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The Morning Risk Report: ING’s CFO Steps Down After Record Penalty |
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ING Groep NV's finance chief will step down after the bank agreed to pay a record financial penalty to settle an investigation by Dutch prosecutors. PHOTO: REUTERS
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Good morning. The finance chief of ING Groep NV will step down from his position, ING said in a statement Tuesday, a week after the bank agreed to pay a record financial penalty to settle an investigation by Dutch prosecutors into failings of its money laundering controls.
CFO Koos Timmermans was a member of the bank’s management board and in charge of ING’s operations in the Netherlands for much of the period covered by the investigation, the bank said. The probe focused on shortcomings in ING’s customer due-diligence policies between 2010 and 2016.
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ING agreed last week to pay 775 million euros ($897.2 million) to settle the investigation with Dutch authorities. An investigation by U.S. regulators was closed last week following the settlement in the Netherlands.
Mr. Timmermans will remain in his post until a replacement has been found, the bank said.
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| From Risk & Compliance Journal |
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Rolls-Royce Weighs In on Bribery Act Review |
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Compliance and legal officers from the U.K.’s defense, aerospace and construction sectors will provide oral evidence to a Parliamentary committee Tuesday in an ongoing review of the Bribery Act.
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Lawmakers will question representatives of BAE Systems PLC, Rolls-Royce PLC and Balfour Beatty PLC about the impact of the 2010 legislation on their anti-bribery practices and business competitiveness. One of the questions likely to emerge is whether the law should make specific allowances for facilitation payments, according to the committee.
The committee is also reviewing the use of deferred prosecution agreements as a tool for addressing corporate misconduct. Rolls-Royce, as party to the largest DPA ever secured by U.K. prosecutors, is in a good position to discuss that point.
The engine designer and manufacturer last year entered into a DPA with the U.K.’s Serious Fraud Office and prosecutors in Brazil and the U.S. that included penalties of nearly £500 million ($652 million). DPAs are a relatively new legal tool in the U.K., and the SFO has entered into only four since their introduction in 2014.
— Mara Lemos Stein
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CBS’s Handling of CEO Accusations Hampered by Battle for Control |
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CBS Inc. board members were aware for months that the company’s chief executive, Leslie Moonves, was facing a claim of sexual assault and rumors of more but didn’t act until allegations became public.
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Directors had been feuding over an unrelated plan by Shari Redstone to merge the broadcaster with Viacom Inc., The Wall Street Journal reports.
Moonves’s departure from CBS, and the deal with National Amusements, ends a messy chapter for the company, but there are still important issues to consider for CBS.
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Alibaba’s Next Chairman Fancies Himself a Free Spirit |
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Volvo Extends CEO’s Contract as It Hits Brakes on IPO |
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At Stake in Lawsuit: What Can Bosses Access on Personal Devices? |
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Google Case Asks Whether Europe Can Export Privacy
Rules |
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Alphabet Inc.'s Google is expected to appeal an order to extend the European Union’s “right to be forgotten” to its search engines across the globe, arguing the order encourages countries to assert sovereignty beyond their borders.
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Ex-Teva Chairman, Blockchain Investor Accused of
Pump-and-Dump |
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A former Teva Pharmaceutical Industries Ltd. chairman and a technology investor have been sued by regulators over claims they masterminded a pump-and-dump scheme.
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Gunmen Storm Libya’s State Oil Company as Supply Risks Grow |
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Gunmen stormed the headquarters of Libya’s National Oil Corp. in an attack that killed two people — a sign of turmoil in the large oil-producing country at a time when crude markets are looking for alternatives to Iranian oil.
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The attack is a reminder that there are “dangerous geopolitical problems with risks of supply shocks in so many places,” said Helima Croft, the chief commodities strategist at Canadian broker RBC.
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The Financial Crisis Made Us Afraid of Risk—For a While |
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Ten years ago this month, the failure of Lehman Brothers exposed how cavalier the world had been. Since then, the world has retreated from risk. The pullback has reshaped institutions, regulations and attitudes and the economy.
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Readers can subscribe to The Morning Risk Report here: http://on.wsj.com/MorningRiskReportSignup. Follow us on Twitter at @WSJRisk.
Follow the WSJ Risk & Compliance Team on Twitter: @WSJRisk, @srubenfeld and @LikelyMara.
Send comments to the Risk & Compliance editor, Jack Hagel, at jack.hagel@wsj.com.
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