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More from Compliance Week
Treasury details oligarch-tied Russia sanctions evasion scheme
Three Russia-based companies and an individual were designated by the U.S. Treasury Department for trying to recapture more than $1.5 billion in frozen shares owned by a previously sanctioned Russian oligarch using a complex evasion scheme.
DOJ notifies Boeing of DPA breach related to 737 MAX safety
The Department of Justice notified aerospace giant Boeing it breached its 2021 deferred prosecution agreement that required compliance commitments following high-profile crashes of its 737 MAX airplane.
Canadian parliament adds to TD Bank AML scrutiny
Canadian lawmakers will come together to discuss TD Bank’s reported failure to prevent drug traffickers from laundering proceeds of fentanyl sales on its platform.
FTC staff lay out compliance steps for noncompete ban
Staff at the Federal Trade Commission offered several steps businesses can take to comply with the agency’s upcoming ban on employee noncompete clauses.
NYDFS offers cyber rule compliance template for small businesses
The New York State Department of Financial Services issued guidance for small businesses attempting to comply with its cybersecurity regulations.
Crowe U.K. dinged $181K by FRC for Aseana Properties audit failures
Crowe U.K. was assessed a penalty of £144,000 (U.S. $181,000) by the U.K. Financial Reporting Council for failures in its audit of Aseana Properties Limited’s financial statements for the year ended Dec. 31, 2019.
PCAOB reestablishes its fundamentals with new standards
The Public Company Accounting Oversight Board adopted two new standards that address key audit areas upon which it was relying on benchmarks established more than 20 years ago.
Survey: Public companies fear added cyber risks from SEC disclosures
Large public companies say they are prepared to comply with the disclosure requirements of the SEC’s new cybersecurity incident rule, according to a survey conducted by Compliance Week and DLA Piper, but concerns exist that those reports could enhance the threat of future cyberattacks.
SEC, FinCEN propose customer ID program for investment advisers
The Securities and Exchange Commission and Financial Crimes Enforcement Network proposed a rule requiring registered investment advisers to implement customer identification programs, another facet of a coordinated attempt to close an apparent loophole in federal AML regulations.
FSOC warns on liquidity risk by nonbank mortgage servicers
A new report by the Financial Stability Oversight Council recommended state regulators and Congress take steps to minimize “significant liquidity risk” posed by the nonbank mortgage servicing industry.
Lawsuit: Ex-Panoramic Health assistant GC alleges retaliation linked to CCO supervisor
The former assistant general counsel at Panoramic Health is suing her former employer alleging wrongful termination after flagging safe harbor violations of the Anti-Kickback Statue.
FAT Brands on defense over DOJ, SEC accounting misconduct allegations
Restaurant operator FAT Brands said it would contest charges announced by the Department of Justice regarding violations of the Sarbanes-Oxley Act related to personal loans made to executive officers.
FINTRAC fines Binance $4.4M over AML/CFT violations
The Financial Transactions and Reports Analysis Centre of Canada imposed a penalty of approximately CAD$6 million (U.S. $4.4 million) against crypto platform Binance over alleged noncompliance with the country’s anti-money laundering/countering the financing of terrorism law.
DOJ launches task force on anticompetitive practices in healthcare
The Department of Justice’s Antitrust Division created a new task force to examine collusion and monopolies in the healthcare industry.
Fed-led climate scenario analysis highlights data gaps, insurance costs
The Federal Reserve Board and six large American banks released the results of a pilot climate scenario analysis that explored how resilient the banks’ business models were to climate-related financial risks.
FINRA fines Merrill Lynch $825K over order execution supervision lapses
Merrill Lynch was assessed an $825,000 penalty by the Financial Industry Regulatory Authority for alleged supervision failures regarding the execution of marketable equity orders entered into its electronic order systems.
Lululemon facing probe in Canada over greenwashing complaints
Athletic apparel company Lululemon is under investigation by the Canadian Competition Bureau regarding whether it made misleading claims about environmental aspects of its business.
FINRA enforcement roundup: Three firms fined for trade compliance lapses
The Financial Industry Regulatory Authority fined three firms—M1 Finance, Mizuho Securities, and Oppenheimer—between $250,000 and $500,000 across separate actions for failing to properly implement, monitor, and supervise internal systems that led to compliance failures.
Five reasons I’m excited for CW’s Financial Crimes Summit
Compliance Week’s Financial Crimes and Regulatory Compliance Summit will feature more than 50 prominent speakers representing government agencies, regulators, banks, investment advisers, and more tackling the top-of-mind risk areas facing the financial services industry.
FinCEN warns financial institutions on Iran-backed terrorist organizations
The Financial Crimes Enforcement Network advised financial institutions in detecting illicit transactions related to Iran-backed terrorist organizations.
SEC faults former IA Gainvest for nontailored compliance manual
A Securities and Exchange Commission action against former registered investment adviser Gainvest Legal Corp. yielded a notable takeaway for others in the industry engaging consultants for compliance program support.
CW2024 panel: TPRM board buy-in earned through impact, activity
Identifying critical measures for third-party risk management has become vitally important as risk professionals face an uphill battle in fighting for resources, experts discussed at Compliance Week’s 2024 National Conference.
Podcast: Responsible development and implementation of AI
Three experts join the Compliance Week podcast to discuss opportunities and risks posed by artificial intelligence, as well as governance frameworks your organization can implement to ensure AI tools are utilized safely and ethically.
Report: Human error driving growing number of data breaches
Verizon’s annual data breach report shows trends in cybersecurity incidents, including more ransomware and extortion attacks last year.
Regs move forward Dodd-Frank rule on risk considerations in bank exec pay
Federal regulators adopted a notice of proposed rulemaking on incentive-based compensation requiring large banks to make their executive compensation arrangements “more sensitive to risk.”
FRC fines PwC, EY for London Capital & Finance audit failings
Big Four firms PwC and EY were each penalized by the Financial Reporting Council for alleged shortcomings during their respective audits at collapsed investment firm London Capital & Finance.
CFPB fines Chime $3.25M over account refund delays
The Consumer Financial Protection Bureau ordered Chime Financial to pay $3.25 million in penalties for allegedly delaying consumer refunds past its promised 14-day timeframe.
Forecasting the DOJ’s AI enforcement priorities
Prudent chief compliance officers should ensure artificial intelligence-related risks are being properly addressed at their businesses considering growing scrutiny being paid to the technology by the Department of Justice.
Microsoft report describes its artificial intelligence safety efforts
Microsoft published a public report covering its artificial intelligence endeavors and steps it is taking to make the controversial technology safe.
DOJ orders Baptist Health to pay $1.5M over discount policy false claims
Florida-based Baptist Health System agreed to pay $1.5 million to settle self-disclosed violations of the False Claims Act for allegedly offering discounts to patients to induce purchases or refer services reimbursed by Medicare.
SoFi unit fined $1.1M by FINRA for fraud prevention failures
SoFi’s brokerage unit will pay a $1.1 million fine to the Financial Industry Regulatory Authority for fraud detection weaknesses that allowed thieves to create SoFi Money accounts using fake or stolen identities.
Federal banking regulators issue TPRM guidance for community banks
The Federal Deposit Insurance Corporation, Federal Reserve Board, and Office of the Comptroller of the Currency combined to provide guidance on third-party risk management focused on the unique risks faced by community banks in their third-party relationships.
Survey: Compliance digital transformation hampered by data access, AI concerns
Few compliance teams describe their access to company data as “robust,” according to a new survey conducted by Compliance Week and NAVEX, while apprehension toward the adoption of artificial intelligence remains a hurdle for the profession to clear.
Experts: APRA chances unlikely, more state privacy laws certain
The “American Privacy Rights Act” has steep hills to climb if it’s ever going to become law, but that’s no reason for businesses to delay their privacy tune-ups.
DOJ orders Hahn Air to pay $27M over travel fee false claims
Hahn Air Lines and its U.S. subsidiary agreed to pay $26.8 million to settle alleged violations of the False Claims Act over knowingly failing to provide remittance for travel fees it collected from commercial airline passengers flying into or within the United States.
FINTRAC fines TD Bank record $6.7M over AML program failings
The Financial Transactions and Reports Analysis Centre of Canada fined TD Bank nearly CAD$9.2 million (U.S. $6.7 million) for failing to comply with its anti-money laundering regulations.
‘Sham audit mill’: SEC fines, permanently suspends BF Borgers
BF Borgers was all but shuttered by the Securities and Exchange Commission after the agency accused the firm of massive fraud impacting more than 1,500 SEC filings audited over a 2 1/2-year span.
EU charts green path forward with ECT withdrawal, new regs
The impending decision by the European Parliament to withdraw from the international Energy Charter Treaty and adopt further climate rules sets a clear direction for green regulations in the region.
Insight Global to pay $2.7M over lax security on contact tracing data
Atlanta-based staffing agency Insight Global agreed to pay $2.7 million to settle alleged False Claims Act violations for failing to provide adequate cybersecurity on Covid-19 contract tracing data.
CFTC appoints first chief AI officer to lead data and AI strategy
The Commodity Futures Trading Commission appointed its first artificial intelligence chief to lead the agency’s efforts to further integrate AI into its operations.
JPMorgan expects added $100M penalty for trade surveillance shortcomings
JPMorgan Chase said it expects to pay an additional $100 million to an unnamed regulator to settle alleged trade surveillance failures that have already warranted more than $348 million in penalties by two other agencies.
PayPal off hook in CFPB probe into Venmo fund transfers
Digital wallet company PayPal disclosed it won’t face enforcement regarding a Consumer Financial Protection Bureau probe into its subsidiary Venmo.
Questions abound on foreign aid bill change to sanctions violations lookbacks
Tucked deep inside the $95 billion foreign aid bill recently passed by Congress was a provision that will allow the Office of Foreign Assets Control to look back 10 years to investigate potential violations of U.S. sanctions, rather than five years.
What’s the problem for GDPR repeat offenders?
The General Data Protection Regulation has been in force for nearly six years. Some industries—and some companies—have been more prone to fall foul of the rules than others.
Preparation key for ‘tectonic change’ from FTC noncompete ban
Companies would be wise to prepare to comply with the Federal Trade Commission’s rule to ban noncompete clauses, despite legal challenges that might delay or prevent it taking effect altogether.
TD Bank reserves $450M for BSA/AML enforcements
TD Bank said it set aside $450 million to settle regulatory and law enforcement investigations, including by the Department of Justice, into its anti-money laundering and Bank Secrecy Act programs.
PCAOB removes redactions on 2022 KPMG inspection
The Public Company Accounting Oversight Board published the full results of its 2022 inspection for Big Four firm KPMG after its initial report contained more than two dozen redactions.
CCO liability: How to protect your compliance career
Despite significant issues outside the control of most chief compliance officers, some regulators have signaled more individual liability cases are to be expected. Will accepting the wrong job, in hindsight, make it your last?
RBC unit fined by FINRA over trade confirmation violations
RBC Capital Markets agreed to pay nearly $769,000 to settle allegations levied by the Financial Industry Regulatory Authority, in part, over sending inaccurate information in trade confirmations to customers over nearly a decade.
State AGs tell UnitedHealth to do more in cyberattack aftermath
UnitedHealth Group’s response to a major cyberattack in February that wreaked havoc with medical payments nationwide has been “inadequate” and must be improved immediately, a group of 22 state attorneys general told the company.