All articles by Jaclyn Jaeger – Page 39
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ArticleIBM, BoA collaborate on financial services-ready public cloud
IBM announced it has designed the world’s first financial services-ready public cloud and is welcoming financial services institutions and their suppliers to join. Bank of America is already on board.
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ArticleVolvo becomes latest to join Responsible Sourcing Blockchain Network
The Responsible Sourcing Blockchain Network announced its digital supply chain for cobalt has moved beyond pilot phase and is progressing toward use in live production computing environments from spring 2020, just as Volvo joins as its newest member.
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ArticleIFAC: Strong support for international accounting standards
A first-of-its-kind report from the International Federation of Accountants shows “strong and sustained support” for both the adoption and implementation of international standards.
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ArticleFRC reveals key trends in U.K. accountancy profession
A new report from the U.K.’s Financial Reporting Council says the Big Four increased their combined “total fee income” by 4.7 percent—even amid a year fraught with accounting scandal.
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ArticleEuropean Commission probing two retailers for possible collusion
The European Commission announced it has opened a formal antitrust investigation to assess whether two French groups of retailers—Casino Guichard-Perrachon and Les Mousquetaires—have coordinated their conduct in the market in breach of EU competition rules.
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ArticleVeon’s compliance monitorship comes to an end
Veon, a global provider of connectivity and digital services, has announced a deferred prosecution agreement it entered with the U.S. Department of Justice in February 2016 has concluded.
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ArticleSurvey: Board governance issues expanding amid volatility
The role board directors of public companies play in providing oversight and governance around business strategy, investments, and policies—and their focus on emerging issues—has reached new heights, according to the findings of BDO’s 2019 board survey.
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ArticleTime to reassess the meaning of ‘compliance’
Deutsche Bank is just the latest scandal-plagued bank to make headlines, once again, for ignoring sound compliance advice. Maybe it’s time to eliminate the entire concept of compliance altogether, writes an exasperated Jaclyn Jaeger.
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ArticleSEC bars chief compliance officer for role in overbilling scheme
The former chief compliance officer of Yellowstone Partners, a now-defunct registered investment advisory firm, has been barred from practice for his role in an overbilling scheme that defrauded clients out of $11.8 million.
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ArticlePCAOB sanctions Deloitte, BDO affiliates
The PCAOB, recently under fire for its lack of enforcement, has imposed sanctions on Deloitte Korea and BDO Mexico for altering audit documentation in anticipation of inspections.
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ArticleUnaoil execs plead guilty for roles in global bribery scheme
The former CEO and chief operations officer of Monaco-based Unaoil have pleaded guilty for their roles in a scheme to corruptly facilitate millions of dollars in bribe payments to officials in multiple countries.
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ArticleDOJ recovers $700M in 1MDB scandal
Jho Low, a Malaysian businessman-turned-fugitive, has agreed to forfeit more than $700 million worth of assets that he and his family allegedly misappropriated from Malaysian’s sovereign-wealth fund, 1MDB.
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ArticleMattel ousts CFO after accounting probe reveals weaknesses
Following an investigation spurred by a whistleblower letter, Mattel announced it has uncovered material weaknesses in its internal controls over financial reporting and is now working to remediate the issues.
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World Bank Group debars MTZ Equipment for fraud
The World Bank has imposed a 30-month debarment on Canada-based MTZ Equipment for fraudulent practices connected to Afghanistan’s On-Farm Water Management Project.
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ArticleData protection compliance lessons from UniCredit breach
UniCredit announced its cyber-security team has identified a data breach that compromised the personal records of approximately three million clients in Italy, highlighting critical compliance lessons for those in the financial services industry.
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Despite reputation, CFPB not toothless under new leadership
Mounting criticism for going too soft on the financial services industry under Trump has not stopped new CFPB Director Kathleen Kraninger from putting her own stamp on the agency. The latest enforcement actions offer valuable insights for compliance officers and corporate counsel.
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ArticleFTC proposes five amendments to NIST Privacy Framework
The FTC has submitted comment on NIST’s draft Privacy Framework, praising the agency for its proposal to help firms open a privacy dialogue and suggesting five amendments to improve upon the draft.
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ArticleUnethical practices at Infosys? SEC opens probe
The SEC has launched an investigation into Infosys based on an anonymous letter the agency received from several Infosys employees alleging CEO Salil Parekh forced them to engage in “disturbing unethical practices.”
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ArticleRisk management tips from Tullett Prebon compliance woes
The U.K. Financial Conduct Authority fined Tullett Prebon (Europe) Limited £15.4 million (U.S. $19.8 million) after its compliance department failed to implement adequate risk management systems.
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ArticleBig Four to FASB: Guidance needed on supplier financing arrangements
The Big Four accounting firms are asking FASB to provide guidance regarding the financial statement disclosures that should be provided by companies that have entered supplier finance programs involving their trade payables.