All articles by Adrianne Appel – Page 21
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PremiumLeadership, resource support key to compliance navigating bank turmoil
In sudden bank buyouts, the workload on compliance departments skyrockets as new customers are nearly instantly assumed by the purchasing bank. Experts share their take on managing the resulting risks.
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News BriefVeradigm discloses ICFR weakness related to rev rec software tool
Healthcare technology company Veradigm disclosed it expects it misstated revenue by approximately $40 million during its 2021 and 2022 reporting periods.
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PremiumExperts: Fraud risks heightened amid banking turmoil
The stunning, rapid collapse of Silicon Valley Bank, fueled in its final days by droves of panicked depositors seeking funds, likely added to the chaos within the bank and ratcheted up the risk of fraud, according to legal experts.
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News BriefTupperware to delay annual report amid ICFR weaknesses
Tupperware Brands Corp. disclosed it uncovered material weaknesses in its internal control over financial reporting as part of an announcement its 2022 annual report would be delayed.
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News BriefSterling Bank spared fine, to pay $27.2M in restitution under DOJ plea deal
Sterling Bancorp pleaded guilty to falsifying securities statements prior to and following a 2017 initial public offering and will pay approximately $27.2 million in restitution, the Department of Justice announced.
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PremiumExperts: DOJ clawback pilot to be ‘work in progress’
Businesses and compliance professionals should expect the Department of Justice’s new compensation clawback policies to be applied on a case-by-case basis, with broad discretion, according to legal experts.
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News BriefDOJ intervenes in suit alleging Rite Aid helped fuel opioid crisis
The Department of Justice announced its intervention in a lawsuit alleging retail pharmacy chain Rite Aid filled hundreds of thousands of prescriptions for medically unnecessary oxycodone and other opioids in violation of multiple federal laws.
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News Brief
Evoqua Water Technologies to pay $8.5M for alleged revenue inflation
Evoqua Water Technologies Corp. agreed to pay $8.5 million to resolve charges the actions of a former company finance director led the firm to misstate its revenue in filings with the Securities and Exchange Commission.
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News Brief
Swedbank reserves $3.7M for OFAC settlement
Swedbank said it expects to pay 40 million Swedish krona (U.S. $3.7 million) as part of a settlement with the U.S. Treasury’s Office of Foreign Assets Control related to apparent sanctions violations.
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News BriefEx-Goldman banker sentenced to 10 years for 1MDB fraud role
Former Goldman Sachs Managing Director Roger Ng was sentenced to 10 years in prison for his role in the 1MDB fraud scandal.
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News Brief
Five more board members resign in DOJ antitrust sweep
Five corporate board members resigned after being flagged by the Department of Justice for potentially violating the antitrust provisions of the Clayton Act.
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News BriefEricsson to pay $207M for breaches of 2019 DPA over FCPA violations
Swedish telecommunications company Ericsson agreed to pay nearly $207 million following two breaches of its 2019 deferred prosecution agreement with U.S. authorities.
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News BriefFTC proposes BetterHelp pay $7.8M for sharing health data
The Federal Trade Commission proposed requiring online counseling service BetterHelp to pay $7.8 million as part of a settlement addressing charges it shared clients’ personal health data with Facebook, Snapchat, and other third parties for advertising purposes.
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News BriefGodfrey Phillips India to pay $333K in North Korea sanctions case
Tobacco company Godfrey Phillips India agreed to pay $332,500 to the Office of Foreign Assets Control to settle charges it violated U.S. sanctions by involving U.S. banks and bank personnel in payments for shipments to North Korea.
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News BriefEx-CCO gets three years in prison for wire fraud
A former chief compliance officer of an unnamed New York-based investment adviser was sentenced to three years in prison for defrauding clients and her employer.
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PremiumCalifornia ‘setting the tone’ for privacy push with CPRA updates
Changes to the California Consumer Privacy Act set to come over the course of 2023 strengthen the nation’s first comprehensive state privacy law to a benchmark no other states have yet to equal.
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News BriefFTC attorney warns of scrutiny toward AI claims in marketing
The Federal Trade Commission is keeping close watch on companies that use the term “artificial intelligence” when marketing their products.
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News BriefHHS creates new enforcement office for health privacy
The Department of Health and Human Services and its office responsible for enforcing health privacy reorganized so it can sharpen enforcement of cybersecurity and data breaches.
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News BriefQualtrics discloses ICFR weakness in IT controls
Software company Qualtrics disclosed the discovery of a material weakness in its internal control over financial reporting for the 2022 fiscal year.
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PremiumBest practices for navigating changing U.S. data privacy landscape
With five new or amended state laws set to hit the books in 2023, companies would be wise to ensure their data privacy compliance house is in order—and start preparing for the next wave of legislation.