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Lessons from PwC’s failure to squelch dissent in the ranks with ‘silent layoffs’

2024-07-12T10:49:00+01:00By

It’s been a trying time for staff at firms with redundancies, affecting morale as layoffs mount amid an effort to silence dissent in the ranks for those departing.

Citi

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OCC, Fed fine Citi $136M for repeated risk management, data governance failures

2024-07-11T15:13:00+01:00By

Citigroup will pay $135.6 million in fines levied by two banking regulators for repeated failures to remediate deficiencies in risk management, data governance, and internal controls.

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De-risking trend threatens global financial markets, Treasury official warns

2024-07-10T17:25:00+01:00By

As the United States and other Western countries turn the screws on criminals, hackers, terrorist organizations, and sanctions evaders attempting to access global financial markets, financial institutions could respond by reducing their connections to risky sectors, according to Treasury Under Secretary Brian Nelson.

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FCC

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FCC orders Sorenson unit to pay $34.6M over illegal data retention

2024-07-10T15:46:00+01:00By

Sorenson Communications agreed to pay $34.6 million and implement a comprehensive compliance program to settle allegations levied by the Federal Communications Commission that its subsidiary illegally retained call content of users who relied on captions to make and receive calls.

Messaging apps

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FTC proposes $5M penalty for NGL Labs, founders over COPPA violations

2024-07-09T20:26:00+01:00By

The Federal Trade Commission ordered anonymous messaging app creator NGL Labs and its two founders to pay $5 million for unfairly marketed to children and falsely claiming artificial intelligence filtered out bullying messages and threats.

Fifth Third Bank

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CFPB orders Fifth Third Bank to pay $20M over fake accounts, forced auto coverage

2024-07-09T20:04:00+01:00By

Ohio-based Fifth Third Bank will pay $20 million in penalties to the Consumer Financial Protection Bureau for allegedly opening fake bank accounts and wrongfully repossessing customers’ vehicles.

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New U.K. codes strive to restore falling trust, integrity

2024-07-09T19:08:00+01:00By

Codes of ethics and conduct are becoming ubiquitous, yet instilling high standards of corporate integrity still seems an elusive goal. Why is corporate culture such a challenge?

OCC

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OCC proposes recovery plan rule for banks with $100B or more in assets

2024-07-09T14:16:00+01:00By

The Treasury Department’s Office of the Comptroller of the Currency proposed a rule that would extend requirements for recovery plans to all banks with at least $100 billion in assets.

Boeing

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Boeing agrees to plead guilty, pay additional $244M for violating 2021 DPA

2024-07-08T18:41:00+01:00By

Boeing will plead guilty to a felony and pay an additional $243.6 million for violating the terms of a 2021 settlement it made with the Department of Justice related to safety lapses that contributed to the crash of two airplanes.

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Q&A: Seaco general counsel, compliance head on environmental regulations

2024-07-03T18:17:00+01:00By

Dominic Buckwell, general counsel and compliance head at global marine container leasing company Seaco, discussed key themes including anti-money laundering, sanctions, and why the industry needs common environmental reporting standards.

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Ex-Outcome Health execs sentenced for overbilled ad revenue, misleading auditor

2024-07-02T20:35:00+01:00By

Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.

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DOJ orders Evolution Health to pay $4.5M over alleged kickbacks, false claims

2024-07-02T14:42:00+01:00By

A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.

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Silvergate Bank to pay $63M to Fed, California over BSA/AML deficiencies

2024-07-02T13:50:00+01:00By

Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.

DOJ

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Tareen Dermatology agrees to pay $1.6M over false claims to Medicare

2024-07-01T21:14:00+01:00By

A Minnesota dermatology practice, its owner, and chief executive agreed to pay $1.6 million to settle allegations, first brought by two whistleblowers, that the company violated the Anti-Kickback Statue by making false claims to Medicare.

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FATF removes Jamaica, Türkiye from watchlist; adds Monaco, Venezuela

2024-07-01T15:58:00+01:00By

Jamaica and Türkiye made “significant progress” addressing deficiencies in their anti-money laundering/countering the financing of terrorism (AML/CFT) programs, warranting their removal from the Financial Action Task Force’s grey list.

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How fintechs can overcome major compliance hurdles in embedded finance

2024-07-01T15:45:00+01:00By Margaret Holmes Tibbets, CW guest columnist

Margaret Holmes Tibbets, chief compliance officer at financial technology company Pipe, explains how firms are facing an existential compliance crisis, and to survive they’ll need to overcome not one but two hurdles.

Financial Crimes 2024 Managing Nonbanks

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Banks must bolster awareness of fintech partner risks, experts advise at Fordham

2024-07-01T15:44:00+01:00By

During a panel at Compliance Week’s Financial Crimes and Regulatory Compliance Summit, held June 10-11 in New York, experts discussed nuances in bank-financial technology partnerships, offering best practices for how banks should protect themselves.

Bank of England

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Bank of England report: ’Need to improve’ private equity risk management

2024-06-28T19:30:00+01:00By

A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.

North Korea sanctions

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Mondo TV reaches $538K settlement with OFAC over N. Korea sanctions violations

2024-06-27T16:56:00+01:00By

Italy-based Mondo TV agreed to pay $538,000 to settle charges with the Treasury Department’s Office of Foreign Assets Control over 18 apparent violations of North Korea sanctions regulations.

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DOE offers supply chain cybersecurity guidance for energy, oil, gas industries

2024-06-27T16:37:00+01:00By

The U.S. Department of Energy released supply chain cybersecurity principles meant to help strengthen key technologies used to manage and operate electricity, oil, and natural gas systems.

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Women in Compliance highlights: Mentorship driving DEI; fostering board buy-in

2024-06-27T13:39:00+01:00By

Keeping track of regulations and understanding how they affect your business can be a hot mess without proper organization and collaboration, experts said at Compliance Week’s Women in Compliance Summit, held June 3-4, in Atlanta.

Oil barrels

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DOJ orders PetroChina unit to pay $14.5M over export control violations

2024-06-26T16:26:00+01:00By

PetroChina International America agreed to pay a fine and forfeiture of $14.5 million to settle charges with the Department of Justice that it violated U.S. export control laws.

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OFAC sanctions nearly 50 entities for ‘shadow banking’ benefiting Iranian military

2024-06-26T14:37:00+01:00By

The Treasury Department’s Office of Foreign Assets Control sanctioned nearly 50 entities connected with so-called “shadow banking” networks that help Iran’s military evade U.S. sanctions and to sell the country’s oil and petrochemical products.

Child Privacy

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SpongeBob game developer ordered to pay $500K over CCPA, COPPA violations

2024-06-25T19:42:00+01:00By

Popular children’s mobile game developer Tilting Point Media agreed to pay $500,000 to settle allegations the company illegally collected children’s personal data, a violation under the California Consumer Privacy Act and a federal children’s privacy law.

DOJ

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DOJ orders Houston medical centers to pay $15M over concurrent billing false claims

2024-06-25T17:17:00+01:00By

Houston-based medical center institutions agreed to jointly pay $15 million to settle allegations for improperly billing Medicare for concurrent surgeries in violation of teaching physician and informed consent regulations.

FDIC

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Banking regs find flaws in resolution plans for BoA, JPM, Goldman Sachs, Citi

2024-06-25T14:48:00+01:00By

Two federal banking regulators found deficiencies with the sale of derivatives in the resolution plans of Bank of America, Goldman Sachs, and JPMorgan Chase, while the regulators disagreed on the severity of an issue with Citigroup’s plan.

Clearview AI

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Clearview AI agrees to pay stake in company to settle Illinois privacy lawsuit

2024-06-24T21:02:00+01:00By

Facial recognition company Clearview AI reached a preliminary settlement in a class action lawsuit alleging it violated the Illinois Biometric Privacy Act, with the company agreeing to compensate victims with stake in the company.

DOJ

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Averhealth to pay $1.3M in DOJ drug test false claims case

2024-06-24T17:24:00+01:00By

National drug testing firm Averhealth agreed to pay $1.3 million to settle allegations, first brought by a whistleblower, that it knowingly submitted false claims to the Michigan Department of Health and Human Services, the Department of Justice announced.

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DOJ orders Lockheed Martin units to pay $70M for improper subcontracting

2024-06-24T17:01:00+01:00By

Two subsidiaries of aerospace giant Lockheed Martin agreed to pay $70 million to settle allegations levied by the Department of Justice of overcharging the Navy for aircraft parts.

Citi

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Citi report: GenAI revolution will bring increased need for compliance

2024-06-21T18:28:00+01:00By

A new report on the use of artificial intelligence in financial services predicts that the technology will drive profits, disruptions, and change over the next decade.

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OFAC sanctions drug cartel over China procurement; FinCEN issues advisory

2024-06-21T16:37:00+01:00By

The Treasury Department’s Office of Foreign Assets Control and Secretary Janet Yellen announced sanctions Thursday against the top leaders of La Nueva Familia Michoacana drug cartel over the illicit trafficking of synthetic opioid fentanyl in the United States.

Real estate accounting

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CFPB proposes $3.95M fine against Freedom Mortgage over repeated data errors

2024-06-20T17:09:00+01:00By

Freedom Mortgage Corp. would have to pay a $3.95 million fine and carry out regular auditing and testing of its loan data under a proposed order by the Consumer Financial Protection Bureau.

OCC

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OCC emphasizes compliance’s role in FI’s operational resiliency

2024-06-20T15:40:00+01:00By

Compliance departments at financial institutions must become more involved in ensuring their firm’s operational resiliency to address emerging risks, the Treasury Department’s Office of the Comptroller of the Currency said in its semi-annual risk perspective.

Whistle

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CFTC awards whistleblower $8M despite involvement in misconduct

2024-06-20T15:37:00+01:00By

A whistleblower received an $8 million award from the Commodity Futures Trading Commission for uncovering fraud—even though the agency deemed the whistleblower was culpable in the misconduct.

SEC office

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SEC orders R.R. Donnelley to pay $2.1M over cyber-related control violations

2024-06-20T14:45:00+01:00By

A business communications and marketing services company agreed to pay more than $2 million to settle charges levied by the Securities and Exchange Commission over cybersecurity-related control violations.

DOJ

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DOJ orders consultants to pay $11.3M total for cyber rule violations

2024-06-18T19:49:00+01:00By

Guidehouse and Nan McKay and Associates will pay a total of $11.3 million to the Department of Justice (DOJ) to settle allegations that cybersecurity failures led to the theft of client personal information during the height of the COVID-19 pandemic.

Credit Suisse

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Credit Suisse unit inks deal with OCC over BSA/AML obligations

2024-06-18T17:36:00+01:00By

The New York branch of Swiss bank Credit Suisse reached a deal with the Treasury Department’s Office of the Comptroller of the Currency (OCC) over compliance with its Bank Secrecy Act and anti-money laundering obligations.

Adobe sign

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FTC sues Adobe alleging hidden subscription cancellation fees

2024-06-17T20:41:00+01:00By

The Federal Trade Commission took aim at Adobe and two executives Monday for making it too difficult for consumers to cancel their subscriptions and often charging a fee to do so.

Trafigura

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CFTC orders Trafigura to pay $55M over fraud, impeding whistleblowers

2024-06-17T20:35:00+01:00By

Singapore-based commodity trading company Trafigura will pay $55 million to the Commodity Futures Trading Commission to settle charges related to fraud, manipulation, and impeding whistleblower communications with the agency.

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Vermont governor vetoes privacy bill, legislature plans override vote

2024-06-17T18:23:00+01:00By

Vermont Republican Gov. Phil Scott vetoed a data privacy bill approved by the state’s Democrat-led legislature, which plans an override vote this week.

DOJ

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Washington state importer ordered to hire CCO in response to Lacey Act violations

2024-06-17T16:53:00+01:00By

A Washington state importer has been ordered by the Department of Justice to pay a $360,000 fine and hire a chief compliance officer after imported wood items the company claimed to be from Malaysia were found to be from China.

SOX_Web

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Ex-Synchronoss CFO fined, banned over SOX violations

2024-06-17T13:52:00+01:00By

The former chief financial officer at Synchronoss Technologies was fined a ban from the industry for widespread Sarbanes-Oxley Act violations.

SEC building

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Former SEC Chair William Donaldson dead at 93

2024-06-17T13:44:00+01:00By

William Donaldson, a former chairman of the Securities and Exchange Commission, died Tuesday. He was 93.

FinTech

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Evolve Bank ordered by Fed to address AML, sanctions lapses

2024-06-14T20:37:00+01:00By

The Federal Reserve Board ordered an Arkansas bank that partnered with numerous financial technology companies to correct deficiencies in its anti-money laundering, sanctions, risk management, and consumer compliance programs.

WIC_3

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‘We have to stop shrinking ourselves’: Strategies for confronting BIPOC bias

2024-06-14T12:08:00+01:00By

Attendees at Compliance Week’s Women in Compliance Summit discussed strategies for confronting bias against Black, indigenous, and people of color professional women working in compliance and risk.

Christy Goldsmith Romero

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​Biden nominates CFTC’s Goldsmith Romero to head FDIC

2024-06-13T19:12:00+01:00By

President Joe Biden selected a commissioner at the Commodity Futures Trading Commission as his preferred choice to lead the Federal Deposit Insurance Corporation in the aftermath of its toxic workplace culture scandal.

SEC building

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Anson Funds, affiliate to pay $2.25M for fund disclosure violations

2024-06-13T16:54:00+01:00By

Registered investment adviser Anson Funds Management and exempt reporting adviser Anson Advisers will combine to pay more than $2 million for allegedly misleading investors about their short fund strategy and related recordkeeping violations.

AI Law

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Former CEO of AI recruiter Joonko charged with $27M fraud

2024-06-12T22:14:00+01:00By

The former chief executive officer of closed AI recruitment startup Joonko faces up to 40 years in prison and the potential of penalties levied by the Securities and Exchange Commission for allegedly defrauding investors of more than $27 million.

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BIS’s Axelrod makes plea to financial services: ‘We want to work with you’

2024-06-12T21:47:00+01:00By

Matthew Axelrod, assistant secretary for export enforcement at the Bureau of Industry and Security, addressed efforts to reach financial services firms, working with the Financial Crimes Enforcement Network, and more during his fireside chat at CW’s Financial Crimes Summit.

Financial Crimes 2024 Pham

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CFTC’s Pham critical of agency stances on CCO liability, self-disclosure credit

2024-06-12T21:18:00+01:00By

Caroline Pham, a commissioner at the Commodity Futures Trading Commission, said compliance officers have a lot to worry about if they or their firms are subject to CFTC enforcement during her fireside chat at CW’s Financial Crimes Summit.

ChinaCargoContainer

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Additions to UFLPA Entity List signal seafood supply chain risks

2024-06-12T18:23:00+01:00By

The U.S. Department of Homeland Security added three China-based entities across the seafood, aluminum, and footwear industries to the Uyghur Forced Labor Prevention Act Entity List.

Sanctions compliance TPRM

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Panelists break down robust sanctions landscape at TPRM Summit

2024-06-12T02:35:00+01:00By

Sanctions compliance officers face myriad challenges as complex geopolitical situations heighten risks worldwide, experts discussed during Compliance Week’s Third-Party Risk Management & Oversight Summit.

DOJ

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Cerebral set to pay $7M over alleged patient data sharing

2024-06-12T02:05:00+01:00By

The Department of Justice and Federal Trade Commission proposed telehealth company Cerebral pay a total of $7 million for its alleged sharing of patient data and deceptive business practices in violation of the FTC Act.

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