The recent furor in the United Kingdom over the Post Office’s wrongful prosecutions of sub-postmasters for alleged fraud has put the government’s relationship with private contractors under the spotlight and raised questions about how companies could be held more accountable in future.
Risk Management
Posted inEurope
FINMA eyeing more power over banks. Will it make a difference?
Bonus clawbacks, more fines, and a senior management regime that clearly identifies individual executives’ responsibilities for key governance areas are all options being considered by the Swiss Financial Market Supervisory Authority in response to the collapse of Credit Suisse.
Posted inEurope
ICO seeking input on generative AI to inform guidance
The U.K. Information Commissioner’s Office is seeking input from developers, users, and those interested in generative artificial intelligence to help inform policy and guidance regarding the technology.
Posted inAccounting & Auditing
FCPA violations in China: Lessons learned from 2023 cases
Enforcement actions regarding alleged violations of the Foreign Corrupt Practices Act at 3M, Albemarle, Clear Channel Outdoor, and Royal Philips each had China touchpoints. Experts assess third-party risk management lessons learned from each case.
Posted inEthics & Culture
Ex-DOJ Criminal Division head Polite to lead Tavistock Group compliance review
Private equity company Tavistock Group announced the retention of law firm Sidley Austin to conduct a compliance review, the same week that its billionaire founder pleaded guilty to U.S. insider trading charges.
Posted inRisk Management
FINRA report highlights crypto communication violations
The Financial Industry Regulatory Authority announced it uncovered potential violations of its disclosure rules in 70 percent of crypto asset communications reviewed during a targeted exam.
Posted inEurope
FCA sets out data ambitions, challenges firms to keep pace
Experts expect improvements in the U.K. Financial Conduct Authority’s use of data and reporting means a heightened obligation for timely compliance by companies subject to its remit.
Posted inAccounting & Auditing
ADM puts CFO on leave pending accounting probe
Food processing company ADM announced Chief Financial Officer Vikram Luthar was placed on administrative leave pending an investigation into accounting practices and procedures flagged by the Securities and Exchange Commission.
Posted inAccounting & Auditing
Stiffer U.K. audit penalties posing more problems?
Legal experts are unconvinced record fines against audit firms imposed last year by the U.K. Financial Reporting Council will necessarily improve audit quality.
Posted inBoards & Shareholders
NYDFS: Banks must vet execs, including CCOs, ‘not just upon hiring’
The New York State Department of Financial Services released final guidance on how banks and non-depository financial institutions should vet executives, including chief compliance officers, before and during their employment.
