Articles | Compliance Week – Page 126
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Article
Choice Hotels appoints chief accounting officer
Hospitality franchisor Choice Hotels announced the promotion of Elizabeth Redmond to chief accounting officer amid a series of recent executive appointments.
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ArticleMass. pharma company will pay $20.75M to settle FCA lawsuit
A Massachusetts-based pharmaceutical company will pay $20.75 million settle a whistleblower’s allegations that the company knowingly promoted misleading instructions for a skin lesion drug that caused doctors to submit false claims to Medicare.
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ArticlePCAOB study: Improved quality control needed in broker-dealer audits
Modest improvements in the audits of broker-dealers do little to absolve the need for firms to evaluate how they can enhance their systems of quality control, according to the latest figures from the PCAOB.
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ArticleWe’re losing the war on AML, and big consultancies aren’t helping
Financial crimes expert Martin Woods writes that, in his experience, the big consultancy firms have made a substantial negative contribution to global AML endeavors.
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ArticleBanking regs reemphasize rules for monitoring accounts of foreign officials
Five federal regulatory agencies issued a reminder to banks and financial institutions that they should continually monitor risks associated with the accounts of foreign officials.
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ArticleCurtiss-Wright reports possible Russia sanctions violation
A North Carolina manufacturer that traces its origins back to the Wright brothers may have violated sanctions by doing business with two longtime customers purchased by a blacklisted Russian company.
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Article
SEC wants to curb sensitive data contained in CAT submissions, EDGAR filings
Rule changes proposed by the SEC seek to limit the amount of personally identifiable information required in data submitted to the Consolidated Audit Trail and for public company filings.
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ArticleSurvey: Coronavirus revealed weaknesses in companies’ GRC, data processes
A recent survey from Compliance Week and Riskonnect of 261 compliance and audit professionals found that half of the respondents were not prepared for the coronavirus pandemic with an updated crisis management plan.
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ArticleSurvey: Weak leadership contributes to employee pressure to bend rules
A new global business ethics survey released by the Ethics & Compliance Initiative seeks to explain what factors contribute to employee pressure to compromise ethical policies or regulations and how to reduce that pressure.
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Article
New DOJ office to monitor, evaluate compliance with antitrust judgments
A new office within the Antitrust Division will be tasked with monitoring corporate compliance initiatives connected with DOJ antitrust judgments, as well as evaluating whistleblower complaints regarding those judgments.
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Article
NPB Financial Group to pay $1M for disclosure failures
NPB Financial Group has reached a $1 million settlement with the Securities and Exchange Commission to settle charges for breaches of fiduciary duty arising out of its mutual fund share-class selection practices.
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Article
Uber’s former security chief charged in data breach cover-up
Uber’s former security chief has been charged in connection with an alleged cover-up of a 2016 data breach that compromised millions of people’s personally identifiable information.
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ArticleJohn Carreyrou at TPRM: How to spot a wolf in Steve Jobs’ clothing
John Carreyrou, the Wall Street Journal reporter who exposed Theranos and its founder Elizabeth Holmes as frauds, will be the keynote speaker on Day 2 of Compliance Week’s TPRM virtual conference Sept. 18.
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ArticleJury’s out on Wells Fargo compliance moves; Twitter #fail for Irish DPC
While it’s not yet clear whether Wells Fargo’s compliance moves (including the loss of its CCO) will pay off, we’re much more certain about the Irish Data Protection Commission’s stance on a potential Twitter fine.
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Article‘I don’t know’ is among a compliance officer’s strongest statements
Martin Woods explains how saying “I don’t know” helped him to learn and elicit the truth during his time as a financial crime compliance officer.
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ArticleHow far is too far with employee monitoring? Barclays case could offer litmus
The U.K. Information Commissioner’s Office is investigating allegations that Barclays Bank had effectively been spying on employees by using an intrusive software system that monitored workers’ activity.
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ArticleEU privacy advocate targets Facebook, Google in latest salvo
Privacy campaign group NOYB has filed complaints against 101 websites with European operators that it says are still sending data to the U.S. via Google and/or Facebook integrations—potentially in breach of the EU’s strict data privacy rules.
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ArticleSEC names Berger deputy director of Enforcement
The Securities and Exchange Commission named Marc Berger deputy director of the Division of Enforcement, also promoting Richard Best to take over for Berger as director of the New York Regional Office.
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ArticleScotiabank to pay $127.4M for commodities scheme, compliance failures
The Bank of Nova Scotia will pay $127.4 million in total penalties in resolutions with the Justice Department and the CFTC for its role in a massive price-manipulation scheme in the precious metals futures contracts markets.
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ArticleTrump’s TikTok crusade a hollow win for privacy
There’s no questioning the need to protect the data of U.S. citizens from China, but it’s naïve to think pressuring TikTok to take up a U.S. owner is anything more than a hollow victory given our lack of federal oversight in the area of privacy.