Articles | Compliance Week – Page 102
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ArticleFinCEN Director Kenneth Blanco to step down
FinCEN Director Kenneth Blanco, who has served in the position since December 2017, will step down April 9, and Michael Mosier, formerly the deputy director of FinCEN, will return to the agency as acting director.
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ArticleBooking.com fined $557K under GDPR for reporting data breach late
Online reservation Website Booking.com has been fined €475,000 (U.S. $557,000) by the Dutch Data Protection Authority for reporting a data breach 22 days later than the 72 hours required under the GDPR.
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ArticleU.K. AML update: New obligations for cryptocurrency firms
Mark Steward, executive director of enforcement and market oversight at the U.K. Financial Conduct Authority, recently shared insights into the agency’s pipeline of AML investigations and what lies ahead for regulated firms.
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ArticleHow might U.K. mandate for audit to find fraud work in practice?
Experts weigh in on the hurdles to be overcome and clarifications needed if U.K. auditors are going to be mandated to detect and prevent fraud as spelled out in new proposals.
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ArticleFinCEN launches rulemaking on beneficial ownership
The Financial Crimes Enforcement Network has launched its rulemaking process that will require corporations report the individual or individuals who own and control them, part of an initiative to help U.S. law enforcement fight financial crime.
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ArticleRobert Mazur: Old tricks still work for launderers; new policies could help
Former federal agent Robert Mazur revealed secrets of the money-laundering trade to attendees of CW’s Financial Crimes virtual event and proposed two solutions for financial institutions in the fight against bad actors.
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ArticleStudy: Financial services leads way in COVID-related CAMs
More than a quarter of companies citing COVID-19 in their critical audit matters filed with the PCAOB are part of the financial services industry, according to research from Audit Analytics.
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ArticleFASB finalizes goodwill triggering event standard update
The Financial Accounting Standards Board announced the adoption of an accounting standards update that provides an alternative for goodwill triggering event evaluation.
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ArticleMoody’s fined $4.4M for European conflict-of-interest violations
Five European subsidiaries of Moody’s Corp. have been fined a total of €3.7 million (U.S. $4.4 million) by the European Securities and Markets Authority for violating conflict-of-interest rules.
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ArticleDOJ’s Daniel Kahn talks FCPA, evaluation of compliance, more
Daniel Kahn, acting chief of the Department of Justice’s Fraud Section, discussed the Foreign Corrupt Practices Act, evaluating companies’ investments in compliance, and more at Compliance Week’s Financial Crimes virtual event.
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ArticleChina, Russia to face more sanctions under Biden, experts say
Companies should prepare for more U.S. sanctions to be levied against China and Russia under the Biden administration, two former financial crime regulators predicted at Compliance Week’s Financial Crimes virtual event.
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ArticleJames Comey: Buckle up for dangerous post-pandemic risk landscape
Former FBI Director James Comey predicted a “time of extraordinary change” is ahead for the compliance profession in the post-pandemic world during a prerecorded video message at Compliance Week’s Financial Crimes virtual event.
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ArticleDeutsche Bank restructures compliance amid leadership overhaul
Deutsche Bank announced a series of changes to its management board, including the upcoming departure of Chief Risk Officer Stuart Lewis and transition of compliance responsibilities to Chief Administrative Officer Stefan Simon.
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ArticleMcDonald’s names Desiree Ralls-Morrison general counsel
McDonald’s announced the appointment of Desiree Ralls-Morrison as general counsel and corporate secretary. Ralls-Morrison succeeds Jerome Krulewitch, who retired in October 2020 following his being diagnosed with Parkinson’s disease.
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ArticleVolkswagen to seek damages from former CEOs over Dieselgate
Volkswagen’s supervisory board has accused former CEOs Martin Winterkorn (Volkswagen) and Rupert Stadler (Audi) of negligent breaches of duty during the diesel scandal.
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ArticleOFAC fines Nordgas $950K for Iran sanctions violations
Italian company Nordgas, a producer and seller of components for gas boiler systems and applications, has agreed to pay $950,000 for apparent sanctions violations related to the sale of air pressure switches in Iran.
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ArticleSuez Canal blockage serves as reminder for key supply chain risk lessons
The grounding of the Ever Given is the latest unexpected incident to cause severe supply chain disruptions around the world. The lessons learned from others, such as the coronavirus pandemic, are just as relevant, writes Aaron Nicodemus.
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Enforcement an option as LIBOR deadline nears
Examiners from the Federal Reserve are being encouraged to consider supervisory actions against firms not ready to stop issuing LIBOR-based contracts by Dec. 31.
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Five key going concern considerations for 2021 reporting
Evaluating potential going concern issues was a hot topic for companies and their auditors in 2020. With first-quarter 2021 reporting around the corner, Maria Murphy offers five key considerations to be thinking about.
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Binance tabs former FATF execs as compliance advisors
Cryptocurrency exchange Binance announced the appointment of former Financial Action Task Force executives Rick McDonell and Josée Nadeau as compliance and regulatory advisors.