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.
Elizabeth Holmes, founder and CEO of now-defunct blood testing company Theranos, is exploring the idea of using “mental disease or defect” as part of her defense during her criminal fraud trial, which is set to begin in March.
This installment looks back at Carnival’s history of environmental law convictions, plea agreements with the DOJ, criminal fines, and environmental compliance plans (yes, there is more than one).
It’s early 2020, and the world’s largest cruise line operator is about to confront an immutable collision of two storms: its court-mandated environmental compliance plan, more than 2 years in progress, and the imminent coronavirus pandemic.
As more and more Carnival ships become hotbeds of infection and the company faces harsh criticism, CEO Arnold Donald trumpets the company’s unwavering focus on compliance.
Our first-ever case study is the story of Carnival’s quest for compliance redemption, set in the context of not only new leadership and a court-appointed monitorship, but in the midst of a global pandemic.
JPMorgan Chase, Danske Bank, Deutsche Bank, and Bank of America all either “Nailed It” or “Failed It” this week.
Jonathan Bowdler of the International Compliance Association shares his list of factors that make compliance an appealing profession today.
Two Wells Fargo subsidiaries were ordered to pay more than $2 million due to supervisory failures regarding the switching of customers’ variable annuities, the Financial Industry Regulatory Authority announced.
CW is excited to announce the upcoming publication of its first-ever case study, a deep dive into the history of environmental transgressions at Carnival, its path back to compliance under new leadership, and its shift to crisis management mode when COVID-19 hit.
Silicon Valley’s social media heavyweights deserve a nod for “war-gaming” potential misinformation scenarios in advance of November’s elections, while McDonald’s again finds itself on our “Not Lovin’ It” list.
Compliance reforms set to take place at the FBI include enhanced training and oversight mechanisms and a newly created office to carry out “rigorous and robust auditing.”
In advance of her keynote at Compliance Week’s upcoming TPRM virtual event (Sept. 17-18), former SEC official Kara Brockmeyer discussed with CW the heightened risk third parties have during a pandemic and what companies can do about it.
A scathing report on the extensive fraud at German payment giant Wirecard had a compliance silver lining: KPMG’s by-the-books, transparent approach to a special audit helped bring that fraud to light.
A new global business ethics survey released by the Ethics & Compliance Initiative seeks to explain what factors contribute to employee pressure to compromise ethical policies or regulations and how to reduce that pressure.
While it’s not yet clear whether Wells Fargo’s compliance moves (including the loss of its CCO) will pay off, we’re much more certain about the Irish Data Protection Commission’s stance on a potential Twitter fine.
The Bank of Nova Scotia will pay $127.4 million in total penalties in resolutions with the Justice Department and the CFTC for its role in a massive price-manipulation scheme in the precious metals futures contracts markets.
Wells Fargo announced Chief Compliance Officer Mike Roemer will depart two years after taking on the daunting task of transforming the troubled bank’s compliance and risk management efforts. Paula Dominick will succeed him as CCO.
The more internal audit plays a key role in the strategic management of fraud, the more effective and robust organizations’ fraud risk management processes seem to be, according to the results of a recent Kroll/IIA survey.
The New York Attorney General’s lawsuit to dissolve the National Rifle Association might not play out as intended, but it nevertheless exposes a number of systemic compliance flaws at the organization that appear to still need to be addressed.
Now more than ever, difficult conversations are necessary and increasingly expected of compliance professionals. Financial crime expert Martin Woods has some ideas on how to make them less painful.
In the wake of drastic updates to the “Three Lines Model” for managing risk, IIA President and CEO Richard Chambers catches up with Compliance Week to discuss the changes, how COVID-19 has impacted the internal audit profession, and more.
An anonymous whistleblower’s complaint alleging sexual misconduct by fired McDonald’s CEO Steve Easterbrook prompted the company to file a lawsuit attempting to claw back some of the $41 million severance package it paid upon his ouster.
Capital One and Capital One Bank (USA) were fined $80 million for failing to establish sound risk management processes and internal controls related to the company’s data breach last year.
Focus on LIBOR transition may have slipped during the coronavirus pandemic, but the recent conversation among regulators is once again looking toward life after the soon-expiring reference rate.
Central to the New York Attorney General’s lawsuit seeking to dissolve the National Rifle Association are allegations that the nonprofit’s “culture of noncompliance” allowed EVP Wayne LaPierre and three other NRA officers to steal $64 million from the organization over three years.
The National Rifle Association “Failed It” big time if a suit alleging a lack of compliance controls proves true. Meanwhile, we tip our caps to the stalwart CCOs who carry on despite a cut in pay and resources due to the pandemic.
The Canadian Securities Administrators has published guidance that effectively gives registered firms in Canada more flexibility in satisfying chief compliance officer staffing requirements through three optional models.
If you are an employer hoping Congress will pass a “coronavirus liability shield” bill to help your company deflect COVID-19 lawsuits, consider this: No such “shield” will do much good unless you’ve already taken action to create a safe workplace.
In order to prevent debacles like the one Deutsche Bank is embroiled in, there is a need to combine the processes of “know your employee” and “know your customer,” writes Martin Woods.
Acting Justice Department Criminal Division head Brian Rabbitt shares his perspective on recent updates to the Evaluation of Corporate Compliance Programs guidance, the FCPA Resource Guide, and more.
PG&E Corp. is shaking up its management team, including the impending appointment of John Simon as executive vice president, general counsel and chief ethics & compliance officer.
Credit Suisse has combined separate risk and compliance heads into one board-level position, part of a shakeup of the bank’s corporate structure that includes a renewed emphasis on sustainable investing.
The lesson in this week’s edition of “Nailed It or Failed It?” is the more things change, the more they stay the same.
The global pandemic has put every organization’s business continuity plans to the test. Identifying the gaps have been easy and often the list has included inadequate vendor risk management and resilience planning.
The biggest improvement in the IIA’s new “Three Lines Model” of risk management is it allows for greater flexibility between “lines” and is less likely to be interpreted so literally.
A revamped NAVEX Global report reinforces a long-held belief in the compliance industry that those companies that trust employees to behave ethically continuously work to improve culture.
As if cobbling together a return-to-office plan for your company during a pandemic is not difficult enough, 16 states now require employees receive coronavirus safety training.
If you’re a small investment firm owner acting as your firm’s chief compliance officer, here are some scary stories that might keep you up at night.
In this week’s “Nailed It or Failed It?”, Disney gets kudos for throwing its weight behind the #StopHateForProfit protest, while PG&E earns criticism after being found responsible for yet another California wildfire.
When it comes to ferreting out and thwarting fraud, one must think like the fraudster, advises financial crime expert Martin Woods, who offers tips on using data to make your firm a hostile environment for bad actors.
The Institute of Internal Auditors’ updated “Three Lines Model” ditches the focus on defense of its predecessor to encourage more effective collaboration between key players within an organization.