All Compliance Week articles in Web Issue – Page 696
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Blog
Mead Johnson Nutrition Pays $12M for FCPA Violations in China
Mead Johnson Nutrition will pay $12.03 million to settle civil charges that it violated books and records requirements of the Foreign Corrupt Practices Act when a China-based unit made improper payments at state-owned hospitals. The settlement, the result of an administrative proceeding, was detailed in an Offer of Settlement the ...
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Blog
FINRA Fines Goldman Sachs $1.8M for Trade Reporting Failures
Goldman Sachs Group has agreed to pay $1.8 million to resolve allegations by the Financial Industry Regulatory Authority that one of its units failed to accurately submit required trade reports, filed inaccurate trading data for more than eight years, and did not have adequate systems and controls in place ...
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Blog
Fiat Chrysler Will Pay $150M, Largest Ever NHTSA Penalty
Acknowledging violations of the Motor Vehicle Safety Act’s requirements to repair safety defects, Fiat Chrysler Automobiles has agreed to a $105 million civil penalty, the largest ever imposed by the National Highway Traffic Safety Administration. The automaker agreed to an independent monitor, approved by the NHTSA and in place for ...
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Blog
Stephen Van Meter is New CCO for Federated Investors
Federated Investors has appointed Stephen Van Meter as chief compliance officer, effective July 30. Van Meter, also appointed chief compliance officer of the Federated family of funds, replaces retiring CCO Brian Bouda.
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Kulka Named Global CCO for Sandard & Poor's Ratings Services
Standard & Poor's Ratings Services has appointed Holly Kulka as Global Chief Compliance Officer. She will be a member of Standard & Poor's Ratings Services' Executive Committee. Previously, Kulka served as executive vice president and deputy general counsel for Intercontinental Exchange, which acquired NYSE Euronext.
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Article
Q&A: How PetroTiger Avoided FCPA Prosecution
Image: As part of our occasional series of conversations with voices in the compliance world, we caught up with Timothy Treanor, a partner with law firm Sidley Austin who represented oil and gas company PetroTiger. In June, PetroTiger became just the second company in recent history of the Foreign Corrupt ...
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Blog
How Hard Is Audit Committee Reform? Here’s One Example
Image: The SEC has asked for public comment on possible changes to the disclosures audit committees are required to make, and let’s be honest: for a subject this thorny, the SEC needs all the help it can get. Compliance Week editor Matt Kelly explores one example of reform—communication between audit ...
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Blog
PCAOB Sanctions Small Firms for Quality Reviews
Audit regulators have disciplined seven small audit firms and some of their employees for lapses in internal reviews of audit engagement reviews. The PCAOB censured the seven firms, from across the country, together with seven individuals and the companies for their violations of Auditing Standard No. 7: Engagement Quality Review. ...
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Blog
AP Offers Up New Treasure Trove of SEC-Related Videos
The Associated Press made hundreds of thousands of video stories dating from 1895 to the present available on its YouTube channels. The newly available videos include countless clips that may be of interest to compliance professionals. The channel features clips such as the “House committee hearing on Madoff scandal” and ...
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Blog
New Executive Director Named for IIA-Canada
The Institute of Internal Auditors–Canada, has appointed Shelley Pelkey as IIA–Canada’s executive director. In her new role, Pelkey will oversee services for IIA members in Canada and coordinate programs with 12 Canada IIA chapters. Details inside.
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Blog
Appellate Court Allows Constitutional Challenge to CFPB
A small Texas bank scored a potentially big victory last week when a federal appeals court ruled that it has standing to challenge the constitutionality of the Consumer Financial Protection Bureau. The decision, overturning a 2013 district court ruling, rejected a similar challenge to the Financial Stability Oversight Council and ...
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Blog
LRN Expands Online Library of E&C Education
LRN, a provider of ethics and compliance knowledge solutions and advisory services, recently added ten new training courses to its online education library. Details on the new training courses, which feature a variety of topics, lengths and instructional styles, are inside.
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Blog
World Bank Procurement Framework Approved
The World Bank’s board of directors has approved a new policy governing the procurement of projects financed by the Bank. According to the World Bank, this “once-in-a-generation systematic reform and culture change” will allow it “to better respond to the needs of client countries, while preserving robust procurement standards throughout ...
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Resource
e-Book: Monitoring Employee Conduct
Employee surveillance is a pressing compliance need. Amid reports of scandals and other misconduct, the demand for smarter, tighter, and advanced surveillance is increasing. This e-Book, produced by Compliance Week in cooperation with Schwab Compliance Solutions, offers the latest thinking on what employees, regulators, and compliance practitioners need to know ...
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Blog
Fed to China Construction Bank: Fix AML Controls
The U.S. Federal Reserve and the New York Department of Financial Services in an enforcement action this week ordered China Construction Bank and its New York branch to significantly improve its compliance operations. The bank and the branch have 60 days to jointly submit a written enhanced compliance program in ...
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Blog
Gallagher Blasts Labor Dept.’s Proposed Fiduciary Rule
Image: Dan Gallagher, a reliably conservative voice at the SEC, is slamming the Labor Department’s proposed fiduciary standard for broker-dealers. The rule means clients who are not high net worth “will be ‘fired’ by their brokers or jettisoned to robo-advisers,” he said. Gallagher also lauded a court decision striking down ...
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Blog
Brady Corporation Names New Chief Accounting Officer
Brady Corporation, a manufacturing company, has named Aaron Pearce as its new chief accounting officer, effective immediately.
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Blog
National Planning Corporation Names CCO
National Planning Corporation, an independent broker-dealers, has announced the appointment of Patricia McCallop as chief compliance officer. She will be responsible for leading NPC’s compliance team and overseeing the company’s adherence to state and federal regulations. Details inside.
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Blog
NN Names General Counsel
NN, a diversified industrial company, has appointed Matthew Heiter to the newly created role of general counsel, effective immediately. He will report to President and Chief Executive Officer Richard Holder.
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Blog
HomeBancorp Names Chief Risk and Compliance Officer
HomeBancorp, a financial institution, recently promoted Jon James as chief risk and compliance officer. He formerly was BSA and retail compliance officer. Details inside.