Articles | Compliance Week – Page 3
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ArticleESG in 2023: CSRD to put new pressures on EU businesses
Corporate reporting on everything from climate change to workers’ rights is set for a shake-up in the European Union, and companies should use 2023 to prepare for new regulations and stakeholder expectations.
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SEC taps Megan Barbero as general counsel; Dan Berkovitz to depart
The Securities and Exchange Commission announced General Counsel Dan Berkovitz will depart the agency, effective Jan. 31, 2023. Megan Barbero, currently principal deputy general counsel, will be appointed general counsel upon Berkovitz’s exit.
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ArticleSEC fines PNC unit over municipal bond disclosure lapses
Broker-dealer PNC Capital Markets agreed to pay nearly $200,000 and be censured to resolve Securities and Exchange Commission allegations it violated rules related to limited offerings of municipal securities.
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ArticleDeloitte fined $1.1M for SIG audit lapses
Deloitte received a penalty of £906,250 (U.S. $1.1 million) from the U.K. Financial Reporting Council for evidence failures regarding supplier rebates and cash uncovered in its 2015 and 2016 financial year audits at specialist building product distributor SIG.
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ArticlePCAOB 2021 inspection reports: PwC sees best results again; EY deficiencies increase
For the second straight year, PwC fared the best among inspection results released by the Public Company Accounting Oversight Board for the largest U.S. audit firms, including each of the Big Four, Grant Thornton, and BDO.
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ArticleManaging sanctions risk: Keys to successful implementation
The International Compliance Association hosted a webinar looking at challenges faced by organizations regarding changes in the sanctions landscape in 2022. Holly Thomas-Wrightson offers a recap of the discussion.
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ArticleBioTelemetry to pay $44.8M over India testing false claims
BioTelemetry and CardioNet agreed to pay more than $44.8 million to settle allegations they violated U.S. federal health laws by improperly billing Medicare and other federal programs for heart monitoring and cardiac test analyses performed by a company in India.
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Exela Technologies, ex-CFO settle SEC control failure charges
Texas-based IT firm Exela Technologies and its former CFO settled charges brought by the Securities and Exchange Commission alleging failure to properly account for and record liabilities related to a shareholder lawsuit.
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Article‘Period of uncertainty’ projected as U.K. embarks on ‘Edinburgh Reforms’
The “Edinburgh Reforms” aim to establish a smarter regulatory framework for the United Kingdom that is agile, less costly, and more responsive to emerging trends. Experts weigh in on the proposed changes.
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Caterpillar names chief sustainability officer
Construction equipment manufacturer Caterpillar announced Dr. Lou Balmer-Millar will assume responsibility for the chief sustainability officer role.
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ArticleTSB Bank fined $59.2M for governance lapses in botched IT migration
TSB Bank was fined £48.65 million (U.S. $59.2 million) by U.K. regulators after a disastrous IT migration left customers unable to access cash or use online accounts for weeks.
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ArticleCHS Hedging AML controls criticized in $6.5M CFTC action
CHS Hedging, a Minnesota-based futures commission merchant, was fined $6.5 million by the Commodities Futures Trading Commission for AML program gaps and other risk management and recordkeeping failures regarding a ranch owner customer committing fraud.
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ArticleCFPB reaffirms tougher stance with $3.7B Wells Fargo settlement
Wells Fargo will pay a total of $3.7 billion to address “widespread mismanagement” of auto loans, mortgages, and deposit accounts as part of a settlement with the Consumer Financial Protection Bureau.
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ArticleBNP Paribas names new head of compliance
BNP Paribas, France’s largest bank, announced the appointment of Stéphanie Maarek as its new head of compliance. She succeeds Nathalie Hartmann, who held the role since 2017.
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Microsoft recruits sustainability chief from White House
Technology giant Microsoft announced the addition of Melanie Nakagawa as chief sustainability officer. Nakagawa most recently served as special assistant to the president and senior director for climate and energy on the National Security Council at the White House.
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ASX appoints chief compliance officer
The Australian Securities Exchange announced the appointment of Daniel Moran as chief compliance officer, effective Jan. 1, 2023.
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Cureatr adds chief compliance officer
Medication management platform Cureatr announced the hiring of Tracy Tracy as chief compliance officer.
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ArticleJoining the dots between ESG and corruption
A report from Transparency International UK sets out the case for why business integrity and corruption should be considered as core issues in the context of impact environmental, social, and governance investing.
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ArticleNYDFS issues guidance for banks interested in virtual currency
The New York State Department of Financial Services issued guidance outlining guidelines banks and financial institutions must follow to engage in virtual currency activities in the state.
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ArticleHoneywell to pay $203M over bribery claims in Brazil, Algeria
Honeywell International agreed to pay $202.7 million to settle charges it paid bribes to obtain contracts with government entities in Brazil and Algeria in violation of the Foreign Corrupt Practices Act.