All Compliance Week articles in Web Issue – Page 697
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Blog
SEC Wraps Up 'Alcoholics Anonymous' Insider Trading Case
Last week, the SEC announced the final resolution of an insider trading case that flowed from the most unusual of betrayals: information allegedly misappropriated from a senior executive who was confiding in a someone through their relationship at Alcoholics Anonymous.
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Blog
FBI, SEC Pursue ‘Pump-and-Dump’ That May Tie to JPMorgan Hack
The FBI has arrested four men in a pump-and-dump stock scheme that authorities reportedly also believe may be related to the massive customer data hack that occurred last summer at JPMorgan. According to recent reports the four men were arrested “in connection with a series of fraudulent investment schemes involving ...
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Blog
IASB Follows Suit on Deferring Revenue Recognition One Year
Image: The International Accounting Standards Board has decided to delay the effective date of its revenue recognition standard by one year, just as FASB pushed out its required implementation date to 2018. IASB is delaying the standard because it is working on clarifications to help implementation and because it “keeps ...
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Blog
Banamex USA Fined $140M for AML Violations
The Federal Deposit Insurance Corporation today imposed a civil penalty of $140 million against Banamex USA for violations of the Bank Secrecy Act and anti-money laundering laws and regulations. The FDIC imposed the penalty on the same day that Citigroup, which purchased Mexico-based Banamex in 2001, said it would be ...
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Resource
e-Book: The Complexities of CCO Liability
Compliance failures can occur at any time, but what happens when the root of the issue lies in the hands of the chief compliance officer (CCO)? Who becomes liable? The company or the CCO? Walking this tightrope can keep many executives and compliance practitioners up at night.Produced by Compliance Week ...
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Blog
SFO in Talks With Barclays to End Long-Running Criminal Probe
The Serious Fraud Office has extended a deferred-prosecution agreement to Barclays to end an investigation into the bank’s alleged role in the £2 billion Qatari 2008 fundraising and other practices that helped the bank weather the financial crisis. British regulators recently gained the power to issue DPAs, and the SFO ...
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Blog
Podcast: The Increasing Demands on Healthcare Compliance
Image: The Justice Department and the Department of Health and Human Services continue to focus on healthcare fraud and compliance lapses. In response, healthcare associations, including the HHS Office of Inspector General, have collaborated on related guidance. In our latest podcast, we talk to Michael Peregrine, a partner with the ...
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Podcast
Podcast: The Increasing Demands on Healthcare Compliance
The U.S. Department of Justice and Department of Health and Human Services continue to signal a focus on healthcare fraud and compliance lapses. On a more helpful note, the American Health Lawyers Association, HHS' Office of Inspector General, and the Health Care Compliance Association recently collaborated on guidance for healthcare ...
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Blog
Czech Bankers Concerned About New EU Rules
Czech bankers are worried about new European rules that may pose systemic risks to countries across Europe. The legislation, which is currently being reviewed by the European Commission will cause big depositors and bondholders, instead of national regulators, to incur more losses. Bankers are worried that this could lead ...
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Blog
Restructuring the Bank of England: More Transparency
Image: In a recent consultation paper, Britain’s Finance Minister George Osborne unveiled his plans to restructure the Bank of England’s regulatory system. Among his initiatives, the National Audit Office will provide more transparency to the central bank, while the Prudential Regulation Authority will no longer operate as a subsidiary and ...
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Blog
Trimble Navigation Selects MetricStream for SOX and Conflict Minerals Compliance
Trimble Navigation, a maker of GPS and survey equipment, has selected MetricStream SOX Compliance Management App to strengthen internal controls, as well as ensure compliance with all SOX compliance requirements. It also has selected its Conflict Minerals Management App to streamline their conflict minerals program and reporting requirements. Details inside.
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Blog
PwC Shows Small Improvement in Latest Inspection Report
The Public Company Accounting Oversight Board found fault with 29 percent of the 58 audits inspected at PwC in 2014, a slight improvement over the 32 percent reported in 2013. The PCAOB says out of 17 of the flagged audits, nine contained problems with both the financial statement audit and ...
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Blog
Rotation May Hinder Audit Quality, Study Says
A new study from the American Accounting Association suggests rotating auditors may not be such a good idea, especially as regulators are getting tough on auditors to show more skepticism. “Rotating auditors, aware that they will not be in a long-term relationship, will ... likely perceive themselves to be less ...
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Article
Firms Prepare for Heightened AML, Due Diligence Expectations
Expect an even greater focus on anti-money laundering efforts in upcoming examinations by the SEC and Financial Industry Regulatory Authority. That was the message from speakers at a “Compliance Outreach Program” the Securities and Exchange Commission hosted for financial firms last week. What’s more: New Treasury Department rules that could ...
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Article
Extra Year on Revenue Standard Means More Time to Sweat
Image: Don’t let your accounting department get too excited with that additional year FASB has granted to adopt the new standard for revenue recognition. Experts helping companies’ implementation efforts say that extra time is much needed, with plenty of questions about the standard remaining unanswered. And don’t forget, “half of ...
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Blog
Primary Residential Mortgage Names Chief Compliance Officer
Primary Residential Mortgage, a residential mortgage lender, has named Burton Embry as chief compliance officer. In this capacity, he is responsible for the company’s risk, regulatory, and compliance management programs. Details inside.
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Article
Taming Vendor Risks Continues to Flummox Compliance Programs
Image: Vendor risks driving you crazy? Well, you are not alone. In a recent survey compliance and audit professionals gave their vendor risk management programs an overall score of only 2.8 on a 1 to 5 scale. Thankfully, corporate boardrooms are paying more attention now. “It’s risen to a level ...
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Article
Distilling Lessons From Recent Sanctions Cases
The Justice Department clearly is prosecuting more companies for sanctions or export control violations: 15 enforcement actions since 2010, compared to only three in the prior three years. Inside, we’ve sifted out themes arising from those settlements to understand more about what factors regulators weigh when resolving charges and how ...
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Article
Product Safety Recalls Create New Breed of Compliance Concerns
Image: Automakers, airbag manufacturers, and even ice cream companies have suffered regulatory wrath over product safety concerns and inadequate recall procedures. Those in the crosshairs, especially if the Consumer Product Safety Commission is involved, are finding that their missteps can come with hefty fines and rigid compliance demands. “Companies that ...
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Resource
A Set of Best Practices for Targeting, Aligning, and Measuring Learning
Learning expectations have never been higher. Changes in the global marketplace and workforce demographics are accentuating the need to leverage human capital as a competitive differentiator. Companies that can nimbly adapt to industry shifts are realizing greater market share and increased competitive advantage. Instead of regarding training investments as a ...