Articles | Compliance Week – Page 125
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ArticleBerkshire Hathaway fined $4.1M for Iran sanctions violations
The U.S. Department of the Treasury’s Office of Foreign Assets Control assessed a $4.1 million fine against Berkshire Hathaway for “egregious” violations of sanctions against Iran committed by a subsidiary in Turkey.
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ArticleAvoiding the compliance pitfalls of bias, bullying, and blind spots
As compliance professionals we have an important role to play in helping businesses confront and challenge the three Bs of bias, bullying, and blind spots. If we can’t see it, we can’t police it, and that is our job, writes Martin Woods.
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ArticleStudy: Financial crime compliance costs top $42B in U.S./Canada
A new study of financial crime compliance costs found spending by American and Canadian financial institutions is up sharply in 2020, driven in part by the coronavirus pandemic.
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ArticleHow auditors can help companies with non-GAAP measures, KPIs
A new report from the Center for Audit Quality includes key questions audit committee members can ask to fulfill their oversight responsibilities as they discuss non-GAAP financial measures and KPIs with management and auditors.
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ICA expands to Rwanda with new partnership
The International Compliance Association announced a partnership with Rwanda Finance Limited to provide ICA education in the country.
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ArticleWhat would a Democratic regulatory agenda look like under Biden?
Democratic presidential nominee Joe Biden is no lock to win the presidency on Nov. 3. But it’s worth examining what compliance-related regulatory policies he’d support if he wins.
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ArticleCAMs, coronavirus highlight audit committee transparency report
The 2020 Audit Committee Transparency Barometer, an annual report issued by the CAQ and Audit Analytics, explores new disclosure trends related to the coronavirus pandemic and critical audit matters.
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ArticleIs human trafficking financial services’ blind spot?
A new report from BAE Systems demonstrates just how far we have to go in the fight against money laundering, particularly when it comes to human trafficking.
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ArticleBitcoin platform operator fined $60M for AML violations
Larry Dean Harmon, the operator of virtual currency platforms Helix and Coin Ninja, was assessed a $60 million civil penalty by FinCEN for violations of the Bank Secrecy Act and its implementing of AML regulations.
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ArticleEmbattled BitMEX hires chief compliance officer
On the heels of a CFTC enforcement action, cryptocurrency exchange platform BitMEX announced the appointment of Malcolm Wright as chief compliance officer of its operating company 100x Group.
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ArticleMcDonald’s general counsel retires after Parkinson’s diagnosis
Fast food chain McDonald’s announced Jerome Krulewitch, corporate executive vice president, general counsel and secretary, has retired from his role immediately following his being diagnosed with Parkinson’s disease.
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Libra recruits HSBC exec as CFO, chief risk officer
Digital currency group the Libra Association continued the buildout of its risk and compliance department with the appointment of Ian Jenkins as chief financial officer and chief risk officer of Libra Networks.
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Gemini adds APAC compliance chief
Gemini Trust Company, a cryptocurrency exchange and custodian, announced the appointment of Andy Meehan as chief compliance officer of the Asia-Pacific region.
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Fisker appoints chief accounting officer
Electric car maker Fisker announced the appointment of John Finnucan as chief accounting officer.
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ArticleChief Auditor Zietsman to join PCAOB board
The Securities and Exchange Commission announced changes to the Public Company Accounting Oversight Board, including the appointment of Megan Zietsman as a board member for a term ending in October 2025.
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Split SEC loosens conflict-of-interest rules for independent auditors
The Securities and Exchange Commission has moved forward with relaxing its conflict-of-interest rules for independent auditors by a 3-2 vote.
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Anatomy of a 90% fine reduction: How BA saved $200M on GDPR penalty
The U.K. Information Commissioner’s Office agreed to slash its intended GDPR fine for British Airways from £183.39 million (U.S. $230 million) to just £20 million (U.S. $26 million). What was behind the massive reduction?
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ArticleLeading the way: Diversity standouts among Canadian public companies
A new report assessing diversity disclosure trends among Canadian public companies also showcases several corporate standouts for chief ethics and compliance officers to benchmark their programs against.
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ArticleUSAA $85M fine for compliance failures lacks justification
The OCC’s recent $85 million penalty assessed against USAA for compliance risk management failures leaves too many questions unanswered for a fine that size, writes Jaclyn Jaeger.
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ArticleWells Fargo gives us another reason to doubt their culture comeback
While Wells Fargo ends up with yet another “Failed It” this week, we salute the principled Deutsche Bank whistleblower whose refusal to accept “dirty money” cost him everything.