All Compliance Week articles in Web Issue – Page 690
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Article
Petrobras Probe Portends Brazil Enforcement Crackdown
Image: Suddenly anti-corruption enforcement seems to be serious in Brazil—to the point that businesses working there might want to pay more heed to enforcement risks from Brazilian regulators themselves. The catalyst is the sweeping investigation into state-owned oil company Petrobras, riveting Brazil this month. “We can expect much more enforcement ...
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Blog
Retailers Decry Prospect of Bank-Like Data Security Rules
The National Retail Federation is asking Congress to reject any legislation that would impose data security rules designed for the banking industry upon non-bank businesses. An overly broad expansion of data security standards similar to Gramm-Leach-Bliley Act guidelines would “be a serious error,” it says.
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Blog
Deloitte Advances Ucuzoglu to Lead Audit Practice
Image: After Deloitte advanced its head of audit to CEO in February, the firm has appointed Joseph Ucuzoglu chairman and CEO of subsidiary Deloitte & Touche. Ucuzoglu says he has a handful of near-term priorities that focus on innovating the audit practice to elevate audit quality. “We want to really ...
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Blog
SEC Details Its Criteria for ‘Bad Actor’ Waivers
Amid a fierce debate among commissioners, the SEC’s Division of Corporation Finance has issued guidance on how and when waivers will be granted for companies that face disqualification from registration exemptions when raising capital. Determinations will include whether the misconduct was isolated, company leadership was involved, and training and remediation ...
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Blog
SEC Disclosure Crackdown Turns to Beneficial Ownership Reports
With another enforcement sweep made possible by its ongoing data dive into corporate filings, the Securities and Exchange Commission has fined several officers, directors, and major shareholders in companies for failing to update their stock ownership disclosures. The charges relate to the failure to file Schedule 13D, commonly known as ...
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Blog
Standard Chartered Beefs Up Financial Crime Risk Committee
Standard Chartered today announced the appointment of three external advisor members to its board financial crime risk committee. The banking giant announced the formation of the committee last year as part of a strategic priority to combat financial crime and continue to invest in its compliance program in the wake ...
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Blog
U.K. Watchdog to Hold Senior Managers Accountable
British banking regulators have released new guidelines to improve individual accountability in the banking sector. In the event of misconduct, senior managers who are capable of “causing significant harm” to a bank, or can threaten the integrity of financial markets, will now be held accountable in an investigation. Details inside.
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Resource
Anti-Bribery and Corruption: A Changing Landscape
Most companies are well aware of the risks bribery and corruption pose when operating in the global marketplace. However, what companies may be overlooking is how quickly the landscape is changing—and how this dynamic shift can affect corporate compliance initiatives. With the recent up-tick in enforcement of the Foreign Corrupt ...
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Blog
Regulator Roasts Fannie Mae’s CAE Selection
The Federal Housing Finance Agency has provided a primer for corporate audit committees on how not to appoint and manage a chief audit executive. The FHFA’s inspector general has released a detailed report criticizing Fannie Mae’s selection of a chief audit executive in 2013, calling the audit committee’s process “far ...
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Blog
BrandProtect Monitors Social Media for Cyber Threats
BrandProtect recently extended its enterprise-class cyber threat and reputational risk detection and mitigation platform to include robust social domain auditing, monitoring, activity analysis and threat detection. The BrandProtect cyber threat and reputational risk detection and mitigation platform delivers 24/7 brand and reputational risk monitoring across a comprehensive range of social ...
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Blog
Former BankUnited Chief Risk Officer Joins PwC
Randy Melby has been appointed risk assurance managing director in PwC’s Internal Audit practice. He joins PwC from BankUnited, where he served as chief risk officer. Details inside.
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Blog
Former U.S. Deputy Attorney General James Cole Joins Sidley Austin
James Cole, Deputy Attorney General of the United States, has joined law firm Sidley as a partner in its white-collar government litigation and investigations practice. Cole will focus his practice on the full range of federal enforcement and internal investigation matters, with a particular emphasis on cross-border and multi-jurisdictional matters. ...
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Blog
AutoNation Corporate Controller Removed From Post
AutoNation, an auto retail company, said this week in a Form 8-K filing that Michael Stephan no longer serves as corporate controller and principal accounting officer, due to an internal realignment of its finance department. He will continue to serve as an employee of the company on a transitional basis ...
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Blog
Harsco Chief Compliance Officer Departs
Harsco, a global industrial services company, reported in a Form 8-K filing this week that Verona Dorch, chief legal officer, chief compliance officer, and corporate secretary, has left the company. Dorch's employment ended March 10.
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Blog
$1.45B Commerzbank Settlement Hits AML Controls
Germany-based Commerzbank and its U.S. branch, Commerz New York, will pay a total of $1.45 billion in penalties to resolve criminal charges for violations of the International Emergency Economic Powers Act and the Bank Secrecy Act. The settlement provides a litany of lessons on the importance of implementing proper anti-money ...
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Resource
e-Book: HCM Compliance Update 2015
In an ever-changing regulatory landscape, tax compliance remains top of mind for compliance professionals and business leaders. Whether it is adhering to federal and state regulatory requirements, or making sure that all transactions are accounted for, one minor misstep can usher in a series of new risks. Moreover, as technology ...
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Blog
Utah Lawmakers Approve First 'White Collar Crime Offender Registry'
This week, legislators in Utah passed a bill that will require the state to establish a new "Utah White Collar Crime Offender Registry." The New York Times reports that the Registry, which is similar in concept to the sex offender registries now in every state in the U.S., will be ...