Appointment Blogs | Compliance Week – Page 74
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Early adoption fizzles for new hedge accounting rules
Despite assumptions that companies would flock to simpler accounting, most are holding back in adopting new hedge rules.
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Shell may be green when it comes to pension fund ESG requirements
A Shell pensioner is threatening to take his own pension fund to the U.K.’s Pensions Ombudsman for maladministration—unless the company can prove it is managing its climate-related risk.
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SEC releases new, four-year strategic plan
The SEC has released a new strategic plan that is intended to guide the agency’s work over the next four years “with a primary focus on investors, innovation, and performance.”
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Bank regulators respond to Hurricane Michael
Federal banking regulators have issued an alert for financial institutions affected by Hurricane Michael. The alert covers the storm’s effects on loan modifications, regulatory reporting, and compliance with the Community Reinvestment Act.
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Internal audit lags business in RPA adoption, poll says
Business operations may be adopting robotic process automation technology at a faster clip than internal auditors, a new poll suggests.
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Only three directors across Big 4 boards are independent
KPMG has appointed an independent member to its U.S. board, only the third such appointment across the entire Big 4.
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M.S. Howells names chief compliance officer
M.S. Howells, a full-service broker/dealer and hybrid RIA, servicing hedge fund managers, registered individuals, and independent registered investment advisors, has named Eraine Parker chief compliance officer.
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SFO set to recover proceeds from Uzbekistan corrupt deals
The U.K. Serious Fraud Office said it has issued a claim for civil recovery in the High Court under Part 5 of the Proceeds of Crime Act 2002.
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TrustArc now offers APEC privacy certification for data processors
Data-privacy management company TrustArc has expanded its offerings to include the new Asia-Pacific Economic Cooperation (APEC) Privacy Recognition for Processors (PRP) Certification, making it the first company authorized as an Accountability Agent to offer the new certification.
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ICO takes action for failure to pay new data protection fee
The U.K. Information Commissioner’s Office has taken formal enforcement action against 34 organizations that have failed to pay the new data protection fee.
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ICO issues first formal GDPR enforcement action
Canadian data analytics firm AggregateIQ Data Services has become the first company to face a formal enforcement action by the U.K. Information Commissioner’s Office for violations of the EU General Data Protection Regulation and the U.K. Data Protection Act.
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FinCEN advisory warns of Nicaraguan money laundering
The Financial Crimes Enforcement Network has issued an advisory to alert U.S. financial institutions of the increasing risk that proceeds of political corruption from Nicaragua may enter the U.S. financial system.
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U.S. judge extends term of ZTE monitor: Here’s why
A U.S. district court judge has extended for two more years the term of ZTE’s court-appointed compliance monitor after the telecommunications company violated a condition of its probation resulting from U.S. sanctions violations.
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Sanders’ bill would break up big banks
Sen. Bernie Sanders (I-Vt.) has introduced legislation that would “break up the nation’s biggest banks and risky financial institutions in order to safeguard the economy.” Rep. Brad Sherman (D-Calif.) will file a companion bill in the House.
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SEC petition, Senate bill seek rules on ESG disclosures
Climate change activists are upping the pressure on public companies to disclose the risks they face due to a potential environmental catastrophe. Those efforts include an SEC petition for rulemaking and a new Senate bill.
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BlogMusk mocks SEC on Twitter
Within days of reaching a settlement with the Securities and Exchange Commission over what it says was “false and misleading” information delivered to investors via Twitter, Tesla founder Elon Musk is back online and taunting the regulator.
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CFTC could overhaul cross-border derivatives approach
CFTC Chairman J. Christopher Giancarlo plans to spearhead new rule proposals to address a range of cross-border issues with swaps regulation.
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Senators urge FTC crackdown on child privacy
Senators Edward J. Markey (D-Mass.) and Richard Blumenthal (D-Conn.) are calling upon the FTC to investigate the practices of app developers and app stores accused of accessing children’s sensitive data without required consent.
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Federal court: Virtual currency is a commodity, in CFTC purview
A federal court has ruled that the Commodity Futures Trading Commission has the power to prosecute fraud involving virtual currency.
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BlogA thumbs up for smaller banks sharing BSA AML resources
Federal bank regulators have announced that certain community banks and credit unions may share resources in an effort to bolster Bank Secrecy Act compliance and anti-money laundering obligations.