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Facebook is modern-day East India Company, whistleblower says - Danske Chairman to Step Down After Money-Laundering Scandal - Estonian financial watchdog proposes money laundering prevention measures - And More
11/8/2018 11:00:00 AM

 

 

Facebook is modern-day East India Company, whistleblower says

on Nov. 6, The Irish Times reported, “Speaking six months after revealing details of Cambridge Analytica tactics, [Christopher Wylie] said he was shocked at how little knowledge regulators had around technology. ‘My journey as a whistleblower has also been a journey in experiencing institutional failure,’ he said.

 

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Danske Chairman to Step Down After Money-Laundering Scandal

On Nov. 6, Bloomberg reported, “The main shareholder in Danske Bank A/S just made clear it won’t stand by and watch the chairman muddle through the lender’s biggest crisis in a century. As Danske finds itself at the center of one of Europe’s worst ever money laundering scandals, A.P. Moller Holding A/S used its roughly 20 percent stake in the bank to force Chairman Ole Andersen out.”

 

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Estonian financial watchdog proposes money laundering prevention measures

On Nov. 6, ERR News reported, “Estonia is the first country in the euro area where a bank has been stripped of its activity license at the request of a financial supervision authority for breaking anti-money laundering rules, Chairman of the Board of the Financial Supervision Authority (FSA) Kilvar Kessler said at a debate in the Riigikogu about the prevention of money laundering on Tuesday. … The conducting of risk reviews falls under the scope of the FSA. This means that, from the FSA's point of view, it is problematic if a business related to nonresidents and its risk review are unbalanced, and if reviews are weak and succumb to taken risks. The FSA's task in preventing money laundering is to analyse whether banks' risk reviews are in accordance with a particular bank's business strategy.”

 

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Sexual harassment cases at the SABC swept under the carpet – commission

On Nov. 6, News24 (South Africa) reported, “[The South African Broadcasting Corporation (SABC)] does not take sexual harassment seriously and needs to develop a culture that embraces the enhancement of human rights and gender rights. These are just some of the recommendations made by an independent commission of inquiry looking into allegations of sexual harassment at the public broadcaster. The commission found that the SABC was complicit in some cases, accusing the broadcaster of being oblivious to infringements of its sexual harassment policies. The commission chaired by Barbara Watson revealed that that the public broadcaster's sexual harassment policies did not meet international standards, and needed to be reviewed.”

 

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Register for the Internal Investigations Workshop to learn the essentials of conducting compliance investigations | January 7-9 in San Diego | Learn More >Register for the Internal Investigations Workshop to learn the essentials of conducting compliance investigations | January 7-9 in San Diego | Learn More >

 

Hong Kong privacy watchdog to investigate Cathay Pacific over massive data breach

On Nov. 6, Reuters reported, “Hong Kong's privacy commissioner will launch a compliance investigation into Cathay Pacific Airways over a data breach involving 9.4 million passengers, saying the carrier may have violated privacy rules. The airline has faced criticism for the seven-month delay in its October revelation of the breach in the data, which it said had been accessed without authorization, following suspicious activity in its network in March.”

 

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CEOs Behind Bars? Proposed U.S. Data Privacy Bill Could Put Them There

On Nov. 6, Channel Partners reported, “The Consumer Data Protection Act would allow consumers to control the sale and sharing of their data, and gives the Federal Trade Commission (FTC) the authority to police data privacy. U.S. Sen. Ron Wyden, D-Oregon, released a ‘discussion draft’ of the legislation, which has’t yet been introduced for consideration. … The bill would give the FTC the authority to establish minimum privacy and cybersecurity standards, issue fines as much as 4 percent of annual revenue on the first offense for companies, and 10-20 year criminal penalties for senior executives.”

 

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Goldman Sachs former investment bankers Tim Leissner and Roger Ng charged in $4 billion Malaysian funding scheme

On Nov. 1, ABC News reported, “Two former Goldman Sachs investment bankers were charged Thursday with helping to raise money for a Malaysian investment fund that has lost $4 billion, according to federal prosecutors. Tim Leissner, 48, and Roger Ng, 51, were charged in a three-count criminal indictment in Brooklyn federal court Thursday. Leissner pleaded guilty to conspiring to launder money and to violate the Foreign Corrupt Practices Act. He will forfeit $43.7 million as a ‘result of his crimes,’ officials said.”

 

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Complete Compliance and Ethics Manual

Complete Compliance and Ethics Manual

 

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International Compliance 101, 2nd Edition

International Compliance 101, 2nd Edition

 

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Articles on the Ethics and Compliance Environment
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.