All Compliance Week articles in Web Issue – Page 16
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OpinionEricsson's 'integrity journey' post-FCPA settlement top compliance triumph of 2024
It’s been a long “integrity journey” for Ericsson, according to the company’s Head of Compliance Global Affairs Alison Howell. Since settling with the DOJ over FCPA violations in 2019, the company has gone through a "business critical transformation," resulting in the end of its compliance monitorship.
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OpinionFive more compliance triumphs of 2024
Whether you’re a multinational telecommunications company looking to certify your anti-corruption program post-settlement, or a biochemical company victimized by a “rogue” employee, seeing the light at the end of the enforcement tunnel isn’t always easy.
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News BriefOCC orders Bank of America to shore up BSA/AML, sanctions compliance programs
Bank of America avoided a monetary penalty in agreeing to settle charges with the Treasury Department’s Office of the Comptroller of the Currency but was ordered to shore up previously disclosed deficiencies in its Bank Secrecy Act/anti-money laundering (BSA/AML) and sanctions compliance programs.
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News BriefAAR Corp. to pay $56M to settle FCPA violations in Nepal, South Africa
Aviation maintenance services provider AAR Corp. will pay nearly $56 million to settle charges that it violated the Foreign Corrupt Practices Act when it paid bribes to government officials in Nepal and South Africa.
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News BriefCFPB sues big banks behind money transfer app Zelle over lax oversight, fraud
JPMorgan Chase, Wells Fargo Bank, Bank of America, and the company behind online money transfer app Zelle were sued by the Consumer Financial Protection Bureau for allegedly failing to safeguard Zelle’s network and causing customers to lose $870 million, the CFPB alleged.
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PremiumEU AI Act next GDPR? Proof in the pudding as boardrooms prioritize data governance
Breaches of the EU’s GDPR can cost companies substantial sums and huge reputational damage. Now some are warning that the implementation of the EU’s AI Act will be just as far-reaching, and could potentially lead to similar numbers of cases.
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News BriefOCC hits USAA with third order in five years; places limits on new services, products, membership
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
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Premium’Future-proofing’ products for safety next level of regulation under EU GPSR
Any product that uses AI needs to be safety assessed for its entire lifespan under new rules that went into effect recently across the EU. Experts warned companies using AI to tailor products could be classed as “manufacturers” and face the same duty of care as developed.
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Blog
NPT names Susan Thompson Buffett Foundation GC to trustees’ board
National Philanthropic Trust announced the appointment of Tamara Watts, vice president, legal and general counsel for The Susan Thompson Buffett Foundation, to its board of trustees.
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Blog
Succession Resource Group welcomes new GC
Succession Resource Group, a consulting firm specializing in wealth management business valuations, employment solutions, succession planning, and M&A transactions, announced the appointment of Todd Fulks as general counsel.
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Blog
Formic names first GC
Formic, which specializes in robotics, industrial automation, and manufacturing, announced the addition of Todd Plotner as the company’s first general counsel.
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Blog
NewMarket expands GC’s role
NewMarket Corporation announced that Bryce Jewett III has been elected executive vice president and general counsel, effective Jan. 1.
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Blog
Kashiv BioSciences announces global CLO
Kashiv BioSciences announced the appointment of Ross Oehler as global chief legal officer.
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PremiumCriticism mounts against FCA amid growing calls for regulatory reform
When lawmakers slam the U.K.’s chief financial regulator as “incompetent,” it not only opens the doors for others to pile criticism on it, but it sparks a debate about how the organization can be improved–or removed.
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News BriefFCA apologizes for mishandling fraud allegations against Collateral
The U.K. Financial Conduct Authority apologized to investors in peer-to-peer investment firm Collateral for not acting swiftly enough to prevent Collateral from defrauding its customers.
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Blog
Vise announces legal chief, GC
Vise, a technology-driven investment management platform, announced the appointment of Kamal Jafarnia as chief legal officer and general counsel.
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Blog
Koppers appoints legal, sustainability chief
Koppers Holdings, an integrated global provider of treated wood products, wood treatment chemicals, and carbon compounds, today announced the election of Stephanie Apostolou as chief legal and sustainability officer and secretary.
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Blog
Dana Incorporated names Otis’ GC to board
Dana Incorporated, which engineers, manufactures, and distributes power-conveyance and energy-management solutions for vehicles, announced that Nora LaFreniere, executive vice president and general counsel of Otis Worldwide Corporation, has been appointed to the company’s board of directors.
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Blog
Flagstar Financial names Liberty GC to board
Flagstar Financial announced the appointment of Brian Callanan, senior managing director and general counsel at Liberty Strategic Capital, to its board of directors.
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Blog
Thumbtack appoints chief legal officer
Technology company Thumbtack announced the addition of Susan Rammelt as chief legal officer.