All articles by Jaclyn Jaeger – Page 63
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Blog
OFAC: Ericsson settlement agreement imparts sanctions compliance lessons
In its first enforcement action of 2018, the U.S. Treasury Department’s Office of Foreign Assets Control on June 6 reached a $145,893 settlement agreement with Swedish telecom company Ericsson for violating Sudanese sanctions regulations.
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Blog
Merrill Lynch to pay $15M for failure to supervise RMBS traders
The SEC announced on June 12 that Merrill Lynch will pay more than $15 million to settle charges that its employees misled customers into overpaying for Residential Mortgage Backed Securities.
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Blog
Credit Suisse to pay $47M in FCPA fines over hiring practices
Credit Suisse has become the latest financial institution to pay a penalty—to the tune of $47 million—and enter a non-prosecution agreement with the Department of Justice concerning questionable hiring practices in the Asia Pacific region.
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ArticleA global look at corruption challenges
Prudent compliance and risk leaders should use the 2018 Corruption Challenges Index to assess a specific country’s corruption challenges risk. But it’s important to keep in mind that it is just one piece of analysis.
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Blog
Legg Mason to pay $64.2M in FCPA case
Investment management firm Legg Mason entered a non-prosecution agreement and agreed to pay $64.2 million to resolve an investigation into violations of the Foreign Corrupt Practices Act concerning Legg Mason’s participation in a Libyan bribery scheme, the Department of Justice announced.
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ArticleBenchmark survey: Top compliance programs are data-driven
A new survey from Convercent and Compliance Week indicates that the top-performing compliance departments increasingly are starting to invest in technology solutions that support a data-driven program.
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Blog
SocGen to pay $860M in FCPA and LIBOR case
French banking group Société Générale and its wholly owned subsidiary, SGA Société Générale Acceptance, will pay a combined total penalty of more than $860 million to resolve charges with criminal authorities in the United States and France, the Department of Justice announced June 4.
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Blog
The Serious Fraud Office has a new director
Jeremy Wright, the Attorney General for England and Wales, on June 4 named Lisa Osofsky as the new director of the Serious Fraud Office.
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Blog
SEC charges Goldman Sachs VP in insider trading scheme
The SEC on May 31 charged a Goldman Sachs vice president of investment banking with repeatedly using his access to highly confidential information to place illicit and profitable trades in advance of deals on which the bank was providing investment banking advisory services.
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Blog
Legg Mason accrues $67M charge to earnings for FCPA matter
U.S. investment management firm Legg Mason disclosed in a securities filing on May 30 that it expects to soon complete negotiations with both the U.S. Department of Justice and the SEC to resolve a Foreign Corrupt Practices Act investigation.
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Article
For leading compliance programs, it’s all about technology
Leading compliance programs more often use technology tools than do their peers, according to the results of PwC’s annual State of Compliance study. These include data analysis tools, dashboards, continuous monitoring, data warehousing, data extraction tools, and a GRC solution.
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Blog
Tech giants face first wave of GDPR complaints
Privacy advocates wasted no time filing numerous complaints against a handful of technology companies, including Facebook and Google, for violations of the EU’s General Data Protection regulation, which came into force May 25.
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ArticleModernizing compliance: a viewpoint from the front lines
Taking a cross-functional approach to compliance—solving problems together with the business—is the most effective and cost-efficient way to mitigate enterprise-wide risks today.
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ArticlePreventing and responding to harassment must involve both HR and compliance
An expert panel at CW 2018 shared best practices on how to address expectations concerning employee behavior, how to properly respond when allegations of sexual harassment arise, and how to communicate with senior leaders and the board on the importance of preemptive action.
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Blog
SFO brings new charges in Unaoil investigation
The U.K. Serious Fraud Office has brought further charges in relation to the Unaoil investigation, this time against two individuals facing trial.
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ArticleOperationalizing GDPR compliance, amid uncertainty
During a panel discussion at Compliance Week 2018 on Tuesday, experts discussed how prepared companies are for the May 25 GDPR implementation date. At this stage, they agreed, it’s all about doing your best.
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ArticleDeputy Attorney General Rod Rosenstein keynote: The value of compliance
Deputy Attorney General Rod Rosenstein kicked off Compliance Week 2018 in Washington D.C. on Monday, speaking candidly about compliance program effectiveness, the FCPA Corporate Enforcement Policy, the newly announced Justice Department coordination policy, and much more.
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Article
Compliance considerations of Iran sanctions
President Trump’s recent decision to withdraw the U.S. from the Iran nuclear deal will not only have severe sanctions implications for foreign subsidiaries of U.S. parent companies, but will also negatively impact EU firms.
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Blog
European Commission acts to preserve Iran Nuclear Deal
In response to U.S. President Donald Trump’s withdrawal of the United States from the Iran Nuclear Deal, the European Commission on May 18 announced steps to preserve the interests of European companies investing in Iran and to demonstrate the EU’s commitment to the deal.
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Blog
Novartis lawyer quits amid Michael Cohen contract controversy
Swiss pharmaceutical giant Novartis announced May 16 that Group General Counsel Felix Ehrat is stepping down. His abrupt departure follows revelations that Novartis had a $1.2 million contract with President Donald Trump’s personal attorney Michael Cohen in exchange for access to the White House on healthcare policy.