All Compliance Week articles in Web Issue – Page 240
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ArticleZoom agrees to enhance compliance in $85M settlement
Zoom has agreed to a preliminary class-action settlement with terms that would require the video-conferencing platform to establish an $85 million fund and improve its data privacy and security practices.
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ArticleSEC seeks more risk disclosures from China-based companies
The SEC will require China-based public companies listed on U.S. exchanges to make more disclosures about the financial risks posed by potential interference in their operations by the Chinese government.
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ArticleEY fined $10M for independence violations in Sealed Air engagement
EY has agreed to pay $10 million as part of a settlement with the SEC related to charges of auditor independence misconduct perpetrated by several partners of the Big Four firm to secure Sealed Air as a client.
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ArticleAllianz bracing for financial hit amid DOJ scrutiny
Insurance giant Allianz disclosed it could face enforcement resulting from Department of Justice and Securities and Exchange Commission probes into its Structured Alpha Funds business.
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ArticleJudge dismisses CCPA-related lawsuit against Walmart
A federal judge in California dismissed a lawsuit alleging a data breach at Walmart was a violation of the California Consumer Privacy Act, noting the plaintiff failed to prove a breach occurred.
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ArticleWe bet you’ll love us: Free CW access for month of August
For the month of August, we’re tearing down our paywall. Readers can access our entire archive of news, benchmarking surveys, special reports, case studies, and Webcasts by simply creating a free account and signing in.
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ArticleAmazon discloses record-shattering $887M GDPR fine
Amazon disclosed it has received notice of a €746 million (U.S. $887 million) GDPR fine in Luxembourg for unlawful processing of personal data. The company intends to appeal the penalty, which would be more than 15 times the current record under the law.
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ArticleEx-KPMG partners barred by SEC over cheating scandal roles
David Britt and Thomas Whittle have been indefinitely barred from practicing as accountants before the Securities and Exchange Commission for their roles in the KPMG cheating scandal.
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ArticleNikola founder Trevor Milton charged with fraud over misleading statements
Trevor Milton, the founder and former CEO of electric truck startup Nikola, was indicted and charged with fraud regarding inaccurate information he shared about the company in media appearances and on social media.
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Snap Finance recruits chief compliance officer from Encore Capital
FinTech firm Snap Finance announced the appointment of three new members to its senior leadership team, including Doris Hektor as chief compliance officer.
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ArticleCompliance ramifications of proposed $26B opioid deal for pharma industry
Three major drug distributors and drugmaker Johnson & Johnson reached a proposed $26 billion multistate agreement for their alleged roles in fueling the nationwide opioid epidemic. The settlement imparts compliance lessons on the pharmaceutical industry at large.
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ArticleReport: Deficient risk culture at Credit Suisse contributed to Archegos collapse
An independent report commissioned by Credit Suisse to examine the bank’s failures that led to $5.5 billion in losses when Archegos Capital Management collapsed this year concluded a series of missteps by risk and compliance failed to escalate numerous red flags.
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ArticleVictoria’s Secret adds VP of ethics and compliance
Victoria’s Secret, a clothing retailer under the L Brands umbrella, has added industry veteran Forrest Deegan as vice president, ethics and compliance.
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ArticleEx-Glencore oil trader pleads guilty for role in bribery scheme
A former oil trader for a subsidiary of Glencore entered a guilty plea for his role in bribing government officials in Nigeria in exchange for the award of oil cargoes and more favorable delivery terms.
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ArticleThe qualities demanded of a GRC professional
Working in compliance requires a mix of risk management, business strategy understanding, regulatory analysis, and interpersonal influence. Also important is overcoming one’s own internal roadblocks to doing the right thing.
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ArticleOCC appoints first climate change risk officer
The Office of the Comptroller of the Currency has appointed Darrin Benhart as its first climate change risk officer—a move in line with the agency’s plans to better develop effective climate risk management practices at banks.
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ArticleCredit Suisse hires Goldman Sachs veteran as chief risk officer
Credit Suisse Group has appointed longtime Goldman Sachs risk management expert David Wildermuth as its chief risk officer.
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SEC charges 27 financial firms for Form CRS delivery lapses
The Securities and Exchange Commission levied penalties totaling $910,092 across settlements with 21 investment advisers and six broker-dealers for failing to timely file and deliver Form CRS to retail investors.
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ArticleProposed bill seeks to broaden False Claims Act whistleblower protections
A bipartisan bill before Congress proposes tweaking the False Claims Act to extend anti-retaliation protections for whistleblowers who are not formally employed by the company or organization on which they blew the whistle.
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ArticleOFAC fines Payoneer $1.4M for sanctions violations
Money transfer services company Payoneer will pay $1.4 million to resolve 2,260 apparent violations of U.S. sanctions in a settlement with the Department of the Treasury’s Office of Foreign Assets Control.