Articles | Compliance Week – Page 139
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Article
Crypto.com appoints chief compliance officer
Crypto.com, a cryptocurrency platform, announced the appointment of Antonio Alvarez as chief compliance officer.
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ArticleCFTC awards more than $6M to whistleblower
The Commodity Futures Trading Commission announced a whistleblower award of more than $6 million to a tipster who voluntarily provided original information that led the CFTC to bring a successful enforcement action.
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ArticleAnalysis: Don’t ignore financial misconduct in ‘plane’ view
Compliance officers must let go of the fear that often accompanies respect for big money (or luxurious aircrafts) and hold the difficult conversations when ferreting out bad actors, writes financial crime expert Martin Woods.
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ArticleKPMG cites internal control weaknesses in BT Group review
KPMG, in conducting an independent review of BT Group, has expressed the telecommunications company “did not maintain effective internal control over financial reporting” following its accounting fraud scandal.
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ArticleFRC strikes out again as third Tesco probe ends
The U.K. Financial Reporting Council has ended its third and final investigation into the Tesco accounting scandal, yet again failing to find anyone responsible for the overstating of £250 million (U.S. $317.5 million) in profits.
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ArticleEuropol launches new financial and economic crime body
Europol has created the new European Financial and Economic Crime Center, with the aim of enhancing operational support to EU member states and EU bodies in the fields of financial and economic crime.
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ArticlePCAOB inspection reports: Deloitte shines in 2018; KPMG still behind
The Public Company Accounting Oversight Board issued 2018 inspection reports for the six largest U.S. audit firms, with Deloitte boasting the fewest deficiencies among the Big Four and KPMG struggling most.
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ArticleWestpac outlines compliance failures that led to AML breaches
An internal report outlining compliance failures by Australia-based financial institution Westpac that led to 23 million breaches of the country’s AML/CTF laws concluded “a mix of technology and human error” were to blame.
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Article
HyperBeard to pay $150K for COPPA violations
App developer HyperBeard reached a watered-down $150,000 settlement with the FTC for illegally collecting children’s personal data without adequate disclosure and parental authorization.
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ArticleCompliance has a role in eliminating corporate bullies
Anti-bullying should be at the top of your compliance agenda and should be supported by increased gender balance, writes financial crime expert Martin Woods.
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ArticleWhen manufacturing new product lines, be aware of new compliance risks
As companies around the world begin to manufacture products outside their comfort zone to address dire shortages in personal protective equipment amid the pandemic, compliance practitioners are negotiating new risks and challenges.
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Article
Argo Group to pay $900K for failing to fully disclose CEO perks
Argo Group International Holdings must pay a $900,000 civil penalty in a settlement reached with the SEC to resolve charges that it failed to fully disclose perquisites and benefits provided to its former chief executive officer.
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Article
Citigroup chief compliance officer to retire
Citigroup Chief Compliance Officer Mark Carawan is set to retire after nearly nine years with the firm. Carawan will be replaced by Mary McNiff, the current chief executive officer of Citibank N.A.
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ArticleSEC announces record whistleblower award of nearly $50M
The Securities and Exchange Commission announced its largest ever whistleblower award to a single individual at nearly $50 million while denying a second claimant a share of the bounty.
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ArticleEDPB challenges Hungary’s GDPR suspension under Article 23
The European Data Protection Board will issue guidelines on the implementation of Article 23 of the GDPR after Hungary’s government used the article to suspend data subject rights until the end of its coronavirus state of emergency.
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ArticleHow to scour your organization for pandemic fraud risks
“Only when the tide goes out do you discover who’s been swimming naked,” said Warren Buffett. With the pandemic tide out, here are some related frauds that are likely already occurring that corporations should be watching for.
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ArticleLaw enforcement reform should take a cue from compliance
Just as companies must answer to their stakeholders, our public leaders and institutions need to be held more accountable to their constituents.
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ArticleFASB finalizes leases, rev rec delays prompted by coronavirus
The Financial Accounting Standards Board finalized effective date delays of one year to standards affecting revenue recognition and leases in response to the coronavirus pandemic.
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ArticleCFTC stresses clarity in revised civil monetary penalty guidance
The CFTC’s Division of Enforcement issued new civil monetary penalty guidance for the first time since publishing its penalty guidelines in 1994. The update is in line with recent efforts by the DOJ to crack down on commodities fraud.
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Article
Daimler appoints chief compliance officer
German automotive corporation Daimler announced the appointment of Dr. Wolfgang Bartels as chief compliance officer. Dr. Bartels takes over for Olaf Schick, who is to become the CFO of Daimler Greater China.