Articles | Compliance Week – Page 107
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Article
RPM, chief compliance officer to pay $2M for accounting violations
RPM International and its general counsel and chief compliance officer have agreed to a $2 million settlement with the SEC for accounting and disclosure rules violations relating to a prior DOJ investigation.
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Article
Compliance called out in Walmart opioid lawsuit
The Department of Justice alleged many failures by Walmart’s compliance program in its 160-page lawsuit accusing the retailer of playing an active role in fueling the opioid epidemic.
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ArticleDOJ’s acting Criminal Division head to depart
Brian Rabbitt will depart the Justice Department on Friday after a short time serving as acting head of the Criminal Division. David Burns, a senior official in the National Security Division, will succeed him.
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ArticleCCO allegedly ignored in Ripple cryptocurrency lawsuit
The chief compliance officer at Ripple Labs allegedly warned company leaders on multiple occasions that its marketing of its cryptocurrency offering, XRP, could lead the SEC to classify it as a security—the focal point of a lawsuit filed Tuesday.
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ArticleReport: Fines against financial institutions hit $10.4B in 2020
Financial institutions have been hit with $10.4 billion in global fines and penalties related to AML, KYC, data privacy, and MiFID regulations in 2020, according to a recent Fenergo report.
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ArticleHow compliance officers can apply COSO’s ERM Framework in practice
Representatives from the Committee of Sponsoring Organizations of the Treadway Commission and its partners explain how to implement the organization’s latest guidance on identifying, monitoring, and mitigating compliance risks.
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ArticleGDPR priorities for 2021: Twitter ruling stresses need for harmonization
European data protection authorities need to speed up their decision-making processes—especially with regard to cross-border complaints—before regulators lose patience and find legal means to mete out penalties under national laws instead of the GDPR.
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ArticleFASB proposes goodwill alternative for certain private companies, nonprofits
The Financial Accounting Standards Board proposed a standard update to provide an accounting alternative to the goodwill triggering event assessment for certain private companies and nonprofit organizations.
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ArticleWe’ve been failing at AML efforts, but new U.S. rules offer hope
If we fail to improve our collective AML efforts, specialized law firms will offer an inviting incentive to those who blow the whistle on our continued failings, writes Martin Woods.
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ArticleCAQ review: Little surprises in Year 1 of CAM reporting
The Center for Audit Quality released its review of the first year of auditor reports for over 2,000 large accelerated filers that included the PCAOB’s new critical audit matters requirements.
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ArticleFinCEN proposes BSA reporting rule for cryptocurrency transactions
FinCEN has proposed a new rule looking to subject cryptocurrency transactions to similar AML reporting requirements placed on other financial institutions by the Bank Secrecy Act.
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ArticleCharles Schwab U.K. fined $12M for failing to protect client assets
The U.K. Financial Conduct Authority fined Charles Schwab U.K. approximately £9 million (U.S. $12 million) for compliance failures related to the protection of client assets.
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Article
OFAC closes investigation into Danske Estonia case
Danske Bank received a no-action letter from the U.S. Department of the Treasury’s Office of Foreign Assets Control regarding an investigation at the bank’s infamous Estonian branch.
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ArticleSEC, China react as Trump approves foreign audit oversight bill
President Donald Trump signed into law a measure that will kick publicly traded Chinese companies off U.S.-based exchanges if they refuse to allow U.S. regulators to examine their finances.
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ArticleNew Zealand’s new privacy law comes with a refreshing twist—it allows for apologies
New Zealand’s new data privacy law allows an apology to be made without admitting guilt, a provision that follows with the island’s non-traditional form of leadership as one that focuses on empathy and the well-being of the people.
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Article
U.K. court upholds insider trading charges against former UBS compliance officer
A U.K. appeals court upheld five insider trading convictions against a former senior compliance officer at investment bank UBS.
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ArticleEY member firm fined $1.5M for failure to uncover $3B homebuilding fraud
A member firm of EY Global has been fined $1.5 million by the SEC to settle audit violations and improper conduct charges connected to a $3.3 billion accounting fraud committed by one of its customers.
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ArticleConfidence is the ultimate tool in fighting fraudsters
Con men will try to bully weak investigators and sell them their version of “the truth,” writes Martin Woods. The ultimate deterrent is to challenge their “facts” and act with the same confidence they display.
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ArticleCyber-security lessons from the SolarWinds hack
The lessons from the massive SolarWinds hack on where vulnerabilities still lurk in the third-party vendor supply chain cannot be grasped soon enough.
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ArticleLuckin Coffee to pay $180M for accounting fraud
China-based Luckin Coffee has agreed to a $180 million penalty as part of a settlement with the U.S. Securities and Exchange Commission to resolve charges related to the coffee chain’s inflated-sales scandal.