‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInThe Watchdogs Keeping Wall Street in Check – The New Yorker
Despite compliance’s reputation as a buzzkill profession, its status rose during the Obama Administration. Regulations implemented after the financial crisis created a need for internal watchdogs, as did the concern raised by prosecutions of banks and hedge funds for mortgage fraud, currency-market rigging, and insider trading. In 2014, the Wall Street Journal went so far […]
Compliance is a Business – Compliance Report
All of this leads me to conclude the DOJ (as well as the Securities and Exchange Commission (SEC)) want to see compliance moved out into the business. This means that Chief Compliance Officers (CCO’s) will need to move past the thinking that simply having a compliance program will be enough to make compliance effective. You […]
Compliance fail: Chinese bank employees publicly spanked for poor performance | Compliance Week
A disturbing video of a Chinese bank’s effort to improve employee performance — through public, violent spankings of employees — was posted yesterday in a BBC article. The video, which will make even the most hardened U.S. compliance officer cringe, shows a line of employees from Changzhi Rural Commercial Bank being subjected to an awful “team-building” workshop in […]
Compliance Officers Fear Greater DOJ Scrutiny of Individuals — CFO.com
Judging from a report released Monday, corporate compliance officers (CCOs) and in-house corporate counsel are unnerved, to say the least, about the specter of heightened scrutiny. Among 78 such people who responded to a survey by law firm DLA Piper, 80% were at least somewhat concerned about the change in tone and tactics from Washington. […]
SEC Charges Company and Executives for Faulty Evaluations of Internal Controls — SEC Press Release
The Securities and Exchange Commission has settled charges against Texas-based oil company Magnum Hunter Resources Corporation and several individuals, including a company consultant, for deficient evaluation of the company’s internal controls over financial reporting, and failures to maintain internal control over financial reporting between Dec. 31, 2011 and Sept. 30, 2013. via SEC Charges Company […]
Expanding personal liability for chief compliance officers: MN federal court decision, proposed NY regulation continue the trend | DLA Piper
A recent decision from a federal district court and a proposed regulation from the New York State Department of Financial Services provide even more reason for compliance officers at financial institutions to install robust anti-money laundering compliance programs. Under the district court decision and proposed regulation, chief compliance officers would be personally subject to both […]
The Year 2016 in Compliance – Compliance Report
… Last week I wrote about my thoughts on some of the significant Foreign Corrupt Practices Act (FCPA) criminal and civil enforcement actions from 2015 and some of the larger corruption stories across the globe. Today I want to peer into the not-to-distant veiled future of 2016 to see where enforcement and compliance may be […]
The State of CCO Enforcement Actions | Compliance Building
The SEC party line is that it will defer to the good-faith determinations of the CCOs. Of course, CCOs are not granted immunity from enforcement actions. The SEC has put for the three categories for when CCOs are subject to actions by the SEC. via The State of CCO Enforcement Actions | Compliance Building
Compliance Officers Think Regulators Are Targeting Them – Risk & Compliance – WSJ
Thomson Reuters, for its Personal Liability Report, found that 93% of compliance professionals expect their personal liability to increase over the next year, with 64% of them expecting a “significant” increase. Half of the respondents believe senior managers don’t really know what’s going on in their businesses. And yet, nearly two-thirds of the 2,000 risk […]
Caldwell Explains New Compliance Officer Counsel | Compliance Week
During remarks at the Securities Industry and Financial Markets Association Compliance and Legal Society New York Regional Seminar, Leslie Caldwell, assistant attorney general for the Justice Department’s Criminal Division, offered some insight about the newly established compliance counsel and what metrics the compliance counsel will use to assess compliance programs. via Caldwell Explains New Compliance […]