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Compliance & Ethics Blog Highlights - SEC reveals it was hacked, information may have been used for illegal stock trades - GOP says the CFPB went easy on Wells Fargo - And More
9/21/2017 12:36:00 PM

In this issue:

Compliance & Ethics Blog Highlights

SEC reveals it was hacked, information may have been used for illegal stock trades

GOP says the CFPB went easy on Wells Fargo

Telia said to pay at least $965 million over Uzbek bribes

Watchdog clears KPMG in HBOS audit investigation

U.S. watchdog blasts Education Department’s financial oversight of colleges

Uber faces widespread Asia bribery allegations amid U.S. criminal probe

UK’s Standard Chartered summoned over bribery claims

Theresa May abandons plans to close fraud office

Firms find better way to teach cybersecurity to workers

Someone made a fake Equifax site. Then Equifax linked to it.

Compliance & Ethics Blog Highlights

2017 Compliance & Ethics Institute Session Previews

The 2017 Compliance & Ethics Institute is just a month away. With over 100 different sessions to choose from, it can be difficult to decide which sessions and speakers will be the best for you. Luckily several speakers have created previews to their sessions! Here is a small collection of them to help guide you.

2017 Compliance & Ethics Institute Session Previews: Part 2

Here are a few more session previews from the agenda of the upcoming Compliance & Ethics Institute that will help you get a better understanding of what speakers and sessions will work best for you!

Top Headlines

SEC reveals it was hacked, information may have been used for illegal stock trades

On September 20, 2017, The Washington Post reported, “The Securities and Exchange Commission, the country’s top Wall Street regulator, announced Wednesday that hackers breached its system for storing documents filed by publicly traded companies last year, potentially accessing data that allowed the intruders to make an illegal profit. The agency detected the breach last year, but didn’t learn until last month that it could have been used for improper trading. The incident was briefly mentioned in an unusual eight-page statement on cybersecurity released by SEC Chairman Jay Clayton late Wednesday.”

GOP says the CFPB went easy on Wells Fargo

On September 21, 2017, CBS News reported, “The Consumer Financial Protection Bureau could have fined Wells Fargo in excess of $10 billion for its illegal sales practices but instead settled for $100 million, according to the agency's internal documents released by Congressional Republicans this week. The CFPB also had evidence that the bank's sales problems went back to at least 2006 -- far earlier than the 2011 to 2016 timetable that Wells Fargo originally admitted to, the documents show.”

Telia said to pay at least $965 million over Uzbek bribes

On September 21, 2017, Bloomberg News reported, “Telia Co AB agreed to pay penalties of at least $965 million to U.S. and international authorities to resolve a long-running investigation into corrupt payments involving telecom contracts in Uzbekistan, people familiar with the matter said. The settlement, resulting from negotiations that started months before President Donald Trump was elected, would be the first major foreign corruption case brought under his administration. The resolution is likely to be examined closely by white-collar defense lawyers looking for signs of a change of approach to enforcement of the Foreign Corrupt Practices Act, which Trump has criticized as a “horrible law” that put U.S. companies at a “huge disadvantage.”

Watchdog clears KPMG in HBOS audit investigation

On September 19, 2017, The Guardian reported, “KPMG has been cleared of any wrongdoing over its auditing of HBOS, which was rescued by Lloyds during the height of the 2008 crisis, after accounting regulators concluded the accountancy firm could not have foreseen the bank’s problems. The accountancy regulator, the Financial Reporting Council (FRC), announced that it had closed an investigation into KPMG which was sparked by pressure from MPs on the Treasury select committee in 2015.”

U.S. watchdog blasts Education Department’s financial oversight of colleges

On September 20, 2017, The Washington Post reported, “The closure of ITT Technical Institutes and Corinthian Colleges disrupted the education of tens of thousands of people and placed the Education Department at risk for absorbing millions of dollars in unpaid student loans. A report released Wednesday by the Government Accountability Office suggests the department could do more to guard against such events. Education officials take annual stock of the fiscal health of about 6,000 schools participating in the federal student aid program by examining their cash reserves, debts and assets, among other things. Part of that assessment involves calculating what’s known as a financial responsibility composite score, a set of ratios derived from a school’s audited financial statements…. But the GAO said the composite score has serious limitations.”

Uber faces widespread Asia bribery allegations amid U.S. criminal probe

On September 19, 2017, Bloomberg News reported, “Uber Technologies Inc., facing a federal probe into whether it broke laws against overseas bribery, has embarked on a review of its Asia operations and notified U.S. officials about payments made by staff in Indonesia, people with knowledge of the matter said. As the Justice Department looks into a possible criminal case, Uber is working with law firm O’Melveny & Myers LLP to examine records of foreign payments and interview employees, raising questions about why some potentially problematic business dealings weren’t disclosed sooner, said the people, who asked not to be identified because the details are private.”

Theresa May abandons plans to close fraud office

On September 17, 2017, The Telegraph reported, “The Government is preparing to kick off the search for a new director of the Serious Fraud Office (SFO), confirming Theresa May’s plan to scrap the white-collar crime authority has been abandoned. David Green, the incumbent, is due to step down in April after six years in charge. Mrs. May had hoped to abolish the SFO and hand its responsibilities over to the National Crime Agency, the anti-drug and human trafficking body set up as ‘Britain’s FBI’ when she was home secretary.”

Firms find better way to teach cybersecurity to workers

On September 17, 2017, The Wall Street Journal reported, “Companies are starting to take a new approach to getting employees to be more vigilant about cybersecurity. Instead of punishing employees when they make mistakes, they’re rewarding them when they do something good. The problem, security experts say, is that the usual security training is a big turnoff for employees. Most of the time, all it does is try to instill fear of clicking on suspicious links or using weak passwords. But research shows that approach doesn’t work. Even with training, employees are still prone to making simple security mistakes that leave a company vulnerable to damaging hacks.”

Someone made a fake Equifax site. Then Equifax linked to it.

On September 20, 2017, The New York Times reported, “People create fake versions of big companies’ websites all the time, usually for phishing purposes. But the companies do not usually link to them by mistake. Equifax, however, did just that after Nick Sweeting, a software engineer, created an imitation of equifaxsecurity2017.com, Equifax’s page about the security breach that may have exposed 143 million Americans’ personal information. Several posts from the company’s Twitter account directed consumers to Mr. Sweeting’s version, securityequifax2017.com. They were deleted after the mistake was publicized.”

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The Society of Corporate Compliance and Ethics provides this library of articles, insight into current issues, the regulatory environment, and other items of interest to our members.