Chapter 1: Compliance v. complicity: The ‘underbelly’ of bank culture
2024-03-18T16:00:00+00:00By Aly McDevitt
Why were decisions made the way they were at the banks that serviced Jeffrey Epstein? Evidence points to a cultural tension: a tug-of-war between the allure of profit and the drag of compliance, with the former having all the pulling power.
Chemours says probe found accounting misconduct by execs
2024-03-08T16:09:00+00:00By Kyle Brasseur
Chemours said an internal review into the actions of senior managers alleged to have engaged in accounting misconduct uncovered violations of the chemicals company’s code of ethics regarding the promotion of full, fair, accurate, timely, and understandable disclosure.
HG Vora fined $950K for beneficial ownership disclosure failures
2024-03-04T17:27:00+00:00By Jeff Dale
New York-based investment adviser HG Vora Capital Management agreed to pay $950,000 to settle charges levied by the Securities and Exchange Commission alleging failure to report beneficial ownership regarding its stake at trucking transport company Ryder System.
Best practices for determining need for a human rights policy
2024-02-29T13:21:00+00:00By Ruth Prickett
Does your business need a human rights policy? An increasing number of organizations believe they do, according to research firm Gartner.
Grewal: Investors care about ESG claims—so do SEC enforcers
2024-02-27T20:34:00+00:00By Adrianne Appel
Environmental, social, and governance issues are increasingly material to investors, and the Securities and Exchange Commission is checking to ensure businesses’ ESG statements are above board, according to the agency’s enforcement director.
Ten things I’m excited for at CW National 2024
2024-02-22T13:00:00+00:00By Kyle Brasseur
A new month and a new venue but a lot of the same you love about Compliance Week’s National Conference. CW Editor in Chief Kyle Brasseur shares what he’s looking forward to most at the 2024 edition of the annual event.
VanEck fined $1.8M over influencer promo nondisclosure
2024-02-19T15:00:00+00:00By Kyle Brasseur
Van Eck Associates agreed to pay $1.75 million as part of a settlement with the Securities and Exchange Commission regarding its alleged failure to properly disclose the planned involvement of a social media influencer in the launch of an exchange-traded fund.
LRN survey: Compliance programs shifting focus from bribery, corruption
2024-02-16T22:35:00+00:00By Adrianne Appel
Many ethics and compliance programs have refocused their efforts away from bribery and corruption and onto data security and privacy, complex government regulations, artificial intelligence security, and other contemporary challenges, a survey from LRN found.
Verifiable data key as companies begin TNFD-aligned disclosures
2024-02-15T14:47:00+00:00By Ruth Prickett
More than 320 organizations worldwide committed to disclosing their impact on nature following the recommendations of the Taskforce on Nature-Related Financial Disclosures.
U.K. governance code revisions: Boards lead on culture, audit supports
2024-02-13T22:12:00+00:00By Ruth Prickett
Corporate culture, internal controls, and assurance moved up the boardroom agenda with the publication of the U.K.’s revised corporate governance code and its supporting guidance.
Alphabet to pay shareholders $350M over Google+ privacy lapses
2024-02-07T18:00:00+00:00By Jeff Dale
Alphabet, the parent company of technology giant Google, agreed to pay $350 million in a preliminary settlement with shareholders over alleged data privacy violations and materially false and misleading statements linked to now-defunct social media site Google+.
Experts: Good data breach response grounded in preparation
2024-02-06T15:24:00+00:00By Aaron Nicodemus
Two chief compliance officers and an attorney discussed preparation for the “when, not if” threat of a data breach during a panel at CW’s Cyber Risk & Data Privacy Summit.
Consultation opens debate on proposed U.K. cyber governance code
2024-01-30T15:54:00+00:00By Ruth Prickett
Cybercrime is regularly cited as a leading concern for executives, yet board oversight of cyber risks is often inadequate and governance poorly understood, according to the authors of a proposed U.K. code of practice on cybersecurity governance.
FRC ups board responsibilities in corporate governance code revisions
2024-01-23T12:56:00+00:00By Kyle Brasseur
The Financial Reporting Council held back on the latest round of updates to the U.K.’s corporate governance code, as the country remains wary of pushing away businesses and investors.
NYDFS: Banks must vet execs, including CCOs, ‘not just upon hiring’
2024-01-22T20:18:00+00:00By Jeff Dale
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.
U.K. push for more listings to lower bar on governance?
2024-01-18T14:22:00+00:00By Neil Hodge
Moves by the U.K.’s financial regulatory body to encourage companies to list in London might fail to deliver or send mixed messages about the value placed on corporate governance, according to experts.
Silver Lake Hospital to pay $19M over Medicare false claims
2024-01-17T17:37:00+00:00By Kyle Brasseur
New Jersey-based Silver Lake Hospital agreed to pay more than $18.6 million as part of a settlement with the Department of Justice addressing allegations of false claims submitted to Medicare for inpatient cost outlier payments.
Disclosure rules not enough to curb U.K. salary gaps
2024-01-15T14:16:00+00:00By Neil Hodge
The issue of “fat cat” pay awards was reignited in the United Kingdom after a think tank found a typical FTSE 100 CEO earned the average annual salary for a full-time worker after just four days into the new year.
Money, size, industry: Multiple factors at play in setting compliance reporting lines
2023-12-19T22:38:00+00:00By Aaron Nicodemus
Compliance teams most often report to their firm’s legal department, our “Inside the Mind of the CCO” survey found. However, heavily regulated companies and those with fewer employees saw different trends emerge.
Ex-BP CEO facing up to $41M in losses over colleague relationship dishonesty
2023-12-14T18:23:00+00:00By Kyle Brasseur
The board of British oil and gas giant BP announced its remuneration determinations after finding former CEO Bernard Looney committed “serious misconduct” in his disclosure of personal relationships with company colleagues.
The road from CCO to board: What compliance professionals need to know
2023-12-04T16:00:00+00:00By Amii Barnard-Bahn
Chief compliance officers and chief ethics and compliance officers desire progressing to the board more than any other role change, our “Inside the Mind of the CCO” survey found. So, what does it take for compliance to get on a corporate board?
More companies enter ‘discovery phase’ of ESG reporting in 2023
2023-11-28T16:00:00+00:00By Aly McDevitt
Climate-related disclosure efforts are amplifying year over year, despite persistent and persnickety pain points, as more organizations widen the scope of their ESG journeys, our “Inside the Mind of the CCO” survey found.
Using AI? The SEC wants to know about it
2023-11-20T20:16:00+00:00By Adrianne Appel
The Securities and Exchange Commission has not yet implemented rules governing use of artificial intelligence but still expects regulated entities to adhere to commonly accepted practices, including disclosure, said an agency enforcement official.
SEC adopts Dodd-Frank rule on clearing agency conflicts of interest
2023-11-16T19:54:00+00:00By Kyle Brasseur
The Securities and Exchange Commission continued its recent run of pushing through remaining regulations under the Dodd-Frank Act of 2010 by adopting new rules to mitigate conflicts of interest for security-based swap clearing agencies.
Charter Communications fined $25M over stock buyback violations
2023-11-15T18:46:00+00:00By Aaron Nicodemus
The Securities and Exchange Commission fined Charter Communications $25 million for violating internal accounting control requirements related to stock buybacks.
DOJ floats declinations as incentive under M&A self-disclosure safe harbor
2023-10-05T18:50:00+01:00By Kyle Brasseur
The Department of Justice’s push to incentivize companies to voluntarily self-disclose potential misconduct reached its next stage in the form of a safe harbor policy regarding mergers and acquisitions.
Lessons from Danske Bank CCO: Four pillars to successful remediation
2023-10-05T14:59:00+01:00By Aaron Nicodemus
Outgoing Danske Bank CCO Satnam Lehal shares with Compliance Week lessons learned from addressing deficiencies in the bank’s compliance program while managing the expectations of regulators, the board, employees, customers, analysts, investors, and the public.
Lyft fined $10M for not disclosing board member’s role in pre-IPO stock sale
2023-09-18T16:10:00+01:00By Jeff Dale
Ridesharing company Lyft agreed to pay a $10 million penalty to settle allegations by the Securities and Exchange Commission it failed to disclose a pre-initial public offering stock deal that netted a member of its board millions of dollars.
Investor lawsuit targets Bank of America over off-channel comms fines
2023-07-25T20:24:00+01:00By Aaron Nicodemus
Stockholder lawsuits have emerged as the latest aftershock from the regulatory crackdown against banks and financial services firms for allowing off-channel business communications by their employees.
TPRM Summit takeaways: Tech risks, board and audit relationships
2023-07-05T17:10:00+01:00By Kyle Brasseur
The impact of new technologies like generative artificial intelligence on the third-party risk management landscape was among the points of discussion addressed at Compliance Week’s TPRM Summit in Atlanta.
KPMG report: Bank supervision, cyber among reg focus areas for rest of year
2023-06-07T19:54:00+01:00By Aaron Nicodemus
A new report by KPMG on key regulatory challenges for the second half of 2023 warned financial institutions to prepare for increased scrutiny, while all companies should expect more questions on how they oversee their cybersecurity and data management programs.
Wells Fargo to pay $1B to settle suit over consent order noncompliance
2023-05-18T18:17:00+01:00By Aaron Nicodemus
Wells Fargo agreed to pay $1 billion to settle a class-action lawsuit filed by shareholders who claimed the bank overstated its progress in complying with regulatory orders related to its 2016 fake accounts scandal.