All Compliance Week articles in Web Issue – Page 691
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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 ...
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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 ...
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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 ...
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More ABC Angst in Latest Compliance Survey
Image: Fresh news from the world of surveys: Corruption risks have risen sharply in the last few years, and while compliance officers agree that an anti-corruption risk assessment is critical, many still struggle to perform that task well. So says the latest anti-bribery & corruption survey from KPMG. More findings ...
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Gallagher Out: SEC Commissioner Sets Departure Deadline of Oct. 2
Nearly four months after SEC Commissioner Daniel Gallagher announced his intention to depart the SEC, no successor has been nominated by the White House. Today, Commissioner Gallagher issued a short statement indicating that his offer to stay on as a commissioner now has an expiration date: Friday, October 2, 2015.
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K2 Intelligence Enhances Regulatory Compliance and Cyber Defense Team
K2 Intelligence, an investigative, compliance and cyber-defense services firm, recently appointmented two cyber-security veterans to its compliance and cyber defense team. Dana Syracuse will join the firm on Sept. 10 and Vincent D’Agostino joined on Aug. 31. More inside.
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Juniper Networks Names General Counsel
Juniper Networks has appointed Brian Martin as general counsel and corporate secretary, effective Oct. 5. Martin will serve on the executive leadership team and report directly to Chief Executive Officer Rami Rahim. Details inside.
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The Week That Was: Problems With Disclosure-Based Activism
Image: The SEC this week was ordered by a court ruling to expedite delayed rulemaking that forces oil and gas companies to disclose payments to governments. But is a rule of this sort worthwhile if, as a separate lawsuit demanded, public disclosure isn’t required? And, what’s the point of demanding ...
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Federal Judge Limits Scope of FCPA Liability
A recent decision by U.S. District Judge Janet Arterton for the District of Connecticut has rejected the Department of Justice's "accomplice" theory of liability under the Foreign Corrupt Practices Act, substantially limiting the reach of the government’s enforcement arm under the FCPA. The ruling in the case, in favor of ...
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Reserve Bank of New Zealand Contracts With Wynyard
Software provider Wynyard Group announced today that it has won a new contract with The Reserve Bank of New Zealand (RBNZ) to provide Wynyard risk management software. RBNZ is New Zealand's central bank, responsible for operating monetary policy to maintain stable prices and assisting the functioning of the country's financial ...
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Condor Hospitality Trust Names New Chief Accounting Officer
Condor Hospitality Trust (formerly Supertel Hospitality), a hotel-focused real estate investment trust, has appointed Arinn Cavey as chief accounting officer. Details inside.
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Transocean General Counsel Departs
Transocean, an international provider of offshore contract drilling services for oil and gas wells, this week announced that Lars Sjöbring, senior vice president and general counsel, has informed Transocean that he will be leaving the company. More inside.
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FASB Plans Disclosure Changes for Uncertain Tax Positions
FASB has tentatively decided to revise disclosure of uncertain tax positions, by dropping the current requirement for companies to disclose the nature and estimate of the range for a reasonably possible change in the unrecognized tax benefit balance in the next 12 months. More inside.
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Do You Have a Windows 95 FCPA Compliance Program?
I find the world of sports to be a rich source of tutorials on things not to do for the FCPA compliance practitioner; from suspending Tom Brady for events which happened after DeflateGate, to the St. Louis Cardinals hacking the Houston Astros (of all teams) to steal secrets around player ...
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Medytox Solutions Names Chief Compliance Officer
Medytox Solutions, a holding company that owns and operates businesses in the medical services sector, has appointed Steven Burdelski as chief compliance officer. Burdelski will lead the compliance department in reviewing and evaluating compliance issues and concerns. Details inside.
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From Bad to Worse for Apple Day-Trader Sued by SEC
Things looked like they couldn't get much worse for an Apple day-trader sued by the SEC in February 2015 for a scheme that was allegedly quite audacious. But they just did.
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Third Citigroup Compliance Update Posted
More than one year after Citigroup’s $7 billion landmark settlement with the government to resolve a federal investigation into the sale of sub-prime mortgages comes the third report on the bank’s progress. Details of the report include an assessment of Citi’s consumer relief efforts through March 31 and a review ...
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The Seibels Bruce Group Names Chief Risk Officer
The Seibels Bruce Group, an insurance services provider of business process outsourcing solutions, has appointed Adrian Brown to chief risk officer. More inside.
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Court Gives SEC Deadline to Act on Extractive Payments Rule
A federal district court has ordered the SEC to get moving with its long-delayed requirement to adopt a rule for oil, gas, and mining companies to disclose payments made to foreign governments. Ruling on a lawsuit brought against the SEC by Oxfam America, the judge concluded that the SEC “unlawfully ...
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FASB Explains Changes to 2016 GAAP Taxonomy
FASB has issued notes explaining the changes to the proposed 2016 XBRL taxonomy, including simplifying the income statement and the presentation of debt issuance costs, among other changes. “While some of these changes may impact a significant number of filers, the feedback received from constituents was to eliminate inconsistencies and ...