Appointment Blogs | Compliance Week – Page 260
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Bulgaria’s Anti-Graft Bill Failed to Win Parliamentary Approval
The Bulgarian government’s plan to create a special anti-corruption unit designed to tackle high-level corruption cases through anonymous reporting has failed to gain parliamentary approval as the fight to end corruption across Europe intensifies. In 2014, Bulgaria was ranked as one of the most corrupt EU countries, according to Transparency ...
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EY Finds More Voluntary Audit Committee Disclosures
According to a recent report from EY, audit committees for the largest companies continue to raise the bar on what they voluntarily say in their reports about their responsibility for and oversight of the external audit. In its analysis, EY says 21 percent of audit committees disclosed in 2015 that ...
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FCPA Lessons in Deflate-gate: Consistency of Discipline
For those in the FCPA world I would like to focus on one aspect of the court’s ruling: consistency in discipline. In Brady’s appeal, the court was highly critical of the fact that the NFL policy for discipline for first offenses involving equipment violations would result in fines rather than ...
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FDIC Hits Comenity Banks Over Deceptive Credit Card Add-Ons
The FDIC has settled with Delaware-based Comenity Bank and Comenity Capital Bank of Salt Lake City for deceptive practices relating to the marketing of credit card add-on products. Comenity Bank will pay a civil money penalty of $2 million and provide $53 million in restitution to harmed consumers. ...
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Ramarathnam Named Deputy Director at SEC's Office of Credit Ratings
The Securities and Exchange Commission has announced that Smeeta Ramarathnam will be Deputy Director at its Office of Credit Ratings. In this new position for the office, Ramarathnam will oversee examinations and monitoring of nationally recognized statistical rating organizations, rulemaking, and related initiatives. She joins the office after serving for ...
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Washington Returns to the Battle for Work Culture
Image: Lawmakers return to Washington this week, and already President Obama has piqued them with an executive order for government contractors to offer employees paid sick leave. Expect more of the same—on sick leave, parental leave, wage hikes, union drives—because the political currents are with Obama right now, Editor Matt ...
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Oh Craps: Caesar’s Palace Fined $8M for Lax AML Controls
Caesar’s Palace will pay an $8 million penalty for poor money laundering controls that apparently let wealthy clienete gamble millions of dollars in a single visit, according to the Financial Crimes Enforcement Network. The AML compliance holes let the high-rollers use front money instead of their own, thwarting recordkeeping and ...
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SEC’s Gallagher Plans Oct. 2 Departure
Image: Title: GallagherDaniel Gallagher will step down from the SEC on Oct. 2, putting renewed pressure on the Obama Administration to send a nominee to the Senate for confirmation. Still undecided as well is who the White House will nominate to replace Commissioner Luis Aguilar. Early trial balloons for a ...
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More ABC Angst in Latest Compliance Survey
Image: Fresh news from the world of surveys: Corruption risks have risen sharply in the last few years, and while compliance officers agree that an anti-corruption risk assessment is critical, many still struggle to perform that task well. So says the latest anti-bribery & corruption survey from KPMG. More findings ...
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Gallagher Out: SEC Commissioner Sets Departure Deadline of Oct. 2
Nearly four months after SEC Commissioner Daniel Gallagher announced his intention to depart the SEC, no successor has been nominated by the White House. Today, Commissioner Gallagher issued a short statement indicating that his offer to stay on as a commissioner now has an expiration date: Friday, October 2, 2015.
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K2 Intelligence Enhances Regulatory Compliance and Cyber Defense Team
K2 Intelligence, an investigative, compliance and cyber-defense services firm, recently appointmented two cyber-security veterans to its compliance and cyber defense team. Dana Syracuse will join the firm on Sept. 10 and Vincent D’Agostino joined on Aug. 31. More inside.
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Juniper Networks Names General Counsel
Juniper Networks has appointed Brian Martin as general counsel and corporate secretary, effective Oct. 5. Martin will serve on the executive leadership team and report directly to Chief Executive Officer Rami Rahim. Details inside.
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The Week That Was: Problems With Disclosure-Based Activism
Image: The SEC this week was ordered by a court ruling to expedite delayed rulemaking that forces oil and gas companies to disclose payments to governments. But is a rule of this sort worthwhile if, as a separate lawsuit demanded, public disclosure isn’t required? And, what’s the point of demanding ...
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Federal Judge Limits Scope of FCPA Liability
A recent decision by U.S. District Judge Janet Arterton for the District of Connecticut has rejected the Department of Justice's "accomplice" theory of liability under the Foreign Corrupt Practices Act, substantially limiting the reach of the government’s enforcement arm under the FCPA. The ruling in the case, in favor of ...
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Reserve Bank of New Zealand Contracts With Wynyard
Software provider Wynyard Group announced today that it has won a new contract with The Reserve Bank of New Zealand (RBNZ) to provide Wynyard risk management software. RBNZ is New Zealand's central bank, responsible for operating monetary policy to maintain stable prices and assisting the functioning of the country's financial ...
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Condor Hospitality Trust Names New Chief Accounting Officer
Condor Hospitality Trust (formerly Supertel Hospitality), a hotel-focused real estate investment trust, has appointed Arinn Cavey as chief accounting officer. Details inside.
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Transocean General Counsel Departs
Transocean, an international provider of offshore contract drilling services for oil and gas wells, this week announced that Lars Sjöbring, senior vice president and general counsel, has informed Transocean that he will be leaving the company. More inside.
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FASB Plans Disclosure Changes for Uncertain Tax Positions
FASB has tentatively decided to revise disclosure of uncertain tax positions, by dropping the current requirement for companies to disclose the nature and estimate of the range for a reasonably possible change in the unrecognized tax benefit balance in the next 12 months. More inside.
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Do You Have a Windows 95 FCPA Compliance Program?
I find the world of sports to be a rich source of tutorials on things not to do for the FCPA compliance practitioner; from suspending Tom Brady for events which happened after DeflateGate, to the St. Louis Cardinals hacking the Houston Astros (of all teams) to steal secrets around player ...
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Medytox Solutions Names Chief Compliance Officer
Medytox Solutions, a holding company that owns and operates businesses in the medical services sector, has appointed Steven Burdelski as chief compliance officer. Burdelski will lead the compliance department in reviewing and evaluating compliance issues and concerns. Details inside.