Articles | Compliance Week – Page 91
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ArticleRegulatory leadership status check: FTC nominee key to relieving backlog
With President Joe Biden’s picks to lead the Justice Department, Treasury Department, and SEC confirmed and sworn in, we check in on where other key regulatory agencies stand.
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ArticleRegulators want answers from financial services on AI/ML tools
The financial services industry is at the cutting edge of the utilization of artificial intelligence and machine learning tools. Regulators have recently requested to understand how these technologies are being used—or misused.
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Senate confirms Lisa Monaco as deputy attorney general
President Joe Biden’s nomination of Lisa Monaco to be deputy attorney general of the United States was confirmed by the Senate on Tuesday.
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ArticleABN AMRO fine response suggests moral compass of banking is shifting
ABN AMRO CEO Robert Swaak acknowledging his bank’s “moral duty” to prevent money laundering should be welcomed by all in the global AML community as progress, writes Martin Woods.
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ArticlePCAOB reaches cooperative agreement with Belgian counterpart
The PCAOB has added Belgium to its list of countries with which it has a cooperative agreement to exchange information concerning the oversight of audit firms.
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ArticleFines key attention to data privacy from boards, says ICO head
The threat of fines has done more to focus boardroom attention on data privacy and effective cyber-security than any other measure, U.K. Information Commissioner Elizabeth Denham believes.
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ArticleSenate extends Gary Gensler’s SEC term to 2026
The Senate voted Tuesday to extend Gary Gensler’s term as chair of the Securities and Exchange Commission through 2026, cementing his control of the top regulator of U.S. financial markets.
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ArticleStudy: How compliance managed COVID’s effects on incident reports
The coronavirus pandemic dramatically altered incident reports and investigations in 2020. Despite facing unprecedented challenges, as analyzed in NAVEX Global’s latest benchmark study, compliance officers met the moment.
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ArticleAlliance Steel to pay $435K for Iran sanctions lapses
The Office of Foreign Assets Control announced a $435,003 settlement with manufacturer Alliance Steel for apparent sanctions violations related to the company’s importation of engineering services from Iran.
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ArticleCOVID-19 effects apparent in board composition changes
The enduring impact of the COVID-19 pandemic might be forcing companies and other organizations to rethink what skills, qualities, and experience their executives should have if the business is to succeed.
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ArticleABN AMRO to pay $575M in money laundering settlement with Dutch authorities
Dutch bank ABN AMRO reached a €480 million (U.S. $575 million) settlement with the Netherlands Public Prosecution Service to resolve money laundering charges.
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ArticleDanske Bank CEO, board member resign amid ABN AMRO probe
Danske Bank CEO Chris Vogelzang and board member Gerrit Zalm each resigned after being identified as suspects in ABN AMRO’s money laundering scandal. Chief Risk Officer Carsten Egeriis will take over as Danske’s CEO.
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Former acting SEC enforcement head to join Simpson Thacher & Bartlett
Marc Berger, most recently acting director of the SEC’s Division of Enforcement, will join Simpson Thacher & Bartlett in June as a partner in its litigation department.
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ArticlePrivacy by design: How to lower risk and improve outcomes
Amy Holcroft, chief privacy officer at Hewlett Packard Enterprise, shares her experience using privacy-by-design practices to help her company develop and utilize technology in a way that meets compliance requirements.
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ArticleFASB advances targeted updates to leases standard
The Financial Accounting Standards Board has tentatively ruled to move forward with a pair of updates to its leases standard aimed at certain sales-type leases and discount rates for lessees.
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Ex-Braskem CEO pleads guilty for role in bribery scheme
The former CEO of Brazilian petrochemical giant Braskem pleaded guilty for his role in a scheme to divert hundreds of millions of dollars in bribe payments from the company to government officials and political parties in Brazil.
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ArticleNew chief compliance officer, same Facebook
It isn’t surprising to see Facebook think it doesn’t have an ethical obligation to alert users to its latest data leak, writes Kyle Brasseur, but it is disappointing knowing the company now has a chief compliance officer in place.
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ArticleCompliance involvement crucial to consistent ESG disclosures, SEC says
SEC examiners are focusing on whether registered firms’ ESG disclosures align with their investment practices.
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ArticleU.S. sanctions Russia over SolarWinds hack
The Treasury Department announced sanctions against Russia implemented under an executive order from President Joe Biden in response to the SolarWinds hack and alleged election interference by the country.
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ArticleSEC awards $50M to two whistleblowers in second-largest payout
A pair of tipsters were awarded over $50 million by the SEC in the agency’s second-largest payout under its successful whistleblower program.