Articles | Compliance Week – Page 224
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Danske Bank under investigation in France over money-laundering saga
For a second time, Danske Bank is under investigation in France for suspected money-laundering transactions worth €21.6 million (U.S. $24.4 million) committed between 2007 and 2014.
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ArticlePrison time for U.K. bosses who botch pension scheme management
The U.K. government says those executives who mismanage company pension schemes could face a jail sentence of up to seven years.
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ArticleCFPB moves forward with ‘disclosure sandbox’ for companies
With a comment period now wrapped up, the CFPB plans to move forward with a proposal to offer firms innovative “trial disclosure programs.”
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ArticleSEC once again dragged into fight over mandatory arbitration
The SEC was spared setting mandatory arbitration policy when New Jersey’s attorney general argued a shareholder initiative proposed for Johnson & Johnson would be illegal.
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ArticleEU expands controversial AML country blacklist
The European Commission adopted its proposed new blacklist of countries that it has identified as having significant deficiencies in their anti-money laundering and counter-terrorist financing regimes.
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ArticleGerman competition authorities take Facebook to task
Germany’s competition regulator has cited Facebook for forcing consumers to give blanket approval to the social media giant’s terms and conditions without being privy to how and how often their data is actually being shared.
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ArticleUnderstanding NIST’s new Risk Management Framework
NIST’s new Risk Management Framework—used with the agency’s Cybersecurity Framework—offers companies direction in integrating cyber-security, privacy, and supply-chain risk management.
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ArticleNYDFS: Implementation deadline for cyber-security regulation approaching
The final implementation period for the New York Department of Financial Services’ landmark cyber-security regulation ends March 1, meaning that DFS-regulated entities and licensed persons covered by the regulation must be in full compliance by that time.
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Earliest revenue restatements fix adoption problems
While most public companies have yet to complete a full year of reporting under new revenue recognition rules, some are already finding reasons to restate.
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CFPB retreats from payday lending rule
The CFPB this week both cracked down on a law-breaking payday lender and announced an effort to weaken 2017 rules meant to hold small-dollar lenders to greater oversight and scrutiny.
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NLRB turns back time on test used to determine employee status
A recent ruling by the National Labor Relations Board restores a traditional test for classifying workers as either employees or independent contractors.
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New system opens up EU business trade with Iran
The United Kingdom, Germany, and France have created a new payments system to allow European businesses to trade with Iran without falling foul of U.S. sanctions.
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ArticleBuilding a better board and the benefit of director self-assessments
Technological disruption, the dark side of corporate culture, and evolving expectations from diverse stakeholders are all making the job of director more challenging, says a report by EY’s Center for Board Matters.
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An inside look at False Claims Act enforcement
Deputy Associate Attorney General Stephen Cox in remarks this week offered some key insight into the Department of Justice’s enforcement principles, policies, and perspectives that guide its False Claims Act enforcement.
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ArticleA region-by-region look at corruption risk
Most regions around the world are making little effort in their fight against corruption—and the United States is no exception—according to Transparency International’s newly released 2018 Corruption Perceptions Index.
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Huawei Technologies and U.S. affiliate indicted for theft of trade secrets, wire fraud
In court documents unsealed Jan. 28, a grand jury this month returned a 10-count indictment by two affiliates of Chinese telecommunications conglomerate Huawei Technologies for theft of trade secrets, wire fraud, and obstruction of justice.
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Deloitte: financial institutions reengineer risk management
Financial institutions are beginning new efforts to reengineer their risk management programs and tap into emerging technologies, according to a survey conducted by Deloitte Global.
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ArticleFiat Chrysler vs. Volkswagen: A tale of two emissions cheaters
Compliance officers and corporate defense teams in the automaker industry should review carefully the consent decrees of Fiat Chrysler and Volkswagen for key insight into the sort of compliance obligations the government will expect moving forward as emissions-cheating investigations continue to unfold.
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Muddled DPA outcome for Tesco accounting fraud scandal
The U.K. Serious Fraud Office has released details of the deferred prosecution agreement it struck with Tesco—on the same day the supermarket chain’s former finance director accused of the accounting fraud was acquitted.
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ArticleQ&A: A view of bank risk from the battlefield
Compliance Week talked with Stuart Brock, director of Seal Software, about the risks faced by banks—not the least of which is third-party due diligence.