All articles by Jaclyn Jaeger – Page 108
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Eliminating Cyber-Threats From the IT Supply Chain
Image: The longer a global supply chain grows, the less assurance corporations have in the integrity and security of their products and operations. Now NIST is trying to pierce that fog with new guidance, and compliance officers in the private sector might want to take notice. “Cyber-supply chain risk management ...
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Whistleblower Laws Abroad Remain Weak and Untested
Image: What whistleblower protections exist overseas that are comparable to those under the Sarbanes-Oxley and Dodd-Frank Acts? Compliance Week did a spot-check of major countries, and the results of our round-the-world tour are inside. “There’s no country in the world whose whistleblower protection laws come close to what we’ve developed ...
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Blog
TI Report Urges Southeast Asia to Make Anti-Corruption a Priority
Leaders of the Association of Southeast Asian Nations are not doing nearly enough to address corruption at the national level, warns a new report by Transparency International. In its report, TI recommended that ASEAN form an ASEAN Integrity Community to fast track anti-corruption policy measures and further recommended four targeted ...
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Blog
UTC Gets Second Subpoena in Bribery Probe
United Technologies Corp. has disclosed that it received a second subpoena from the SEC for potential violations of anti-bribery laws. UTC said the SEC issued the subpoena “seeking documents related to internal allegations of alleged violations of anti-bribery laws from UTC’s aerospace and commercial businesses, including but not limited ...
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Libor Scandal Costs Deutsche Bank $2.5 Billion in Penalties
Deutsche Bank and its subsidiary, DB Group Services (U.K.), pleaded guilty to wire fraud for their role in manipulating the London Interbank Offered Rate and agreed to pay $775 million in criminal penalties to the Department of Justice, bringing the total amount of penalties against the bank to $2.5 billion. ...
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SEC Issues Whistleblower Award to Compliance Officer
Image: The SEC awarded more than $1 million to a compliance officer who provided information that helped in an enforcement action against the whistleblower’s company. “This compliance officer reported misconduct after responsible management at the entity became aware of potentially impending harm to investors and failed to take steps to ...
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Merrill Lynch Fined £13.2 million ($19.8 million) for 35 Million Compliance Lapses
Britain’s Financial Conduct Authority fined Merrill Lynch International a record £13.2 million ($19.8 million) for inaccurately reporting more than 30 million transactions and for failing to report another 120,000 transactions over several years. The size of the fine marks the highest ever imposed for transaction reporting failures. Details inside.
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New Guidance for Healthcare Compliance Oversight
An unusual coalition of compliance and audit professional associations has joined forces with federal healthcare regulators to publish new guidance on how healthcare organizations can carry out their oversight responsibilities. The guidance is intended for internal auditors, compliance, and legal executives that report to those boards, and carries the blessing ...
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Cleaning Up FCPA Cases That Spill Into Litigation
Image: Companies under investigation for possible violations of the FCPA have more than enforcement action to worry about; they must be prepared to fend off shareholder lawsuits as well. That requires some careful strategy about how to investigate FCPA allegations and document them. “I can’t tell you how often I ...
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HIPAA Privacy and Security Guidance Updated
The Office of the National Coordinator for Health IT has released an updated version of its privacy and security guidance to help healthcare providers better understand how to integrate federal health information privacy and security requirements into their practices. The guidance was last published in 2011. Details inside.
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Study: Supplier Payment Processes Need Improving
A new study conducted by market research firm Gatepoint Research and sponsored by global payments solutions provider Tipalti finds significant weaknesses in the systems and processes companies use to mitigate regulatory, compliance, and fraud-related payment risks. According to the study, 66 percent of 100 senior finance and accounting executives polled ...
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FBI Establishes International Corruption Squads
The Federal Bureau of Investigation, in conjunction with the Department of Justice’s Fraud Section, recently established another weapon in the battle against foreign bribery and kleptocracy-related criminal activity: three dedicated international corruption squads, based in New York City, Los Angeles, and Washington, D.C. Details inside.
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BNY Mellon Units Fined $185 Million for Custody Rule Compliance Failures
The U.K.’s Financial Conduct Authority this week fined two Bank of New York Mellon firms—Bank of New York Mellon’s London Branch and The Bank of New York Mellon International Limited—a total of $185 million for failing to comply with the FCA’s Custody Rules, which protect safe custody assets if a ...
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Justice Official: Criminal Law Enforcement a Collaborative Effort
Image: Criminal, civil, and regulatory authorities increasingly are collaborating with one another to enforce certain federal criminal laws. “Working closely with regulatory partners at the Securities and Exchange Commission, the Commodity Futures Trading Commission … and other domestic and foreign agencies, the unit has tackled some of the largest frauds ...
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A Bit More Transparency on Risks of Confidentiality Clauses
Image: The SEC is not the only government agency cracking down on “pre-taliation risk” in confidentiality agreements with employees; many others are turning their attention to the issue, too. “This is really a new focus for these agencies,” says Christopher Calsyn of the law firm Crowell Moring. Compliance officers may ...
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Building a Compliance Ambassador Network
Sure, compliance officers do not have to fulfill their company’s ethics and compliance mission alone, but building a network of compliance ambassadors (or champions, or liaisons, or whatever you call your helpers) can be laborious. Inside, we asked compliance officers from Lockheed, GenCorp, DTE Energy, and elsewhere how they built ...
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Blog
French Magistrates Probing HSBC for Tax Evasion Scheme
London-based banking giant HSBC last week said that French magistrates have launched a formal criminal investigation and imposed a bail of US$1 billion concerning allegations that HSBC's Swiss-based private banking arm helped clients evade taxes. In a statement, parent company HSBC Holdings said it “believes the French magistrates’ decision is ...
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OECD Roasts Iceland on Anti-Bribery Efforts
The Organization for Economic Cooperation and Development’s Working Group on Bribery this week said it has “serious concerns” about Iceland’s lack of progress in both combating the bribery of foreign public officials. Out of 17 recommendations made by the Working Group in 2010, just two of the recommendations had been ...
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FLIR Systems Settles FCPA Charges for $9.5 Million
Thermal imaging manufacturer FLIR Systems has reached a $9.5 million settlement with the SEC to resolve charges that it violated the Foreign Corrupt Practices Act by financing what an employee termed a “world tour” of personal travel for government officials in the Middle East who played key roles in decisions ...
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Q&A: Talking Insurance Industry Compliance
Image: As part of our occasional series of conversations with compliance executives, we caught up with Lee Augsburger, chief ethics and compliance officer at Prudential Financial and vice chairman of the newly established Global Insurance Chief Compliance Officers Forum. Inside, Augsburger talks about the objectives of the group and how ...