News and commentary about white-collar crime, enforcement, and compliance
Harry Cassin
Publisher and Editor
Andy Spalding
Senior Editor
Jessica Tillipman
Senior Editor
Bill Steinman
Senior Editor
Richard L. Cassin
Editor at Large
Elizabeth K. Spahn
Editor Emeritus
Cody Worthington
Contributing Editor
Julie DiMauro
Contributing Editor
Thomas Fox
Contributing Editor
Marc Alain Bohn
Contributing Editor
Bill Waite
Contributing Editor
Russell A. Stamets
Contributing Editor
Richard Bistrong
Contributing Editor
Eric Carlson
Contributing Editor
There was good news for compliance officers last week. They’re in demand, and their pay is rising. But there was bad news too. In the finance sector, compliance officers feel overworked and underpaid.… Continue Reading
Although we all celebrate birthdays and keep close track of our age, you can’t do that in the workplace anymore. So there’s no reliable information out there about the average age of compliance officers.… Continue Reading
Corporate life is all about teamwork. Teams are everywhere, and the highest praise at job review time is, “You’re a team player.” We should assume, then, that teams and teamwork are always better than individual efforts, right?… Continue Reading
For compliance professionals and the programs they run, politically exposed persons are a big deal. PEPs trigger money laundering and corruption concerns and therefore attract enhanced due diligence. So, I always assumed PEPs are easy to identify.… Continue Reading
It’s executive compensation season at shareholder meetings and corporate boardrooms across America, and pay for performance continues to be a hot topic.
The intersection of CEO compensation, performance and trust is discussed in recent stories about:
Comcast
Comcast’s Brian Roberts Made $36.2M In 2015, Up 10% (here)
Comcast compensation: Michael Cavanagh is highest paid CFO in the nation (here)
Verizon:
Battle between Verizon and strikers enters endurance phase (here)
And Citigroup:
About One-Third of Citigroup Shareholders Rebuke Bank on Pay (here)
Research shows that performance-based pay can have dangerous outcomes for companies that implement it.… Continue Reading
HSBC Holdings said in an earnings release Monday that the SEC is investigating the bank’s hiring practices in Asia.
London-based HSBC said it has received various requests for information and is cooperating with the SEC’s investigation.… Continue Reading
The Securities and Exchange Commission Tuesday said BNY Mellon agreed to pay $14.8 million to settle charges that it violated the Foreign Corrupt Practices Act by providing valuable student internships to family members of foreign government officials affiliated with a Middle Eastern sovereign wealth fund.… Continue Reading
The first defendant to go on trial in the UK as part of the Serious Fraud Office’s criminal investigation into the manipulation of Libor was convicted and sentenced Monday at Southwark Crown Court.… Continue Reading
The Federal Deposit Insurance Corporation Wednesday imposed a civil penalty of $140 million against Banamex USA of Century City, California for violations of the Bank Secrecy Act (BSA) and anti-money laundering (AML) laws and regulations.… Continue Reading
In a securities filing this month, Bank of New York Mellon Corp. said it received a subpoena from the SEC asking about job offers to government officials and internships awarded to their family members.… Continue Reading
In the February 19 edition of the New York Review of Books, federal judge Jed Rakoff of the southern district of New York reviews Brandon Garrett’s book, Too Big to Jail: How Prosecutors Compromise with Corporations.… Continue Reading
Bank of New York Mellon Corp. said the SEC has recommended an enforcement action for possible FCPA violations related to the bank’s dealings with sovereign wealth funds.
In an SEC filing Friday, BNY said it received a so-called Wells Notice in the fourth quarter of 2014, and some current and former employees had received the same notice in the third quarter.… Continue Reading