Facebook Fallout In Focus As EU Presses U.S. Over Data:

The Wall Street Journal | By: Natalia Drozdiak | March 20. 2018: European Union’s justice chief is meeting U.S. officials over privacy issues this week. The European Union’s top justice official is set to quiz her U.S. counterparts over privacy issues on a visit to Washington this week made more timely by fallout over Facebook Inc.’s handling of personal data.…

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Facebook’s Identity Crisis Looms:

The Wall Street Journal | By: Christopher Mims | March 20, 2018: The company’s core business continues to prove vulnerable to exploitation by spammers and bad actors; meanwhile our personal data remains at risk. The mountain of evidence piling up this week exposes the rot at the core of Facebook Inc. Facebook’s troubling relationship with personal data, and the way…

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Facebook’s Lax Data Policies Led To Cambridge Analytica Crisis:

The Wall Street Journal | By: Kirsten Grind | March 20, 2018: Social-media giant’s loose policing of app developers went on for years. Facebook Inc.’s loose approach to policing how app creators and others deployed its user data persisted for years, including after a 2015 effort by the social network to restrict access, according to court documents and people familiar…

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Facebook Security Chief Said To Leave After Clashes Over Disinformation:

The New York Times | By: Nicole Perlroth, Sheera Frenkel & Scott Shane | March 19, 2018: Facebook’s chief information security officer, Alex Stamos, will leave the company after internal disagreements over how the social network should deal with its role in spreading disinformation, according to current and former employees briefed on the matter. Mr. Stamos had been a strong…

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Facebook’s Role In Data Misuse Sets Off A Storm On Two Continents:

The New York Times | By: Matthew Rosenberg & Sheera Frenkel | March 18, 2018: Maura Healey, the attorney general of Massachusetts, has announced an investigation into Facebook and the data firm Cambridge Analytica. American and British lawmakers demanded on Sunday that Facebook explain how a political data firm with links to President Trump’s 2016 campaign was able to harvest…

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In China Investigations, Messaging Platforms Can Be A Goldmine Or A Landmine:

The FCPA Blog | By: Eric Carlson | March 12, 2018: Anyone who has spent much time in China or dealt with investigations in China has probably heard of WeChat, a social media application. WeChat has over 900 million daily users, making it far and away the most ubiquitous social media platform in China. While WeChat can be used for…

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Portugal Enacts UBO And Central Company Registers:

The FCPA Blog | By: Martin Kenney | March 07, 2018: Like all EU states, Portugal is seeking to manage the thorny question of managing and recording Ultimate Beneficial Owner (UBO) information, as part of its obligations under Chapter III of EU Directive 2015/849. The Directive seeks to tackle the use of financial systems by those bent on money laundering…

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World Bank Sanctions Healthcare Group For Hiding Agent Commissions:

The FCPA Blog | By: Richard L. Cassin | February 23, 2018: The World Bank Friday debarred two related healthcare companies for misrepresenting the amount of commissions one of them agreed to pay an agent under projects in Bangladesh. The 18-month debarments were imposed on ConvaTec International Services GmbH, based in Switzerland, and ConvaTec Malaysia Sdn Bhd, based in Malaysia.…

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Business Interest In Blockchain Picks Up While Cryptocurrency Causes Conniptions:

The Wall Street Journal | By: Kim S. Nash | February 06, 2018: Companies that move products and people through complex supply chains see promise in the technology. During Walmart’s test of blockchain traceability, a Walmart associate could check mangoes on the shelf or in the backroom and trace it back to the farm with the retailer’s smart app. Blockchain…

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Swiss Regulator Censures Gazprombank After Panama Papers:

The Financial Times | February 01, 2018: Bank banned from taking new private clients over failings on money laundering checks. Swiss authorities have reprimanded Gazprombank, Russia’s third-largest bank, over “serious shortcomings in anti-money laundering processes” related to the Panama Papers. Finma, Switzerland’s financial regulator, said Gazprombank’s Swiss branch “failed to carry out adequate economic background clarifications into business relationships and…

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FinCEN Notice 2017-1 ~ FBAR Filing Requirement For Certain Financial Professionals:

FinCEN | GPE – December 23, 2017: The Financial Crimes Enforcement Network (FinCEN) is announcing a further extension of time for certain Report of Foreign Bank and Financial Accounts (FBAR) filings in light of the notice of proposed rulemaking (NPRM) FinCEN issued on March 10, 2016, which proposes to revise the regulations implementing the Bank Secrecy Act (BSA) regarding FBARs.…

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DOJ Gives Compliance Chiefs Powerful New Ally:

The FCPA Blog | By: Richard L. Cassin | December 22, 2017: The DOJ’s FCPA Pilot Program — giving companies declinations or reduced penalties if they self disclose, cooperate, and disgorge profits — has now been enshrined in the U.S. Attorneys’ Manual. It’s a permanent guideline for prosecutors. What it means for companies is more certainty. If they discover potential…

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9-47.000 ~ Foreign Corrupt Practices Act Of 1977:

Offices Of The United States Attorneys | GPE – December 22, 2017: This chapter contains the Department’s policy regarding investigations and prosecutions of violations of the Foreign Corrupt Practices Act (FCPA). The FCPA prohibits both United States and foreign corporations and nationals from offering or paying, or authorizing the offer or payment, of anything of value to a foreign government…

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The Morning Risk Report ~ Cost Of Compliance — And Noncompliance — Rising:

The Wall Street Journal | By: Ben DiPietro | GPE – December 20, 2017: The cost of compliance for organizations rose 43% between 2011 and 2017, while the cost for not being in compliance rose 45% in that time, according to new research from data-integration firm Globalscape and Ponemon Institute. The research, based on an analysis of 53 multinational companies…

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Here Come The New EU Rules On Data Privacy:

The Wall Street Journal | GPE – December 20, 2017: Many U.S. companies may think they don’t have to worry about them. But, as Justin Antonipillai and Ajay Arora explain, they do. ‘There are thousands of companies that have no idea that you’re actually covered by this law.’ The Wall Street Journal’s Jeff Stone spoke with two experts to get…

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31 CFR § 1020.230 ~ Certification Regarding Beneficial Owners Of Legal Entity Customers:

FinCEN | GPE – December 20, 2017: The US Department Of The Treasury, Financial Crimes Enforcement Network (FinCEN) have produced a  form to facilitate conforming with the compliance requirements relating to Beneficial Owners. This is an optional form provided for your convenience. The required information may be provided in other f ormats. When completed, this form is provided to the…

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This One Weird Tax Trick Could Raise GDP, Shrink The Trade Deficit:

The Wall Street Journal | By: Greg Ip | December 18, 2017: GOP tax plan could lead companies to curb shifting of profits abroad—and could satisfy Trump’s protectionist instincts. Dublin has been a welcome port for U.S. companies engaging in ‘transfer pricing,’ moving millions of dollars in profits to low-tax countries like Ireland. But the proposed GOP tax overhaul may…

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UK Regulator ~ Smart Machines Alone Can’t Defeat Money Laundering:

The FCPA Blog | By: Richard L. Cassin | December 11, 2017: Artificial intelligence will always be a “work in progress” in fighting money laundering and won’t entirely replace humans and their intuition, a top UK regulator said. “Any bank hoping for a black box in the corner that will sniff out the launderers will be disappointed,” according to Rob…

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