Entries in Compliance Officer (15)
Along with New York, London, and Hong Kong, Singapore now ranks as one of the world's most important financial centers. And to protect its new-found status, the tiny Southeast Asia country has cracked down hard on money laundering.
The Treasury Department's Financial Crimes Enforcement Network (FinCEN) imposed a $1 million civil penalty against the former chief compliance officer for MoneyGram International Inc.
A new survey of general counsels and compliance officers found that 30% of companies in North America, Europe, and Asia stopped doing business with a partner because of corruption risks.
The correspondent wrote:
“In my job for the University, I am often alone in my efforts to convince the management and trustees of the system of the need for a comprehensive compliance initiative.
The SEC's associate director of enforcement, Stephen L. Cohen, left, had some great things to say when he spoke this week at the SCCE Annual Conference in Washington D.C.
If you're a non-American compliance officer working in the hazardous, lawless conditions of many countries, it's not clear what can be done. But this much is certain -- COs working to create a code in China or India and so many other places need to know they have global support from compliance officers everywhere.
When a compliance officer needs to vote with his feet, the key ingredients to look for at the next job are, among other things, a chief compliance officer who reports to an independent board, and incentives or bonus pay for outstanding work.