog
Auctane names chief legal officer
Auctane, a global delivery experience company, announced the appointment of Kin Gill as its new chief legal officer.
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Blog
Carson Group gets chief legal officer
Financial services firm Carson Group hired Julie Pine as its chief legal officer.
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Blog
Lido appoints general counsel
Wealth management firm Lido Advisors announced the appointment of Debra Achkire as general counsel.
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Premium
Expert: Clorox ‘trying to do the right thing’ with rapid cyberattack disclosures
The timing of a recent cyberattack against Clorox juxtaposed against the Securities and Exchange Commission’s adoption of its cybersecurity incident disclosure rule soon to take effect has presented a case study regarding how companies might seek to meet the requirements of the rule.
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Premium
DOJ floats declinations as incentive under M&A self-disclosure safe harbor
The Department of Justice’s push to incentivize companies to voluntarily self-disclose potential misconduct reached its next stage in the form of a safe harbor policy regarding mergers and acquisitions.
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Premium
Lessons from Danske Bank CCO: Four pillars to successful remediation
Outgoing Danske Bank CCO Satnam Lehal shares with Compliance Week lessons learned from addressing deficiencies in the bank’s compliance program while managing the expectations of regulators, the board, employees, customers, analysts, investors, and the public.
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Webcast
CPE Webcast: Focusing on control and compliance
Amid globalization, new business models, and a constantly evolving regulatory environment, finance and accounting professionals face increasing complexities and higher transaction volumes. These issues pose challenges in delivering accurate and timely compliance and controls.
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News Brief
FINRA orders Santander unit to pay $100K over supervision failures
Santander U.S. Capital Markets agreed to pay $100,000 to settle allegations by the Financial Industry Regulatory Authority regarding supervision failures related to misuse of material nonpublic information.
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Blog
GAM promotes chief risk officer to CEO
Global asset management firm GAM Holding appointed Elmar Zumbuehl as group chief executive officer. Zumbuehl was most recently the global chief risk officer and a member of the GAM group management board.