All Compliance Week articles in Web Issue – Page 862
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ArticleAssessing risks country-by-country
A new Transparency International report examining public sector corruption reveals both good news and bad news: More countries saw their anti-corruption scores improve, rather than decline—but corruption, overall, is still rife globally. Compliance and risk officers can use the benchmark to help reassess where to focus their due diligence and ...
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Blog
New Customs Database Triggers Regulatory Concerns
Image: By the end of 2016, the U.S. Customs and Border Protection will require that all cargo shipment details be reported through ACE (Automated Commercial Environment), a new electronic processing system. Use of this system, aimed at automating and consolidating border processing, brings with a number of challenges for both ...
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Article
Mitigating export control violations
Image: The U.S. Department of Commerce Bureau of Industry and Security is considering proposed rules that, on the one hand, would significantly raise the stakes for companies that run afoul of export control regulations but, on the other hand, bring greater transparency to the enforcement process. “The guidelines generally provide ...
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Blog
IIA Seeks to Raise Bar on Internal Audit Practices
The Institute of Internal Auditors is proposing a change to its professional practice standards to give internal auditors some new guidance in light of evolving business demands. The IIA says the proposed changes are focused on enhancing existing standards on communications and quality assurance, and creating new standards addressing objectivity ...
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BlogFASB Proposes Eight New Cash Flow Classification Rules
Current accounting rules are either unclear or silent on how to classify cash flows in certain instances, so FASB is proposing an update to the Accounting Standards Codification to fill the gaps. The board is looking to clarify several issues with such transactions as debt prepayments, settlement of zero-coupon bonds, ...
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Blog
Wells Fargo to Pay $1.2 Billion for ‘Reckless’ Lending Practices
Wells Fargo & Company said this week in a securities filing that it would pay $1.2 billion to resolve certain civil claims relating to the company’s Federal Housing Administration lending activities. In a Form 8-K filing, Wells Fargo said it had reached an agreement in principle with the Justice Department, ...
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Blog
Barclays, Credit Suisse to Pay $150 Million for Dark Pool Violations
The Securities and Exchange Commission last month announced that Barclays Capital and Credit Suisse Securities have agreed to settle separate cases for violating federal securities laws while operating alternative trading systems known as dark pools and Credit Suisse’s Light Pool. Both firms collectively will pay more than $150 million to ...
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BlackRock CEO Urges Rethinking of Quarterly Earnings
Image: In recent months an increasing number of investor advocates have expressed concerns that companies worry more about short-term quarterly earnings and estimates, not enough about long-term, sustainable growth. In a Feb. 1 letter to nearly 500 companies, Laurence Fink, co-founder and CEO of BlackRock offered his take, urging “resistance ...
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BlogSciClone to Pay SEC $12.8 Million in FCPA Case
SciClone Pharmaceuticals announced that it has entered into a $12.8 million settlement with the Securities and Exchange Commission to resolve an investigation of potential violations of the Foreign Corrupt Practices Act with respect to its China operations. SciClone further said that the Department of Justice has also completed its related ...
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Blog
'You Get a Refund! You Get a Refund! You Get a Refund...!'
The SEC might be feeling like a little like Oprah lately, handing out refunds the way Oprah hands out cars. "You get a refund! You get a refund! YOU get a refund!"
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Blog
CFTC Still Waiting for Its Whistleblower Program to Bear Significant Results
After four years, the CFTC has so far paid out just two whistleblower awards totaling $530,000 while incurring millions of dollars in expenses. The agency’s inspector general stated recently that it has opened a review to “to determine the reason, if any, for the limited number of CFTC whistleblower awards ...
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TOMI Appoints Three New Independent Board Members
TOMI Environmental Solutions, a global bacteria decontamination and infection prevention company, has appointed three new independent directors to its board, bringing its total to five members.
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Blog
Achillion Pharmaceuticals Names General Counsel and SVP of Regulatory Affairs
Achillion Pharmaceuticals has announced the addition of two members to the senior management team, including the appointment of a new general counsel and secretary, and a new senior vice president of regulatory affairs.
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Blog
Volkswagen Group of America Names New General Counsel
Amid its emissions scandal, Volkswagen Group of America has appointed David Detweiler to serve as general counsel, effective as of Feb. 1. Detweiler joins Volkswagen Group of America from the international law firm Clifford Chance in Frankfurt, Germany. He assumes his new role from David Geanacopoulos, who has served for ...
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Blog
Ethics, Compliance, and GRC: A Foot on Both Banks
Ethics & compliance is one thing, and governance, risk & compliance is another, and yet, both seem to overlap significantly. When considering how often compliance issues begin as ethics issues, Editor Bill Coffin wonders what can be done to ensure a more seamless integration of ethics into compliance, governance, and ...
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Blog
Allianz Life Names Chief Compliance Officer
Allianz Life Insurance Company of North America and Allianz Life Insurance Company recently hired Steve Koslow as chief compliance officer to oversee the compliance management system for insurance, broker/dealer and investment advisor regulated business, as well as compliance with legal and regulatory requirements.
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Blog
SafeBreach Arms Defenders With the Hacker's Playbook
SafeBreach, a breach validation firm, last month officially announced the company and the general availability of its platform. Founded by former LivePerson CSO Guy Bejerano and renowned security researcher Itzik Kotler, SafeBreach enables any size organization to precisely and continuously quantify the risk of breaches from specific attack scenarios, harden ...
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Blog
FASB Takes Heat on Impairment Proposal
Image: FASB is facing some fresh political pressure from Congress, this time to answer the outcry of smaller financial institutions objecting to the planned change to financial instrument impairment rules. According to FASB Chairman Russ Golden, a recent open meeting on the topic of impairment produced “insightful discussion that resulted ...