The OCC fined JPMorgan Chase Bank N.A. $250 million for weaknesses in its internal controls and internal audit for its fiduciary activities.
Odebrecht has reached the end of its compliance monitorship, four years after pleading guilty and resolving charges with authorities in the United States, Brazil, and Switzerland for violations of the Foreign Corrupt Practices Act.
In a year turned upside down by the coronavirus pandemic, one thing hasn’t changed in the eyes of the SEC: The best compliance programs are supported by senior management and have adequate staffing, technology, and training.
Fresh off his company’s compliance monitorship, Volkswagen CCO Kurt Michels shares ways to cultivate a trustful relationship with a monitor; finesse a company’s cultural makeover; and reestablish credibility in the wake of criminal behavior.
Many compliance departments are not independent, but instead report to other departments. COSO recommends compliance be separated out into its own division, led by a chief compliance officer with an executive-level position.
In a Q&A with Compliance Week, Volkswagen integrity chief Hiltrud Werner said that while compliance efforts “never have a finish line,” the company has made great strides since Dieselgate.
A subsidiary of JPMorgan Chase is facing a potential civil penalty “related to historical deficiencies in internal controls and internal audit over certain advisory and other activities.”
Being deal-ready is a key part of modern governance. From the inception of a company and raising capital, to expanding into new territories and markets, all the way to your IPO.
The chief risk officer at Citigroup is set to depart from his role in the wake of a $400 million enforcement action that ordered the firm to overhaul its risk management and compliance programs.
Dr. Marcus Pleyer, president of the Financial Action Task Force, emphasized his commitment to stopping money laundering in a wide-ranging and forward-looking discussion at the ICA’s BIG Compliance Festival.
Danske Bank CCO Philippe Vollot knows his journey to build a robust compliance program and culture at the troubled lender is far from over.
Equipment leasing, when managed effectively, can offer a number of strategic financial and competitive benefits to your business.
Alcoholic beverage maker Beam Suntory agreed to pay $19.6 million to resolve Foreign Corrupt Practices Act charges of improper payments by its Indian subsidiary.
The board of directors at Goldman Sachs Group will attempt to claw back approximately $174 million from a dozen current and former executives—one of the largest clawback attempts ever—in the aftermath of the 1MDB scandal.
What should you do if your firm is hit by ransomware? Choose your own ending to this tale about a clinic, a criminal, and coronavirus to learn the risks and rewards of each choice.
Jaclyn Jaeger explores compliance takeaways from Goldman Sachs’ $2.9 billion global bribery settlement for its role in the 1MDB scandal.
SEC Commissioner Hester Peirce revealed in a recent speech that she is considering developing a draft framework that would aim to clarify when the Commission may seek personal liability in compliance cases.
In the aftermath of the “FinCEN Files” leak, financial industry practitioners polled by Fenergo say changing the system needs to start within their own institutions.
New guidance from NIST aims to demystify a process with which many companies across all industries have long struggled: how to seamlessly integrate cyber-security risk into an overall enterprise risk management program.
Compliance Week Editor in Chief Dave Lefort and data journalist Aly McDevitt host a 1-hour Webcast to discuss CW’s Carnival case study in addition to the behind-the-scenes making of the product.
The OCC’s recent $85 million penalty assessed against USAA for compliance risk management failures leaves too many questions unanswered for a fine that size, writes Jaclyn Jaeger.
Brazilian company JBS, the largest meat producer in the world, and its holding company agreed to pay nearly $300 million for systemic and widespread corruption in settlements with two U.S. enforcement agencies.
The slowdown in mergers and acquisitions in the early stages of the coronavirus pandemic in March is waning, and M&A activity is approaching pre-pandemic levels again, with cyber-security risk now the top concern.
It is not clear what action Danske Bank will take on the back of its investigation into Europe’s biggest-ever money laundering scandal, but it is a safe bet to think further improving compliance will be on the list.
Federal banking regulators fined Citigroup $400 million for failing to address “significant” risk and compliance failures.
In this week’s “Nailed It or Failed It,” we take down EY and JPMorgan Chase for apparently ignoring whistleblowers and give the SEC a nod for rewarding them.
HP has agreed to pay $6 million in a settlement with the Securities and Exchange Commission to resolve allegations of disclosure violations and control failures regarding improper sales practices.
Experts offer best practices on how to ensure your D&I policies, training, and resources are sufficient at this social and cultural inflection point.
Three Citibank affiliates have been collectively ordered to pay $4.5 million to settle CFTC charges regarding supervision failures that led to the deletion of subpoenaed audio files.
Fear of enforcement and the consequential reputational fallout of an enforcement action are the top drivers for developing an anti-corruption compliance program, states a new report by the Organization for Economic Co-operation and Development.
A look at results from a joint survey from Compliance Week and Workiva reveals companies could benefit from a deep dive into the IIA’s new Three Lines Model, especially in light of the recent pandemic.
It’s a good thing you’re all experts in partnering for change, as more than 3 in 4 of you think COVID-19 will have a permanent impact on some compliance functions.
We asked nine prominent chief compliance officers what has been the most difficult part of ensuring ethics and compliance has remained top of mind for employees during the pandemic.
We asked nine prominent chief compliance officers across a multitude of industries what initially drew them to the compliance profession.
We asked nine prominent chief compliance officers across a multitude of industries which skill they think is most important in their CCO role.
The “FinCEN Files” report raises the question: What should banks be doing to address the trillions of dollars’ worth of banking transactions that are facilitating criminal activity every year?
In a 2020 full of Blursdays that all run together, it’s perhaps appropriate that the day created in your honor this year happens to fall when you don’t have to be in the office (otherwise known as your bedroom/kitchen table).
Our second annual “Inside the Mind of the CCO” survey revealed that compliance practitioners, by and large, have stepped up to meet the unique challenges presented by this very different, very difficult year.
Compliance has been taking some heat in the wake of the “FinCEN Files” reports, but it’s banks’ senior leadership that failed, not the folks filing all those SARs.
The BuzzFeed “FinCEN Files” investigation purportedly uncovered evidence of a catastrophic, international collapse of internal controls within the world banking system. But that argument is misleading, to the point of being disingenuous.
Promising startups are often cut slack with compliance because investors feel they will eventually make it, but the time in between is ripe with dangers that extend well beyond the company, writes Martin Woods.
Who faces liability when a Bank Secrecy Act program is deemed to be deficient? A series of recent enforcement actions taken by the OCC against individuals at a now-defunct New Jersey bank provides a case study.
The alleged actions of an export compliance official are at the heart of “egregious” apparent OFAC sanctions violations by New York-based Comtech Telecommunications Corp. and its wholly owned subsidiary regarding sales in Sudan.
Volkswagen gets a nod this week for successfully completing its 3-year compliance monitorship related to Dieselgate. Deloitte, on the other hand, lands on the wrong side of our list.
General counsel compensation is steadily on the rise, according to the latest in-house counsel compensation report by Equilar and executive search firm BarkerGilmore. Inside, we also explore what companies seek in a general counsel.
Carnival will go through extraordinary scrutiny as it prepares to resume guest operations—not just in health, safety, and security but in environmental compliance as well. The storm is not over yet.
How can Carnival meet the expectations of a government-mandated environmental compliance plan and stay in the court’s good graces while the coronavirus brings business to a standstill?
This installment looks at how new Carnival CECO Peter Anderson restructured the Ethics and Compliance department and developed a culture action plan to drive change across the organization.
The chairman and chief executive of Big Four auditing firm EY says auditors should do more to uncover fraud while conducting external audits, a topic the industry has historically been reluctant to tackle.
Daimler AG and subsidiary Mercedes-Benz USA have reached a proposed settlement with U.S. authorities totaling $1.5 billion in fines and other costs to resolve emissions-cheating allegations.