All Compliance Week articles in Web Issue – Page 245
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ArticleFATF adds four jurisdictions to AML/CFT watchlist
The Financial Action Task Force added Haiti, Malta, the Philippines, and South Sudan to its “grey list” focused on areas subject to increased monitoring for deficiencies in fighting financial crime.
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ArticleCompliance lessons from Wood Group’s $177M global bribery settlement
John Wood Group reached a $177 million settlement with authorities in the United States, the United Kingdom, and Brazil, concluding legacy bribery and corruption investigations into Amec Foster Wheeler companies.
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ArticlePwC audit facing scrutiny amid Greensill collapse fallout
Big Four firm PwC is under investigation for its audit of Wyelands Bank as part of a larger U.K. review linked to the recent collapse of Greensill Capital.
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Article
CCO charged in credit agency fraud scheme
The former chief compliance officer of New Jersey-based private fund Princeton Alternative Funding is facing SEC charges for his role in a scheme that allegedly duped investors of more than $73 million.
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ArticleBiden signs off on repeal of OCC’s ‘true lender’ rule
President Joe Biden has signed Congress’ repeal of the Office of the Comptroller of the Currency’s “true lender” rule issued last year in the waning months of the Trump administration.
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ArticleU.K. AML expert convicted of aiding money launderers
A U.K. money laundering prevention expert was found guilty of allowing criminals to use his company to launder the proceeds of an £850,000 (U.S. $1.2 million) investment fraud that resulted in dozens of victims being ripped off.
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SponsoredEnforcement actions eBook: Monitoring trends, regulatory complexity, and best practices
As the Biden Administration regulatory activity ramps up, many regulatory agencies are re-enforcing rules and preparing for enforcement of new regulations. This FREE eBook provides key Insights, trend & violation analysis of enforcement actions issued in Q1 of 2021. Download the free eBook here.
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ArticleEx-Goldman Sachs exec Asante Berko settles FCPA case
The SEC obtained final judgment against a former Goldman Sachs executive charged with violating the FCPA by orchestrating a bribery scheme to help a client win a power plant contract in the Republic of Ghana.
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ArticleEmbrace of RegTech driving financial services transformation
Large global financial institutions are utilizing advanced technologies like never before to help manage their regulatory compliance needs, driving major efficiencies within compliance, risk, and internal audit functions in the process.
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ArticleAre compliance officers good board material?
Compliance is perfectly primed to adapt, with the ability to influence change in culture as part of integrated and innovative approaches to risk management. Does that translate to the board level?
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ArticleGuggenheim Securities fined $209K for allegedly stifling whistleblowers
New York-based broker-dealer Guggenheim Securities has agreed to pay a $208,912 civil penalty for violating SEC whistleblower protection rules regarding language in its compliance manual.
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ArticleNew tech, legal precedent forcing GDPR to evolve
Companies’ priorities regarding compliance with the GDPR are likely to become more focused because of a mixture of recent legal decisions and efforts by the European Commission to keep privacy rules in sync with changes in technology.
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Article
Daniel Kahn replaces Robert Zink at DOJ’s Criminal Division
The Department of Justice has named Daniel Kahn acting deputy assistant attorney general at its Criminal Division as it prepares to welcome a new, permanent director.
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ArticleEx-Deutsche Bank traders imprisoned for ‘spoofing’ roles
James Vorley and Cedric Chanu, former precious metals traders at Deutsche Bank, were each sentenced to one year and one day in prison for their respective roles in a scheme to manipulate the precious metals markets with fraudulent trades.
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ArticleAML compliance proving tall hurdle for U.K. crypto firms
The U.K.’s financial regulator has been forced to extend a registration deadline for cryptocurrency firms by nearly nine months because so few have been able to meet even basic anti-money laundering requirements.
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ArticleDistinction between CCO and company key to any liability framework
Despite best effort, a chief compliance officer has a lot to lose when his or her company faces enforcement. Acknowledging this as part of any potential CCO liability framework will be important to its success.
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Resourcee-Book: The Excellence in Compliance Awards
Convercent is proud to recognize the winners of Compliance Week’s second annual “Excellence in Compliance Awards,” which spotlight individual and company achievement in seven categories relating to risk and compliance.
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ArticleBig week for breaches: McDonald’s, Carnival, and more
Multiple high-profile companies—including Carnival, Wegmans, McDonald’s, Volkswagen, and CVS—have confirmed in recent days they were either victims of a data breach or were alerted to a gap in their security controls.
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ArticleJuneteenth acknowledgement a reminder that influence comes in many forms
The designation of Juneteenth as a federal holiday shows the good that can come from when powerful people acknowledge difficult truths.
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ArticleStudy: Big Four audit hold still strong despite 2021 dip
The Big Four’s dominance on the public company audit market remains despite a slight dip in numbers in the last year, according to the latest research from Audit Analytics.