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Three KPMG firms disciplined in $7.7M enforcement sweep
The Public Company Accounting Oversight Board announced $7.7 million in total penalties against three separate KPMG firms and four individuals for varying violations of audit standards and ethical rules.
U.S. law to stop Uyghur forced labor remains compliance challenge
It’s been six months since the Uyghur Forced Labor Prevention Act took effect, and businesses are no clearer today on how to comply with it, those familiar with the law said.
Five compliance triumphs from 2022
Positive contributions in the areas of ESG, AI responsibility, and setting standards regarding CCO liability highlight the latest installment of CW’s annual list of laudable ethics and compliance moments.
Glencore to pay $180M in DRC corruption case
Commodity trading and mining company Glencore agreed to pay $180 million to the government of the Democratic Republic of the Congo to settle claims arising from alleged corrupt practices that took place for more than a decade.
SEC risk alert notes compliance issues regarding ID theft rule
The Division of Examinations at the Securities and Exchange Commission issued a risk alert detailing recent issues observed by inspectors regarding compliance with the agency’s identity theft red flags rule, Regulation S-ID.
Clubhouse app operator fined $2M for GDPR violations
Alpha Exploration, operator of the social media app Clubhouse, received a penalty from the Italian data protection authority for the unlawful processing of EU citizens’ data in violation of the General Data Protection Regulation.
No time managing risk? No wonder FTX collapsed
Sam Bankman-Fried’s admission he put no effort into risk management in leading cryptocurrency exchange FTX makes it easy to understand how the firm collapsed so quickly.
Top ethics and compliance failures of 2022
Businesses not taking AML requirements seriously, years of noncompliant off-channel communications catching up to financial services titans, and a manufacturing firm that shared revenue with terrorists comprise CW’s list of the biggest ethics and compliance fails of 2022.