Wal-Mart to report how compliance targets impacted executive pay: WSJ

by The Compliance Exchange on April 23, 2014

Wal-Mart to report how compliance targets impacted executive pay: WSJ

(Reuters) – Wal-Mart Stores Inc (WMT.N) is set to report as soon as Wednesday on how its executives performed on their goals to overhaul compliance operations and how that affected their pay, the Wall … Read More »

Hong Kong regulators fine RBS £450,000 over trader losses

by The Compliance Exchange on April 23, 2014

Hong Kong regulators have fined Royal Bank of Scotland HK$6m (£450,000) and reprimanded the bailed-out bank for failings in internal controls that allowed one of its traders to hide losses of almost £25m.

The Securities and Futures Commission launched an investigation after being alerted to the activities of Shirlina Tsang Pui Yu by the … Read More »

China Resources chief Song Lin sacked as UBS probes banker’s alleged affair, finance ties

by The Compliance Exchange on April 23, 2014

songlininternal.jpgSong Lin, the top official of state-owned conglomerate China Resources who is under investigation for suspected corruption, has been sacked as chairman of the firm, the official Xinhua news agency said on Saturday.

Citing an official with the Organisation Department of the ruling Communist Party’s Central Committee, Xinhua said Song Lin was fired because he was … Read More »

Man pleads guilty to securities fraud in Disney’s Marvel acquisition

by The Compliance Exchange on April 22, 2014

Captain America at the NYSEA San Francisco man pleaded guilty to a single count of securities fraud Monday related to the 2009 acquisition of Marvel Entertainment by Walt Disney Co, federal authorities said.

The announcement by the U.S. attorney’s office for the Central District of California caps the criminal case against Toby … Read More »

After success on Iran, U.S. Treasury’s sanctions team faces new challenges

by The Compliance Exchange on April 22, 2014

Office of Foreign Assets Control (OFAC) Director Adam Szubin and his staff (not pictured) meet at the U.S. Treasury Department in Washington March 26, 2014. REUTERS-Gary CameronThis is what the modern American war room looks like: the clocks on the wall show the times in Kabul, Tehran and Bogota. The faces around the conference table … Read More »

Watchdog criticizes SEC cybersecurity

by The Compliance Exchange on April 22, 2014

The Securities and Exchange Commission has been criticized by a US congressional watchdog over cyber security weaknesses, including the failure to authenticate users and encrypt sensitive data.

In an information security report (PDF), the Government Accountability Office (GAO) says that the SEC did not “consistently protect its system boundary from possible intrusions”.

In addition, … Read More »

RBS Fined Over Hong Kong Rogue Trader Failings

by The Compliance Exchange on April 22, 2014

The Royal Bank of Scotland has been fined nearly half a million pounds by an Asian regulator after a rogue trader in Hong Kong covered up millions of dollars in losses.

The Hong Kong Securities and Futures Commission (SFC) reprimanded and fined RBS forinternal controls failings after the bank failed to detect and prevent unauthorised trades by Shirlina Tsang … Read More »

Former Deutsche Bank Salesman Admits Bribery in Tokyo

by The Compliance Exchange on April 22, 2014

Former Deutsche Bank AG (DBK) salesman Shigeru Echigo admitted to bribery charges in Tokyo and said he acted on instructions from his managers, as authorities push brokerages to be more judicious in entertaining clients.

At the start of his trial in the Tokyo District Court today, Echigo accepted prosecutors’ argument that he bribed … Read More »

Did President Obama inadvertently engage in insider trading?

by Jack J. Kelly on April 21, 2014

As tensions in the Ukraine escalated, President Obama met with key financial executives.

Obama outlined the new era of modern warfare. This battle is waged using dollars and not bullets.

The President advised his audience of Wall Street professionals that he was going to call for significant sanctions against Russia in response to Putin’s aggressive … Read More »

Will Wal-Mart Have A Future Money-Laundering Problem?

by Jack J. Kelly on April 21, 2014

Wal-Mart is not content to take money from the lower middle class and poor only when they shop at the mega store; now the company seeks to get their hands on customers “money transfers”.

“After listening to our customers complain about the high fees and confusion associated with transferring money, we knew there had … Read More »



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