Articles | Compliance Week – Page 146
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ArticleU.S. regulators boast coordination in addressing coronavirus fraud
Testimony provided by several agencies before a U.S. Senate Judiciary Committee hearing offers valuable insights for chief compliance and risk officers regarding where coronavirus fraud threats may lurk, especially in the financial services and healthcare sectors.
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ArticleAnalysis: Path to effective AML is doing less with more
The answer to being more effective at stopping money launderers is to challenge the value of processes that are clearly failing. Financial crime expert Martin Woods explains.
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ArticleDems propose coronavirus whistleblower protection bill
A group of prominent Democratic legislators has proposed a whistleblower protection bill designed to help uncover fraud and waste in the trillions of dollars worth of coronavirus-relief funds allocated by Congress.
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ArticleSEC guidance: Areas of focus for Reg BI
The SEC confirmed the June 30 compliance date for its Regulation Best Interest rule, in addition to sharing a handful of areas that deserve attention when making recommendations to investors in accordance with new policy.
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ArticleBe mindful of gender equity with return-to-work policies
As you’re making your back-to-work policies during the emergence from our collective quarantines, take into consideration that “optional” isn’t an option for everyone.
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ArticleFive cyber-security lessons from the pandemic
Verizon Public Sector Counsel David Kessler, winner of CW’s “Excellence in Compliance: Cyber-Security” award, offers five lessons garnered from the pandemic to assist companies with their cyber-security compliance.
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ArticleNavigating layoffs is always hard. During a pandemic, it’s harder
As businesses begin to reopen, many companies are reassessing the furlough decisions they made in March. If you manage such employees, you would be wise to heed this advice.
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FRC sanctions KPMG for audit failings of Foresight 4 VCT
The U.K. Financial Reporting Council imposed non-financial sanctions on KPMG related to audit failures concerning the financial statements of investment firm Foresight 4 VCT for fiscal years ending 2013, 2014, and 2015.
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ArticleLRN survey: Values, not policies, drive ethical behavior
Establishing a culture based on values and transparency is more effective at preventing misconduct than a robust set of rules, according to an LRN survey.
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Weatherford parts with compliance chief
Multinational oil and gas company Weatherford International announced the departure of Christina Ibrahim as executive vice president, general counsel, chief compliance officer and corporate secretary.
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Libra Association appoints chief compliance officer
The Libra Association continued its string of key executive hirings with the appointment of Sterling Daines as chief compliance officer.
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ArticleReport: AI tools carry many benefits, some risks for securities industry
A study on the use of artificial intelligence in the securities industry by FINRA found a number of challenges with the technology—data bias, customer privacy, and cyber-security among them—but noted it can offer “significant benefits.”
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Allscripts promotes compliance chief to general counsel
Healthcare IT provider Allscripts Healthcare Solutions announced in a regulatory filing the promotion of Chief Compliance Counsel Tejal Vakharia to general counsel, effective June 21.
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Philip Morris adds general counsel
Cigarette and tobacco giant Philip Morris International announced the appointment of Suzanne Rich Folsom as senior vice president and general counsel, effective July 1. Folsom will lead legal, ethics, and compliance in the role.
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USC names new general counsel
The University of Southern California announced the appointment of Beong-Soo Kim as senior vice president and general counsel, effective July 1.
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ArticleFCA fines Lloyds $80M for mistreating mortgage customers
A group of prominent U.K. banks—Lloyds chief among them—is facing a £64 million (U.S. $80 million) fine for unfair treatment of mortgage customers from 2011-2015.
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ArticleAnalysis: Let Westpac’s missteps be a cautionary tale
By balking at original allegations, Westpac opened itself to infinitely more harm, writes financial crime expert Martin Woods.
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ArticleBest practices for auditing in the current crisis and beyond
A session from a recent MetricStream virtual conference provides lessons for internal audit on what risks to watch out for and how to chart a path forward.
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ArticleMerrill Lynch to pay $7.2M to customers overcharged for mutual funds
Merrill Lynch will pay more than $7.2 million in restitution and interest to customers who incurred unnecessary sales charges and paid excess fees in connection with mutual fund transactions, FINRA announced.
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ArticleDanske faces criminal complaint over market abuse violations
Denmark’s financial regulator has filed a criminal complaint against Danske Bank for violating market abuse regulations concerning inadequate market monitoring and opposite trades.