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What casinos, bitcoin tell us about money laundering
During a pair of recent speeches, the director of the Treasury Department’s Financial Crimes Enforcement Network discussed money laundering issues for—and the need for cooperation from—casinos. Another topic: the regulatory perils of virtual currencies.
A free press and the fight against bribery and corruption
One the day newspapers across the country are fighting back against President Trump's insistence that the media is an "enemy," we point out one of the many compliance-related benefits of a free press.
Survey: How are you choosing and using new GRC technology?
Compliance Week is conducting a short survey of GRC professionals to find out the challenges you face in selecting the right technology solution for your organization. If you participate, we will send you at no cost our “Practical Guide to Compliance Technology” special report.
FASB finalizes new standard on insurance contracts
The FASB has issued a new accounting standard that revises the reporting around long-duration contracts for insurance companies.
Citigroup will pay $10.5 million for internal controls failures
The SEC says Citigroup has agreed to pay $10.5 million in penalties to settle two enforcement actions involving its books and records, internal accounting controls,and trader supervision.
Guidance trickles on how to comply with tax reform rules
More than half a year after sweeping tax reform was enacted, companies are still trying to understand how to comply with new tax rules going forward.
Tweets and the SEC
A tweet last week by Tesla founder Elon Musk that he was considering taking the company private at $420 per share raises an abundance of questions for the SEC. How will the agency respond?
A peek at the compliance nightmare of a no-deal Brexit
Though it is still unlikely, a look at the compliance implications (and complications) of a no-deal Brexit is enough to make anyone shudder at the thought.
Legislation seeks crackdown on bank overdraft fees
The recently filed Stop Overdraft Profiteering Act of 2018 would ban overdraft fees on debit card transactions and ATM withdrawals and limit fees placed for checks and recurring payments.
CFPB settles payday lending enforcement action
A federal district court in the Western District of Missouri has approved a settlement between the CFPB and the owners of 20 interrelated corporate entities in the payday lending industry. The owners, it is alleged, illicitly accessed consumer bank accounts.
Danske Bank case illustrates poor anti-money laundering practices
There seems to be no end to the AML woes hounding Danske Bank. Most recently, Denmark’s financial crime regulator announced a pending investigation into the beleaguered bank for possible money laundering violations related to its Estonian branch.
CFPB amends Gramm-Leach-Bliley Act's privacy notice requirement
The CFPB will amend the Gramm-Leach-Bliley Act to allow banks that meet certain requirements to be exempt from sending annual privacy notices to their customers.
AICPA proposes papers on credit losses interpretations
The AICPA is digging into new rules on credit losses and suggesting some implementation approaches with two draft documents open for public comment.
The many compliance lessons of Tesla
One simple tweet from Tesla’s outspoken founder speaks to volumes of compliance and regulatory concerns.
SOX-related audit costs rise again in 2017, poll says
Half of the largest public companies saw SOX-related audit costs rise in 2017, driven by regulatory pressure, M&A activity, and new accounting rules.
Reps launch effort to bar peers from serving on corporate boards
In response to yet another member of Congress charged with insider trading, Reps. Tom Reed and Kathleen Rice will introduce a House resolution to prohibit fellow legislators from serving on corporate boards.
State AGs push for a beneficial ownership disclosure law
A bipartisan group of 24 attorneys general is urging Congress to advance legislation improving the transparency of shell corporations by requiring them to disclose who controls and profits from their activities.
Foreign deal making, exports face increased scrutiny
New legislation clarifies and strengthens ability of government agencies to review, and potentially block, cross-border deals in the name of national security.
Reading the tea leaves of the Market Integrity and Consumer Fraud Task Force
Compliance, risk, and legal professionals that are not already familiar with the new Task Force on Market Integrity and Consumer Fraud should get up to speed, and fast.