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Wise Payments


Naming and shaming? Fair approach? Expert views mixed on OFSI’s Wise Payments case


The recent decision by the U.K. Office of Financial Sanctions Implementation to disclose details of how Wise Payments failed to stop an individual from obtaining cash while subject to Russian sanctions has ignited debate about whether the agency is taking the right enforcement approach.


News Brief

Albemarle to pay $218M in FCPA settlements with DOJ, SEC


Chemical company Albemarle was assessed penalties totaling more than $218 million as part of settlements with the Department of Justice and Securities and Exchange Commission addressing alleged violations of the Foreign Corrupt Practices Act across a handful of foreign countries.

aaron mind graphic


Annual survey: Help us get ‘Inside the Mind of the CCO’

2023-09-26T20:51:00+01:00By Compliance Week

Compliance Week’s fifth annual “Inside the Mind” survey seeks to discover what makes CCOs and other risk and compliance practitioners tick. Take 10 minutes to share your experiences and be part of our special report.

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News Brief

DHS designates three Chinese companies for Uyghur forced labor


The Department of Homeland Security designated three companies to a growing list accused by the Biden administration of forced labor practices in the Xinjiang region of China.


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Cybersecurity firm Intrusion to settle SEC fraud claims


Texas-based cybersecurity company Intrusion was charged with fraud by the Securities and Exchange Commission regarding alleged materially false and misleading statements made by its former chief executive.


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Ex-Marcum partner suspended by SEC over Ault Alliance work


A former engagement quality review partner at Marcum agreed to pay a $30,000 penalty and be suspended as part of a settlement with the Securities and Exchange Commission addressing alleged violations of audit standards in his work at diversified holding company Ault Alliance.


News Brief

Deloitte Colombia fined $900K by PCAOB for quality control violations


A Colombian affiliate of Big Four audit firm Deloitte agreed to pay $900,000 as part of a settlement with the Public Company Accounting Oversight Board addressing alleged quality control lapses that occurred during the 2016 audit of a bank.


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FinCEN proposes beneficial ownership reporting extension for 2024 companies


The Financial Crimes Enforcement Network announced a notice of proposed rulemaking to extend the deadline for companies created or registered in 2024 to file their initial beneficial ownership information reports.


News Brief

Bruderman Asset Management dinged $250K by SEC over disclosure lapses


The Securities and Exchange Commission ordered New York-based investment adviser Bruderman Asset Management and its principal to pay a total of $250,000 over their alleged failure to disclose misuse of profits raised from clients.


News Brief

Citigroup unit to pay $8.3M in FINRA partial tender offer case


A broker-dealer affiliate of Citi agreed to pay nearly $8.3 million as part of a settlement with the Financial Industry Regulatory Authority addressing allegations the firm overtendered shares in partial tender offers and received millions in ill-gotten gains.


News Brief

SEC orders AssetMark to pay $18M in conflicts of interest case


Investment adviser AssetMark agreed to pay more than $18 million to settle allegations by the Securities and Exchange Commission regarding undisclosed conflicts of interest involving its affiliate’s cash sweep program and its revenue-sharing arrangements with third parties.


News Brief

Hyzon Motors fined $25M by SEC for alleged fraud


Hyzon Motors, a global supplier of hydrogen fuel cell-powered heavy vehicles, was assessed a $25 million penalty by the Securities and Exchange Commission in agreeing to settle charges it and its former executives misled investors regarding the sales of its vehicles.


News Brief

BDO fined $2M by PCAOB for estimate evaluation lapses


BDO was assessed a $2 million penalty as part of a settlement with the Public Company Accounting Oversight Board addressing alleged failures in the firm’s audit work at defunct healthcare services provider AAC Holdings.


News Brief

Lawsuit: Ex-Payqwick CCO fired, retaliated against for raising alarm


The ex-chief compliance officer at Payqwick, a California-based money transmitter that serviced the cannabis industry, is suing her former employer alleging wrongful termination and whistleblower retaliation over lax disclosures related to an acquisition.


News Brief

JPMorgan to pay $75M in latest Epstein-related settlement


JPMorgan Chase agreed to pay $75 million as part of a settlement with the government of the U.S. Virgin Islands regarding the bank’s ties to convicted sex offender Jeffrey Epstein.



Assessing the value of COSO sustainability reporting guidance


Companies that haven’t yet set up verifiable reporting in their sustainability programs have a ready reference available in the framework put out by the Committee of Sponsoring Organizations of the Treadway Commission, experts discussed at CW’s virtual ESG Summit.

SEC building

News Brief

Carl M. Hennig dinged by SEC over Reg BI lapses


Wisconsin-based broker-dealer Carl M. Hennig agreed to pay a $50,000 fine to settle allegations by the Securities and Exchange Commission it failed to comply with Regulation Best Interest.

SEC office

News Brief

GTT Communications spared fine in SEC disclosure failure case


GTT Communications, a provider of telecommunications and internet services, avoided a civil penalty in reaching a settlement with the Securities and Exchange Commission addressing alleged disclosure failures over more than a two-year period.


News Brief

SEC obtains judgment against J.H. Darbie in SARs reporting case


New York-based brokerage firm J.H. Darbie & Co. consented to pay a $125,000 penalty to resolve charges levied by the Securities and Exchange Commission that the firm failed to report suspicious activity regarding penny stock transactions.

Deutsche Bank

News Brief

Deutsche Bank unit fined $25M in ESG, AML settlements


DWS Investment Management Americas agreed to pay $25 million in penalties across separate settlements with the Securities and Exchange Commission addressing alleged misstatements in environmental, social, and governance investments and anti-money laundering violations.



Startup or established: Common denominators of corporate ESG strategy


A pair of experts from vastly different companies swapped notes on how to scaffold and structure an environmental, social, and governance program at CW’s virtual ESG Summit.

SEC headquarters

News Brief

American Infrastructure Funds to pay $1.6M over fiduciary duty breaches


California-based investment adviser American Infrastructure Funds agreed to pay more than $1.6 million to settle charges by the Securities and Exchange Commission regarding multiple breaches of its fiduciary duty to clients.


News Brief

3M to pay $9.6M over Iran sanctions lapses


The Office of Foreign Assets Control ordered multinational conglomerate 3M to pay more than $9.6 million over apparent Iran sanctions violations by its subsidiary and a U.S. employee of a separate subsidiary.


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Citadel Securities fined $7M for mismarked short, long sales


Miami-based broker-dealer Citadel Securities was fined $7 million as part of a settlement with the Securities and Exchange Commission addressing mismarked short and long sales caused by a coding error in the firm’s automated trading system.

Goldman Sachs

News Brief

Goldman Sachs fined $6M by SEC over admitted data inaccuracies


Goldman Sachs & Co. was assessed a $6 million penalty by the Securities and Exchange Commission as part of a settlement in which the financial institution admitted it submitted incomplete and inaccurate securities trading information affecting at least 163 million transactions.

Iran flag

News Brief

Emigrant Bank to pay $32K in Iran sanctions case


New York-based Emigrant Bank agreed to pay nearly $32,000 as part of a settlement with the Office of Foreign Assets Control addressing apparent sanctions violations regarding an account it maintained for a pair of Iranian residents.



Experts: How ESG materiality assessments impact compliance


Transparency in environmental, social, and governance reporting has become an important goal, with materiality assessments impacting compliance outcomes, experts said during CW’s virtual ESG Summit.

Board table


DOJ official: Compliance must have ‘prominent seat’ at M&A decision table


The Department of Justice is gearing up to provide more guidance on voluntary self-disclosures in the mergers and acquisitions space and the role compliance should play.


News Brief

StoneX admits disclosure, supervision lapses in $650K CFTC settlement


Chicago-based swap dealer StoneX Markets agreed to pay $650,000 as part of a settlement with the Commodity Futures Trading Commission addressing admitted disclosure and supervision failures.

Safe bank


Bank privacy processes questioned after U.K. ‘debanking’ scandal


The furor over NatWest Group’s decision to monitor and close the account of right-wing Brexit campaigner Nigel Farage—and then disclose the details to a journalist—has raised questions regarding whether other banks employ the same means to get rid of undesirable customers.

ESG assurance


Path to ESG assurance a crawl-walk-run exercise


It’s important companies exercise patience when determining when to begin an assurance engagement, experts explained during a session at CW’s virtual ESG Summit.

Emissions measurement


Scope 3 emissions best practices: Be transparent, thorough


There is much companies can do—and must do, given upcoming regulatory requirements—to rein in Scope 3 emissions, sustainability expert Susan McNichols discussed at CW’s virtual ESG Summit.


News Brief

SEC adopts revised fund name requirements


The Securities and Exchange Commission adopted amendments to its rule covering fund names to ensure the regulation is appropriate to address new investment drivers, namely environmental, social, and governance matters.

Credit reports

News Brief

CFPB warns lenders on use of AI in credit denial process


The Consumer Financial Protection Bureau warned lenders using artificial intelligence in credit denials that consumers must receive accurate and specific reasoning—and not checklists—for why a credit request was denied.

Business meeting


Survey: Tech gaps, third parties pose biggest ABAC threats


A recent survey conducted by Compliance Week and Morgan Lewis determined areas of insufficient resource support to combat bribery and corruption, along with trends in third-party due diligence.

SEC building

News Brief

SEC: Investment adviser to sanctioned Russian oligarch failed to register


The Securities and Exchange Commission announced charges against New York-based Concord Management and its owner for operating as an unregistered investment adviser to a lone client­­: a sanctioned Russian oligarch.

GHG emissions


Experts: SEC or not, Scope 3 GHG disclosure requirements coming


The actions of companies like Amazon and new legislation passed in California prove it’s no longer a question of if companies will be required to disclose their greenhouse gas emissions—it’s a question of when, experts told attendees at CW’s virtual ESG Summit.


News Brief

PCAOB proposal increases stakes on auditor negligence


Rule amendments proposed by the Public Company Accounting Oversight Board would enable the agency to penalize individual auditors more easily when their conduct is deemed to have contributed to violations by their firms.


News Brief

CBRE unit fined $375K over violating whistleblower protections


Commercial real estate services and investment firm CBRE agreed to pay $375,000 to settle allegations by the Securities and Exchange Commission that its separation agreements violated whistleblower protections.


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SEC fines registered rep for causing firm’s SARs filing lapses


A registered representative at an unnamed brokerage firm will pay $20,000 to settle charges by the Securities and Exchange Commission that he failed to notify the firm’s anti-money laundering department of apparent suspicious transactions.

Small business costs

News Brief

FinCEN publishes beneficial ownership guidance for small businesses


Nearly three months from the effective date of its beneficial ownership reporting rule, the Financial Crimes Enforcement Network released guidance for small businesses to determine whether they must comply and what information they might be required to provide.


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Lyft fined $10M for not disclosing board member’s role in pre-IPO stock sale


Ridesharing company Lyft agreed to pay a $10 million penalty to settle allegations by the Securities and Exchange Commission it failed to disclose a pre-initial public offering stock deal that netted a member of its board millions of dollars.

Wells Fargo bank

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​Ex-Wells Fargo exec dodges prison for fake accounts role


Carrie Tolstedt, the former head of Wells Fargo’s community bank who pleaded guilty to obstructing justice regarding her role in the bank’s infamous fake accounts scandal, will not serve prison time.



Experts: Lawsuit against SEC’s private fund rules unlikely to cause delay


A lawsuit filed by industry groups alleging the Securities and Exchange Commission overstepped its authority when it passed new rules for private fund advisers is unlikely to stop their implementation, according to experts.



CPPA eyeing broad scope in early discussions around data risk assessments


Draft risk assessment regulations under the California Consumer Privacy Act are designed to prohibit businesses from handling consumer data if uncontrolled risks—to the security and privacy of the consumer, the public, or the business—outweigh the benefits.

TikTok building

News Brief

TikTok fined $368M in children’s privacy GDPR ruling


The Irish Data Protection Commission announced a penalty of €345 million (U.S. $368 million) against popular social media company TikTok over alleged violations of the General Data Protection Regulation during a five-month period in 2020.

Puerto Rico banking

News Brief

FinCEN fines P.R.-based Bancredito $15M in landmark AML action


Puerto Rico-based Bancrédito International Bank and Trust Corporation was assessed a $15 million penalty by the Financial Crimes Enforcement Network for admitted violations of the Bank Secrecy Act regarding suspicious activity monitoring and anti-money laundering compliance.


News Brief

Google to pay $93M in California location data settlement


Google agreed to pay $93 million as part of a settlement with the state of California regarding its location data privacy practices. The agreement is separate from a related $391.5 million settlement Google previously reached with a coalition of other states.

Russia sanctions

News Brief

New OFAC sanctions expand clamps on Russia tech supply chain


The Office of Foreign Assets Control widened its area of focus to disrupt Russia’s technology supply chain with new sanctions announced against entities in Finland and Turkey.

Richard Blumenthal


Big Tech wants AI ‘referee,’ but lawmakers differ on approach to regs


Federal lawmakers shined a spotlight on artificial intelligence this week, raising the possibility that Congress will—eventually—legislate some controls on the burgeoning technology should middle ground be found.

U.K. money laundering


Lessons learned from FCA case against CFP Management MLRO

2023-09-14T17:00:00+01:00By Ariane Baldwin-Webb, International Compliance Association

The U.K. Financial Conduct Authority’s decision notice against the money laundering reporting officer of CFP Management sends a strong message to the financial industry, particularly those who work in senior management functions or hold oversight responsibilities.

DOJ building

News Brief

Dermatology manager to pay $8.9M in self-reported false claims case


Oliver Street Dermatology Management, doing business as U.S. Dermatology Partners, agreed to pay nearly $8.9 million to settle allegations by the Department of Justice regarding apparent violations of the False Claims Act.



SEC’s Gensler mum on timing of climate rule, says ‘important issues’ around Scope 3 requirements


Gary Gensler, despite being put on the spot by a member of Congress, declined to provide an update on when the Securities and Exchange Commission might approve its climate-related disclosure rule for public companies.

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