All Compliance Week articles in Web Issue – Page 690
-
Blog
Karin Lockovitch is New Director of Compliance at Zions Bancorporation
Zions Bancorporation has appointed Karin Lockovitch, a 16-year veteran of the financial industry, as its new director of compliance. She joined the bank after serving as senior vice president and consumer compliance officer for SunTrust Banks and senior director of regulatory risk management for Ally Financial.
-
Article
Preventing an FTC Cyber-Security Action
Image: A federal appeals court has upheld the Federal Trade Commission’s efforts to sanction companies for poor data security practices—which opens a new front of cyber-security compliance and legal risks for Corporate America. “Basically, if consumers trust you with data, you need to use reasonable business efforts to honor that ...
-
Blog
SEC Charges Bankrate, Former Executives With Accounting Fraud
Bankrate Inc. has agreed to pay $15 million to settle accounting fraud charges leveled against it by the Securities and Exchange Commission. Three former executives were also charged, accused of fraudulently manipulating the company’s financial results to meet analyst expectations. Bankrate’s former CFO Edward DiMaria is also accused of selling ...
-
Blog
Former Gov. Contractor in Afghanistan Charged With Bribery
A former employee with International Relief and Development Inc., a government contractor, has pleaded guilty to charges of bribery in connection with a federal program and attempting to avoid currency transaction reporting requirements. The announcement was made this week by Assistant Attorney General Leslie Caldwell of the Justice Department’s Criminal ...
-
Article
Human Trafficking Lawsuits Expose Companies to Greater Supply Chain Risk
Image: While you were worrying about conflict minerals, class-action lawsuits over cat food and shrimp cocktail have emerged as the new compliance risk. Suits against Nestlé and Costco both claim the companies used shrimp produced using slave labor in Thailand. What’s more, plaintiffs are using required supply chain disclosures from ...
-
Blog
Geoswift Names Michael Kireopoulos Global Head of Compliance
Geoswift, a provider of cross-border payments between China and other nations, has named Michael Kireopoulos as Global Head of Compliance. Based in San Francisco, he will be responsible for managing all facets of global compliance, with a specific focus on meeting anti-money laundering and money transmission regulatory standards.
-
Blog
SEC Charges BDO USA, Partners for Misleading Audit Opinions
The SEC has charged audit firm BDO USA with issuing false and misleading unqualified audit opinions about the financial statements of staffing services company General Employment Enterprises. BDO agreed to admit wrongdoing, pay disgorgement of its audit fees and interest totaling approximately $600,000, and pay a $1.5 million penalty. Details ...
-
Article
Investment Advisers Next to Feel AML Scrutiny
Investment advisers have never had to face formal anti-money laundering requirements. That is about to change. A proposed rule by the Treasury Department’s Financial Crimes Enforcement Network adds them to the definition of “financial institutions” and demands comprehensive anti-money laundering programs. That has raised concerns of cost and redundancy and ...
-
Blog
Marsh McLennan Promotes Compliance Chief to CIO
Marsh McLennan, a $13 billion conglomerate with large insurance and consulting businesses, has promoted Chief Compliance Officer Scott Gilbert to be the company’s new chief information officer.
-
Blog
Tougher Regulations Lead to Structural Overhaul in Europe’s Biggest Banks
The size and number of European investment banks is shrinking, due to tighter regulations that are causing some big banks to retreat from expansion plans. The move comes as financial firms anxiously await final ring-fencing rules from the U.K. Prudential Regulation Authority. More inside.
-
Blog
Bulgaria’s Anti-Graft Bill Failed to Win Parliamentary Approval
The Bulgarian government’s plan to create a special anti-corruption unit designed to tackle high-level corruption cases through anonymous reporting has failed to gain parliamentary approval as the fight to end corruption across Europe intensifies. In 2014, Bulgaria was ranked as one of the most corrupt EU countries, according to Transparency ...
-
Blog
EY Finds More Voluntary Audit Committee Disclosures
According to a recent report from EY, audit committees for the largest companies continue to raise the bar on what they voluntarily say in their reports about their responsibility for and oversight of the external audit. In its analysis, EY says 21 percent of audit committees disclosed in 2015 that ...
-
Blog
FCPA Lessons in Deflate-gate: Consistency of Discipline
For those in the FCPA world I would like to focus on one aspect of the court’s ruling: consistency in discipline. In Brady’s appeal, the court was highly critical of the fact that the NFL policy for discipline for first offenses involving equipment violations would result in fines rather than ...
-
Article
New NLRB Standard Causes Compliance Joint Pains
Image: The National Labor Relations Board has startled Corporate America with its recent ruling that drastically expands the definition of a “joint employer.” Compliance officers should scramble for all those contracts your company has with staffing agencies, franchisees, and similar parties; review them closely to shed any right of control ...
-
Article
Audit Fees Are Up; What’s Interesting Is Why
Audit fees are rising—which you probably already knew—but the latest data on audit fees raises questions about what’s behind that increase. PCAOB audit firm inspections are part of it; but many big jumps in fees seem due to external events like a merger more than vigorous audits for SOX compliance, ...
-
Blog
FDIC Hits Comenity Banks Over Deceptive Credit Card Add-Ons
The FDIC has settled with Delaware-based Comenity Bank and Comenity Capital Bank of Salt Lake City for deceptive practices relating to the marketing of credit card add-on products. Comenity Bank will pay a civil money penalty of $2 million and provide $53 million in restitution to harmed consumers. ...
-
Blog
Ramarathnam Named Deputy Director at SEC's Office of Credit Ratings
The Securities and Exchange Commission has announced that Smeeta Ramarathnam will be Deputy Director at its Office of Credit Ratings. In this new position for the office, Ramarathnam will oversee examinations and monitoring of nationally recognized statistical rating organizations, rulemaking, and related initiatives. She joins the office after serving for ...
-
Blog
Washington Returns to the Battle for Work Culture
Image: Lawmakers return to Washington this week, and already President Obama has piqued them with an executive order for government contractors to offer employees paid sick leave. Expect more of the same—on sick leave, parental leave, wage hikes, union drives—because the political currents are with Obama right now, Editor Matt ...
-
Blog
Oh Craps: Caesar’s Palace Fined $8M for Lax AML Controls
Caesar’s Palace will pay an $8 million penalty for poor money laundering controls that apparently let wealthy clienete gamble millions of dollars in a single visit, according to the Financial Crimes Enforcement Network. The AML compliance holes let the high-rollers use front money instead of their own, thwarting recordkeeping and ...
-
Blog
SEC’s Gallagher Plans Oct. 2 Departure
Image: Title: GallagherDaniel Gallagher will step down from the SEC on Oct. 2, putting renewed pressure on the Obama Administration to send a nominee to the Senate for confirmation. Still undecided as well is who the White House will nominate to replace Commissioner Luis Aguilar. Early trial balloons for a ...