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New Compliance Week and Kroll Benchmarking Report on Anti-Bribery & Corruption
On May 20, Compliance Week and Kroll released their Anti-Bribery & Corruption Benchmarking Report. The results give compliance officers a view into the anti-bribery and corruption threats they face and share resources for creating a risk-based compliance program. If you haven't already downloaded a copy, now is your chance.
Click here to learn more.

Latest News

SEC to Require Admission of Guilt When Settling Worst Offenses

SEC Chairman Mary Jo White announced yesterday that the agency is changing its long-standing "neither-admit-nor-deny" settlement policy to require admissions of wrongdoing from defendants in cases involving "egregious intentional misconduct" or "misconduct that harmed large numbers of investors." More details inside.
 

Deloitte Unit Agrees to $10 Million Fine, One-Year New York Ban

Under an agreement with New York's top banking regulator, Deloitte Financial Advisory Services is barred from consulting work with financial institutions in that state for one year and will pay a $10 million fine to settle allegations of misconduct during a regulator-mandated review of money laundering issues at Standard Chartered Bank.
 

GAO Report Urges Taxation of Bitcoin, Other Virtual Currency

A new report by the Government Accountability Office says the Internal Revenue Service should consider collecting taxes on virtual currencies, including the popular Bitcoin, when they are used as a payment for real world goods and services, since they can be exchanged for government-issued currency. More details inside.
 

SEC Pays Second Whistleblower Award, More Could Be Coming

The Securities and Exchange Commission will reward three whistleblowers for their assistance with an enforcement action against a "sham hedge fund." The case marks the second time the SEC has awarded a whistleblower bounty. Meanwhile, a senior official at the SEC's Enforcement Division stated recently that he expects to see some "incredibly impactful cases" with significant whistleblower awards in the next six to twelve months. More inside.
 

SEC’s White: “No Admission” Settlement Policy Under Review

In a letter last week to Sen. Elizabeth Warren (D-Mass.) SEC Chairman Mary Jo White stated that while she believes the SEC's "neither-admit-nor-deny" settlement policy provides public accountability, it is under "active review." White says the SEC is looking at whether it is making "full appropriate use of its leverage in the settlement process."
 

Tough New Children’s Online Privacy Rule Takes Effect July 1

Strict new privacy rules that take effect July 1 are causing compliance headaches for any company that could potentially collect personal information online from children under 13. "It's very important that every company take a look at the new rule," even if they assume it doesn't apply to them, says Jerry Cerasale, senior vice president of government affairs for the Direct Marketing Association. Details inside.
 

House Passes Bill to Align
Cross-Border Swaps Rules

The House passed a bill last week that would require the Securities and Exchange Commission and Commodity Futures Trading Commission to have identical cross-border rules in an attempt to align regulation. Critics say it would undo Dodd-Frank Act efforts to control international trades that can escape U.S. oversight. More details inside.
 

FASB Closes Loophole on What Defines an Investment Company

The Financial Accounting Standards Board has codified an approach for determining whether a company is an investment company for accounting purposes, which determines when an entity must record all of its investments at fair value. The move closes a loophole that provided some wiggle room on what constitutes an investment company. Details inside.
 

In-Depth Coverage

Compliance Skills in Big Demand

It's a good time to be in the compliance profession. Executive search firms say compliance officers and risk managers are in high demand, due to the large volume of regulatory changes and stiff penalties that are influencing companies to build out the compliance function. "With Dodd-Frank and everything that's happened over the past few years, it's basically the chief compliance officer employment act for the next decade," says Glenn Buggy, a partner at executive search firm CTPartners.
 

Internal Audit Slowly Shifting
to Take on Large Strategic Risks

Internal auditors say they are shifting their attention toward strategic risks, but are still bogged down in the basic financial controls and assurance over financial reporting, according to a recent survey. The shift is happening slowly and not without some growing pains. One of the difficulties is that big, emerging risks are more ambiguous. "They're used to those very black and white, bright lines," says Tom Harper, general auditor at Federal Home Loan Bank of Chicago.
 

Ralph Lauren vs. Total S.A:
A Tale of Two FCPA Violators

When clothing retailer Ralph Lauren Corp. and French oil and gas company Total S.A. recently resolved charges of Foreign Corrupt Practices Act violations, the results couldn't have been any more different. Total was hit with nearly $400 million and saddled with a compliance monitor, while the clothing retailer got a slap on the wrist. Inside, we look at the factors that contributed to such different enforcement outcomes.
 

More Companies Are Deciding to
Outsource Compliance Processes

A flurry of new regulations, a shortage of qualified compliance executives, and continuing pressure to do more with less is driving many companies to seek the help of outside service providers to keep up with compliance demands. Deciding what to farm out, however, and what to retain can be tricky. And outsourcing doesn't solve every problem. "If you outsource a mess, it's still a mess," says Vishal Chawla, a principal with Deloitte.
 

Internal Investigations Are Moving Out of the Shadows

Companies are under increasing pressure to provide more transparency to internal investigations. They find they need to demonstrate that internal problems were handled fairly and completely and that those responsible for the wrongdoing have been disciplined or removed. The days of under-the-radar investigations may be over. "Keeping things under wraps is almost impossible," says Lee Smith, who specializes in internal investigations for the law firm Hinshaw & Culbertson.
 

Columnists

Insights Into COSO���s Updated Internal Control Framework

The updated COSO internal control framework is finally here. While it retains much of the original's fundamentals, it includes enhancements to ensure that the framework is suited to today's technology-driven, global business environment. Inside, Columnist Richard Steinberg, who played a lead role in drafting the original and served as an adviser to the update project team, provides a roadmap to where the changes lie.
 

Beware of Expert Networks

Corporate compliance and investor relations officers beware: Employees at your companies may be participating in so-called "expert networks," which could expose them to charges of insider trading and the company to reputational damage. Inside, Columnist Lou Thompson surveys the expert network landscape and the dangers lurking for companies and their professional employees.
 

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Events of the Week

IT-Friendly Solutions to File Transfer Problems
Sponsored by IBM

Graph Analytics: A New Approach to Risk Management
Sponsored by YarcData

e-Books

Information Governance: Managing the Lifecycle of Data
Sponsored by HP Autonomy

Anti-Money Laundering Illustrated: Visualizing an Effective Capability
Sponsored by OCEG

Time to Get Moving on Conflict Minerals Compliance
Sponsored by PwC

Thought Leadership

What Enterprise Compliance Really Looks Like
Sponsored by Deloitte

The Battle to Balance Vigilance and Suspicion
Sponsored by OCEG

Meeting Compliance Challenges: Leveraging the Value of Outsourcing
Sponsored by Deloitte

Managing the He Said, She Said Investigation
Sponsored by Convercent

Upcoming Webcasts

Evolution of Compliance: 2013 State of Compliance Survey Results
Sponsored by PwC

Data Sharing and Compliance in the Healthcare Industry
Sponsored by Intralinks

Compliance Week Podcasts ...

Every week we chat with leading thinkers in compliance, auditing, risk management, public policy and more. These short (10-15 minutes) interviews are free to all. Follow Compliance Week podcasts on iTunes.