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Carreyrou

Carreyrou at TPRM: Theranos warning signs were there, but partners failed to spot them

2020-09-18T22:26:00+01:00By

John Carreyrou explained to third-party risk professionals at CW’s TPRM Virtual Summit that the mistakes made by Theranos’s business partners were entirely preventable—had they done their proper due diligence.

Bank fail

Recent OCC case shows widespread liability when a BSA program fails

2020-09-18T19:13:00+01:00By

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.

Rite Aid

Former Rite Aid compliance exec charged with insider trading

2020-09-18T18:17:00+01:00By

Armed with insider information about problems with a merger with Walgreens, a Rite Aid compliance executive who oversaw its corporate code of conduct sold company stock to save himself and his family over $150,000, according to the SEC.

Telecom satellite

Compliance official key to Comtech sanctions penalty

2020-09-18T16:36:00+01:00By

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.

SECcrop

CCO for investment firm altered docs to cover compliance failures, SEC says

2020-09-18T15:52:00+01:00By

A New York investment advisor and broker-dealer firm and its former chief compliance officer have been fined and censured for not fixing compliance failures identified by two federal agencies, then altering documents in an attempt to convince investigators the failures had been addressed.

Nailedit1200x800

Volkswagen completes monitorship; Deloitte family leave policy too good to be true?

2020-09-17T20:32:00+01:00By Compliance Week

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.

Deloitte

FRC fines Deloitte record $19.4M for Autonomy audit failures

2020-09-17T18:53:00+01:00By

The U.K. Financial Reporting Council fined Deloitte a record £15 million (U.S. $19.4 million) for numerous findings of misconduct regarding past audits of British software company Autonomy Corporation.

AML-Europe

FinCEN seeking comment on AML program overhaul

2020-09-17T18:44:00+01:00By

The Financial Crimes Enforcement Network has proposed a plan to issue AML guidance every two years to encourage financial institutions to align their Bank Secrecy Act compliance programs with the agency’s enforcement priorities.