Articles | Compliance Week – Page 161
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Article
DOJ begins enforcement crackdown on coronavirus fraud
The Department of Justice has acted swiftly on its vow to crack down on fraud during the coronavirus pandemic, issuing its first related enforcement action against a Website acting as an alleged wire-fraud scheme.
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ArticleCoronavirus begins disrupting public companies’ financial reporting
Companies are reporting ways in which the coronavirus pandemic is hurting their bottom lines, as well as steps they are taking to reduce spending as disruptions ripple through their supply chains and rattle their customer bases.
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ArticlePCAOB vet Mark Adler to depart
The Public Company Accounting Oversight Board announced Mark Adler, former acting director of its Division of Enforcement and Investigations, is leaving after more than nine years with the agency.
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ArticleSEC awards $1.6M to whistleblower for case-opening intel
The Securities and Exchange Commission announced an award of more than $1.6 million to a whistleblower whose information formed part of the basis for charges brought in a successful enforcement action.
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ArticleSwedbank cuts ex-CEO’s severance following AML probe
Swedbank has canceled the severance pay of its former CEO and accepted a record fine of 4 billion Swedish Krona (U.S. $390 million) in the wake of the findings of an independent investigation into its anti-money laundering deficiencies.
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Article10 ways to maintain a social, positive workplace amid coronavirus
It’s more important than ever for senior leadership teams—including ethics and compliance officers—to do their part to help maintain a sense of normalcy in the virtual workplace.
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ArticleConference organizers innovate online as coronavirus cancels live events
While the convention industry is taking a huge financial hit during the coronavirus outbreak, it’s also being forced to innovate.
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ArticleConfusion around GDPR during coronavirus prompts EDPB response
The European Data Protection Board has released a statement attempting to clarify how personal data can be processed by companies during the ongoing coronavirus pandemic.
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ArticleTRACE: Bribery enforcement down in 2019
Risks in the extractives and aerospace industries are still prevalent, but the number of overall global and U.S. enforcement cases involving bribery dropped in 2019, according to the latest report from TRACE International.
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ArticleU.K. AML report: Data analysis of risks lacking
Implementation of risk-based processes and the data analysis that sits behind them are among the biggest weaknesses laid out in a review of AML efforts in the accounting and legal sectors conducted by the U.K.’s financial watchdog.
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Swedish regulator fines Swedbank record $390M for AML deficiencies
Swedbank AB has been issued a record 4 billion Swedish Krona (U.S. $390 million) administrative fine for what Sweden’s financial watchdog called “serious deficiencies in its management of the risk of money laundering in its Baltic operations.”
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ArticleCoronavirus disrupts hearings in England, Wales, Scotland
The Presidents of the Employment Tribunals in England and Wales and Scotland announced starting next week all in-person hearings will be converted to a case management hearing by telephone or other electronic means.
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ArticleSome good news: Ethical standouts during coronavirus crisis
Strong ethical voices are needed now more than ever, and fortunately many companies and individuals have stepped up to answer the call. We’ve rounded up dozens in an effort to shine a light on good being done.
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ArticleTee International revamps internal controls amid investigation
Tee International disclosed enhancements to its compliance, risk management, and internal controls amid an ongoing investigation by authorities in Singapore into its former group chief executive for allegedly stealing company funds.
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ArticleAsk Amii mailbag: How to push for greater say at your company
The latest edition of the Ask Amii mailbag provides guidance on getting compliance more involved in conversations with key decision makers. Amii also gives her thoughts on when the time is right to change careers.
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Article
SEC filer definition changes aim to promote going public
The SEC’s revisions to definitions of accelerated and large accelerated filers should provide relief to smaller issuers and reduce costs for certain public companies.
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ArticleStudy: Fear of data breaches stifling bank innovation
Research by consultancy firm Accenture shows companies in financial services are more concerned with guarding themselves against the impact of a data breach than realizing any financial benefits of using the data.
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ArticleNew FASB guidance eases transition from LIBOR
FASB has issued a temporary standards update intended to reduce the costs and complexities surrounding reference rate reform.
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ArticleBusiness lessons from past pandemics: Be ready for a second wave
Past pandemics—and there have been four in the last 100-plus years—offer critical lessons for businesses striving to make socially responsible decisions today while also remaining operational in the future.
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ArticleElon Musk’s response disappointing amid coronavirus chaos
Tesla CEO Elon Musk believes coronavirus panic is more harmful than the virus itself, but he’s done little to provide help in any form despite having the platform to do so.