All Compliance Week articles in Web Issue – Page 807
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Blog
BNY Mellon Names New Chief Risk Officer
BNY Mellon, an investment management and investment services company, has appointed James Wiener as chief risk officer, effective Nov. 24, 2014. Wiener will lead the company's global risk and compliance group, overseeing the compliance and credit, operational and market risk functions. He will succeed Brian Rogan, who is retiring ...
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Blog
KPMG Draws Ire in 2013 Report; New Carping Over Old Quality Issues
The Public Company Accounting Oversight Board says KPMG failed to arrive at an adequately supported audit opinion in 46 percent of the audits the agency inspected in 2013, and it failed to satisfy quality control issues raised in earlier inspections. The PCAOB flagged 23 of the 50 audits that inspectors ...
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Blog
Few Countries Make Good on OECD Anti-Bribery Pledge
Oct. 23—Despite a 15-year-old promise to do so, many of the world’s leading economies are failing to do enough to prevent corruption and bribery. The Organization for Economic Co-operation and Development’s Anti-Bribery Convention, adopted in 1997, was a pledge by 41 countries to make foreign bribery a crime. Years later, ...
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Blog
Lawyerless Allen Stanford Files 299-Page Brief Appealing His Conviction
"Life comes at you fast," doesn't it Allen Stanford? (Just ask MC Hammer).One day you are have a net worth of $2.2 billion, an office with its own five-star dining room, movie theater, professional kitchen and wine bar, and island nations such as Antigua are granting you knighthood. The next ...
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Blog
SEC Plans Early 2015 Concept Release on Audit Committee Upgrades
Image: Title: WhiteThe SEC expects to issue a concept release in early 2015 exploring possible avenues for elevating the work of public company audit committees, according to SEC Chair Mary Jo White. In recent remarks, White said the staff will address issues around the relationship between the audit committee and ...
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Blog
Litigation Risks Still High on Corporate Radar, Survey Shows
Oct. 22—A new survey of European and U.S. corporate counsel and compliance officers showed that risks of litigation remain a major concern, with 88 percent reporting that the amount of legal disputes faced by their company in the past year has either stayed the same or increased. The annual survey, ...
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Blog
Regulators Jointly Approve New Risk Retention Rules
Image: Title: Regulators Jointly Approve NewOct. 23—The SEC has adopted final rules for the asset-backed securities market that will require securitizers to retain no less than five percent of the credit risk of the assets they securitize. The rule was adopted one day after the Federal Deposit Insurance Corporation, Federal ...
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Blog
U.K. Businesses in Spotlight in Massive Money Laundering Scheme
Image: Title: ClarkeOct. 22—An investigative report published last week by The Independent revealed that 19 businesses registered in the United Kingdom are under suspicion for involvement in a complex money laundering scheme that cleaned £12.5 billion in illicit money over four years. The report cited corporate secrecy laws that make ...
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Blog
Securities Docket Announces Inaugural Class of 'Enforcement Hall of Fame'
At the conclusion of Securities Enforcement Forum 2014 last week, Securities Docket announced the eight members of the inaugural class of its "Enforcement Hall of Fame." The Enforcement Hall of Fame honors the lawyers who have made the "most extraordinary contributions to, and impact upon, the field of securities ...
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Article
Preparing for 2015 Employment Tax Compliance
As companies begin planning for tax compliance in the coming year, they are finding 2015 to be a mixed bag. The good news is that payroll and other tax law changes are minimal; the bad news is that some companies may see hikes in their tax rates. “Thankfully, ...
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Blog
Fed Official Warns Banks: Fix Culture Problem or be Downsized
Two Federal Reserve officials issued stern warnings regarding bank compliance efforts last week. William Dudley, president of the Federal Reserve Bank of New York, said that if financial institutions don’t fix their culture problem, they risk being broken apart. Meanwhile, Fed Governor Daniel Tarullo blasted banks that take a “check ...
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Article
Many Countries, One Compliance Approach
The Compliance Week Europe conference, an annual event held last week in Brussels, drew attendees from 22 countries, many of whom represented companies that do business in an even greater number of nations. Building and maintaining an effective compliance program that is consistent across multinational borders is not an easy ...