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ArticleCalifornia privacy agency names executive director
The nation’s first state data privacy agency has selected former FTC Chief Technologist Ashkan Soltani to serve as its executive director overseeing enforcement and rulemaking of the CCPA and, eventually, the CPRA.
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Lessons learned from actions of Facebook whistleblower Frances Haugen
Many whistleblowers are forced to take their complaints outside the company because their attempts to address the problems internally are rebuffed or ignored. Facebook is paying the price for that inaction.
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Ask a CCO: What makes a good internal reporting system?
Seven senior compliance practitioners explain what they believe to be the key tenets of an internal reporting system that encourages employees to come forward with reports of potential misconduct.
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Updated PhRMA Code addresses company-sponsored speaker programs
New voluntary standards issued by the Pharmaceutical Research and Manufacturers of America will soon take effect offering guidance related to company-sponsored speaker programs.
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Pandora Papers: Takeaways for compliance
The “Pandora Papers” could open Pandora’s box for all businesses and organizations found to be entangled in its worldwide web of shell companies, offshore tax havens, and secret trusts.
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Neiman Marcus data breach exposes personal info of 4.6M customers
Luxury retailer Neiman Marcus discovered last month a May 2020 data breach that exposed personal and financial information contained in the online accounts of approximately 4.6 million customers.
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WaFd Bank to pay $2.5M for AML/BSA deficiencies
Washington Federal Bank has agreed to pay $2.5 million in accordance with a consent order reached with the Office of the Comptroller of the Currency in February 2018.
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Petrofac to pay $105M for widespread bribery scheme
Petrofac was ordered to pay £77 million (U.S. $105 million) to conclude a long-running investigation into allegations company executives paid to win lucrative oil contracts in Iraq, Saudi Arabia, and the United Arab Emirates.
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FRC probing Crowe over Akazoo audit
The U.K. Financial Reporting Council announced the start of an investigation into audit firm Crowe UK concerning the financial statements of Luxembourg-incorporated on-demand music streaming subscription company Akazoo.
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Ask a CCO: How do you encourage internal reporting?
Seven senior compliance practitioners share how they encourage employees to come forward with reports of potential misconduct in support of the greater mission of instilling a culture of compliance.
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LPL Financial to pay $4.8M to settle claims of poor KYC procedures
The nation’s presumed top independent broker-dealer will pay more than $4.8 million to settle AML charges stemming from its alleged failure to reconcile inconsistencies of a new customer who would scam a Puerto Rican city out of millions of dollars.
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PCAOB fines Deloitte Canada $350K for quality control failures
The Public Company Accounting Oversight Board imposed a $350,000 civil penalty on Deloitte Canada for reasonable assurance quality control failures regarding an electronic work paper system update.
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SNC-Lavalin touts compliance enhancements amid fresh corruption charges
Enforcement authorities in Canada arrested and brought charges against two former executives of SNC-Lavalin and its subsidiary, SNC-Lavalin International, for their role in a bribery scheme that occurred two decades ago.
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Rohit Chopra confirmed as CFPB director; more dominoes to follow?
The Senate confirmed Rohit Chopra to be the next director of the Consumer Financial Protection Bureau with a party-line vote. Lawmakers will soon shift their attention to his replacement at the Federal Trade Commission.
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ICA announces virtual African compliance event
The International Compliance Association will host a three-day virtual conference to explore the latest regulatory and financial crime compliance developments and challenges in Africa.
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SEC charges ex-Goldman compliance analyst with insider trading
The Securities and Exchange Commission charged a former senior compliance analyst at Goldman Sachs who abused his position of authority unbeknownst to the investment bank with insider trading.
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SEC seeks to implement Dodd-Frank provision on executive compensation votes
The SEC has proposed rulemaking that would enact a provision of the Dodd-Frank Act requiring mutual fund managers to disclose how they voted on proxy proposals, including on compensation agreements with company executives.
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Top DOJ Criminal Division official Daniel Kahn to rejoin Davis Polk
Daniel Kahn, who most recently served as acting deputy assistant attorney general of the Department of Justice’s Criminal Division, will rejoin Davis Polk as a partner.
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Germany’s N26 fined $5M for AML lapses
Mobile bank N26 revealed it paid a €4.25 million (U.S. $5 million) fine ordered by Germany’s market regulator regarding deficiencies in its reporting of suspicious activities “in the area of anti-money laundering.”
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‘Raise Your Game, Not Your Voice’ a guide for ethics-minded professionals
Lisa Beth Lentini Walker and Stef Tschida’s guidebook teaches compliance practitioners how to win others over in the maelstrom without adding to the noise.
