All Compliance Week articles in Web Issue – Page 206
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ArticleReport: Number of AML fines up, penalty totals down in 2021
The number of anti-money laundering fines assessed against financial institutions globally reached its highest amount in six years during 2021, though the penalty amounts associated with those enforcement actions dropped notably, according to Kroll’s annual benchmark report.
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ArticleEricsson mum on Iraq misconduct amid ‘comprehensive review’
Ericsson has launched a sweeping review into evidence it uncovered regarding misconduct in Iraq and the subsequent disclosure of those findings after the Department of Justice warned the Swedish telecom of a second breach of its 2019 deferred prosecution agreement.
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ArticleTreasury official: Compliance has chance to effect history with Russia response
Elizabeth Rosenberg, assistant secretary for terrorist financing and financial crimes at the Treasury Department, said in a speech “history has thrust the compliance sector into the center of events” regarding business response to evolving sanctions and actions against Russia.
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ArticleCompliance implications of USAA order addressing AML lapses
The consent order issued by the Office of the Comptroller of the Currency against USAA Bank imparts lessons for compliance officers in the financial services industry on how—and how not—to maintain a Bank Secrecy Act/anti-money laundering compliance program.
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ArticleCredit Suisse recruits outgoing Wells Fargo risk chief to board
Credit Suisse announced a handful of proposed changes to its board of directors, including the appointment of Wells Fargo’s outgoing Chief Risk Officer Amanda “Mandy” Norton to fill an open seat.
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Article‘Anti-Racist Leadership’ demystifies DEI for intentional leaders
Many business leaders wish to be better stewards of diversity, equity, and inclusion at their organizations. James and Krista White’s “Anti-Racist Leadership” debuts a rare playbook for instigating cultural transformation and making DEI an engine of business performance.
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SEC releases highly anticipated climate-related disclosure rule
After months of anticipation, the Securities and Exchange Commission issued its proposed climate-related disclosure rule, a sweeping potential mandate that would force all public companies to quantify, measure, and disclose their effect on the environment.
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ArticleWhere are we heading with ESG?
Climate change is no longer a niche interest. If the trend continues, long-term views and ambitions will overtake short-term, “at any cost” profitability because appetites will change. Where must companies focus?
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ArticleHow EU regulators are warning of Russian data protection threats
Regulators in Norway, Germany, Lithuania, Estonia, Denmark, and Sweden address how companies can prepare for increased data protection and cybersecurity risks in the wake of Russia’s invasion of Ukraine.
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Veritiv promotes compliance head to general counsel
Veritiv Corp., a provider of packaging, print, and facility solutions, announced Senior Vice President and Chief Compliance and Sustainability Officer Susan Salyer will be promoted to general counsel and corporate secretary, effective June 1.
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Universal Insurance promotes corporate controller to accounting officer
Universal Insurance Holdings announced the promotion of Gary Ropiecki to principal accounting officer.
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Opentrons Labworks names chief legal and compliance officer
Biotechnology company Opentrons Labworks announced the appointment of Veleka Peeples-Dyer as chief legal and compliance officer.
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Fast Radius adds general counsel, chief accounting officer
Fast Radius, a cloud manufacturing company, named Erin Stone general counsel and corporate secretary and James Erkenswick chief accounting officer.
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ArticleTRACE: U.S. bribery enforcement continued decline in 2021
The number of U.S. foreign bribery enforcement actions slowed notably in 2021, while the overall pace of transnational anti-bribery enforcement actions and investigations lagged worldwide, according to TRACE International’s latest enforcement report.
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ArticleFINRA stresses supervisory authority as key to CCO liability cases
Whether chief compliance officers have supervisory authority is key to the Financial Industry Regulatory Authority’s determination of CCO liability, the organization clarified in a regulatory notice.
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ArticleAdvice for navigating ‘fast and furious’ Russian sanctions landscape
To help sort through the gray area of evolving sanctions and export control restrictions against Russia, chief compliance officers should consider a handful of key best practices.
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ReprintUSAA fined $140M for AML compliance failures
USAA Federal Savings Bank must pay $140 million as part of consent orders reached with the Financial Crimes Enforcement Network and Office of the Comptroller of the Currency for its failures maintaining its Bank Secrecy Act/anti-money laundering compliance program.
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ArticleUSAA fined $140M for AML compliance failures
USAA Federal Savings Bank must pay $140 million as part of consent orders reached with the Financial Crimes Enforcement Network and Office of the Comptroller of the Currency for its failures maintaining its Bank Secrecy Act/anti-money laundering compliance program.
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ArticleThe moral of Elizabeth Holmes’s story: Focus on facts, not facades
The depiction of Elizabeth Holmes in the Hulu miniseries “The Dropout” bears out the tendency to filter judgment of the Theranos founder through the lens of her gender—but it’s her actions that should matter.
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ArticleEmbattled Ericsson reshuffles compliance function with new hire
Ericsson named Scott Dresser to lead its compliance division. The appointment comes the same month the Swedish telecom was notified by the Department of Justice of a second breach of its 2019 deferred prosecution agreement with the agency.