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More from Compliance Week
ICO primed for enforcement increase behind new fining guidance?
The Information Commissioner’s Office updated its data protection fining guidance to provide companies with greater transparency and clarity about how and why it would issue penalties for a breach of the U.K. General Data Protection Regulation or Data Protection Act 2018.
FDIC proposes strengthening, modernizing bank merger reviews
The Federal Deposit Insurance Corporation proposed to strengthen its approach to evaluating bank mergers under the Bank Merger Act, particularly how it would address factors like competition, financial resources, the convenience and needs of communities, financial stability, and money laundering.
Short seller accuses Equinix of ‘selling AI pipe dream,’ accounting manipulation
Data center owner Equinix boasts artificial intelligence as a boon to business when power consumption costs related to implementing AI could be detrimental to its profitability, according to short seller Hindenburg Research.
Ex-Stericycle finance director charged for bribery scheme role
A former finance director at medical waste disposal company Stericycle faces Department of Justice charges for his alleged role in a bribery scheme that led the company to an $84 million settlement regarding violations of the Foreign Corrupt Practices Act.
Experts: Legal noise around SEC climate disclosure rule no excuse for standing still
Legal experts are advising their public company clients to move forward with plans to comply with the SEC’s climate-related disclosure rule, despite lawsuits and other challenges being brought against the controversial policy in the aftermath of its approval.
Deutsche Bank dinged $54K over IT incident reporting
Deutsche Bank was assessed a penalty of €50,000 (U.S. $54,000) by Germany’s financial supervisory authority for its alleged miscommunication of a 2023 information technology security incident.
FINRA fines M1 Finance $850K in first influencer promos case
The Financial Industry Regulatory Authority fined Chicago-based financial technology company M1 Finance $850,000 as part of a settlement addressing alleged improper use of a social media influencer program.
Genesis penalized $21M by SEC for sale of unregistered securities
Crypto firm Genesis Global Capital agreed to pay a $21 million civil penalty to the Securities and Exchange Commission to settle charges that the Gemini Earn investment program was an unregistered security offering.
CFTC dings U.S. Bank, Oppenheimer over off-channel comms violations
The Commodity Futures Trading Commission announced settlements with U.S. Bank and Oppenheimer & Co. for admitted recordkeeping and supervision failures regarding employee use of off-channel communications for conducting business.
Delphia, Global Predictions fined by SEC in ‘AI washing’ cases
Delphia USA and Global Predictions agreed to pay a total of $400,000 to settle charges by the Securities and Exchange Commission the firms each engaged in artificial intelligence misrepresentations that misled clients about how they were using the technology.
EU due diligence directive back on track, despite concession concerns
The future of the EU’s Corporate Sustainability Due Diligence Directive was thrown into doubt when the European Council failed to endorse proposals. The directive is back on track after being agreed upon, albeit in weaker form.
Departing ABN AMRO risk chief says climate, cyber among priorities
Tanja Cuppen, chief risk officer of ABN AMRO, shared her view on the Dutch bank’s biggest risk focus areas and the accomplishments of her tenure a month ahead of her planned departure.
Privacy by design a silver bullet for stemming AI risks?
The proliferation of artificial intelligence technologies—and their reliance on publicly available data—has reinforced the need for tech developers and the companies using their solutions to ensure privacy by design and by default is at the crux of any offering.
CFTC awards $1.25M to compliance/audit whistleblower
The Commodity Futures Trading Commission announced a landmark whistleblower award of approximately $1.25 million to an individual in an internal compliance or audit function who came forward with information on misconduct occurring at his or her employer.
EFG International settles Cuba, blocked persons U.S. sanctions case
Swiss-based global private banking group EFG International agreed to pay more than $3.7 million as part of a settlement with the Office of Foreign Assets Control addressing apparent violations of U.S. sanctions against Cuba and two blocked individuals.
Change Healthcare facing HHS probe following crippling cyberattack
Change Healthcare, a health payment processor hit by a crippling cyberattack in February, is under investigation by the Department of Health and Human Services’ Office for Civil Rights.
JPMorgan fined $348M by OCC, Fed over trade surveillance lapses
JPMorgan Chase will pay $348.2 million in fines to settle allegations laid by two federal banking regulators that it failed to adequately monitor trading and order activity.
Study: Climate transition impact reporting still lacking
Large polluters are failing to account for climate change impact and adaptation, but policymakers need to harmonize disclosure requirements to drive coherent action.
U.S. banking regs mulling enhanced operational resiliency frameworks
Acting Comptroller of the Currency Michael Hsu said federal banking agencies are considering enhancements to their operational resiliency requirements for member banks.
DOJ joins SEC in probing ADM accounting practices
ADM disclosed the Department of Justice joined the Securities and Exchange Commission in probing the food processing company’s accounting practices.
SFO launches probe into collapsed Carlauren Group
The U.K. Serious Fraud Office announced two raids and three arrests coinciding with the launch of an investigation into collapsed property developer Carlauren Group.
Argus to pay $37M in DOJ case over misused regulator data
Economic data and research firm Argus Information and Advisory Services agreed to pay $37 million to settle charges from the Department of Justice alleging misuse of data obtained through federal regulatory contracts.
Ford to pay $365M in DOJ deal for evading customs tariffs
Ford Motor Co. agreed to pay $365 million to settle charges levied by the Department of Justice that the automaker purposefully dodged import duties for years by mislabeling and undervaluing hundreds of thousands of cargo vans it brought into the United States from Turkey.
FCA fines financial adviser $1.1M over British Steel advice, oversight lapses
The U.K. Financial Conduct Authority fined Inspirational Financial Management nearly £900,000 (U.S. $1.1 million) regarding alleged failures in advice and oversight provided to customers who were primarily members of the British Steel Pension Scheme.
FTC restores bipartisan balance with Ferguson, Holyoak confirmations
The appointments of two new commissioners on the Federal Trade Commission were confirmed, with the Democratic-led agency welcoming Republicans Andrew Ferguson and Melissa Holyoak.
New Zealand banks to report material cyber incidents within 72 hours
The Reserve Bank of New Zealand added new reporting requirements for its member banks to follow if they suffer a material cyber incident and for all types of cyberattacks.
Italian DPA fines UniCredit $3M over data breach GDPR lapses
The Italian data protection authority announced a fine of €2.8 million (U.S. $3 million) against UniCredit for alleged violations of the General Data Protection Regulation regarding insufficient security measures the bank had in place during a cyberattack.
SFO director support for whistleblower incentives enough to drive change?
When Nick Ephgrave of the Serious Fraud Office said in his maiden speech he favored paying whistleblowers in exchange for information, he might not have been fully aware of the implications, according to legal experts.
DOJ eyeing more FCPA cases with whistleblower program
The Department of Justice anticipates its upcoming whistleblower reward program will help the agency increase its pipeline of cases involving apparent violations of the Foreign Corrupt Practices Act, said Acting Assistant Attorney General Nicole Argentieri.
Skechers fined $1.25M over related person disclosure failures
Footwear company Skechers agreed to pay $1.25 million to settle charges by the Securities and Exchange Commission of failing to disclose payments to executives’ family members.
Chemours says probe found accounting misconduct by execs
Chemours said an internal review into the actions of senior managers alleged to have engaged in accounting misconduct uncovered violations of the chemicals company’s code of ethics regarding the promotion of full, fair, accurate, timely, and understandable disclosure.
EU to ban sale of products made with forced labor
The European Union announced an agreement to ban products made with forced labor, a decision that will oblige organizations to track and declare more information about their supply chains for goods entering EU markets.
CW National 2024 Q&A: JBS CECO on compliance post-settlement
Michael Koenig, global chief ethics and compliance officer at JBS Foods, previews his session on rebuilding the compliance department following settlements with the Department of Justice and Securities and Exchange Commission at CW’s National Conference in Washington, D.C.
FTC ‘will not stand for’ misuse of browsing, location data
The Federal Trade Commission is amid a crackdown on businesses misusing browsing and location data that provide enough information to be used to identify nonconsenting consumers.
DOJ on sprint toward pilot whistleblower reward program
Deputy Attorney General Lisa Monaco said the Department of Justice will look to fill gaps in its whistleblower procedures with the launch of a 90-day sprint toward a DOJ-led pilot whistleblower reward program.
SEC expands scope of order execution disclosure rule
Lost in the shuffle of the approval of its controversial climate-related disclosure rule, the Securities and Exchange Commission also adopted amendments to its rule for order executions in national market system stocks.
Monaco: ECCP update coming for management of AI risks
The Department of Justice is working on an update to its Evaluation of Corporate Compliance Programs guidance to spell out the responsibilities of compliance staff for managing artificial intelligence-related risks.
PCAOB 2022 inspection reports: Big Four setbacks; KPMG redacted
Three of the Big Four audit firms saw increases to the deficiency rates observed in their latest Public Company Accounting Oversight Board inspection reports, while KPMG had its results redacted.
Concessions can’t save ‘cursed’ SEC climate disclosure rule from scrutiny
The Securities and Exchange Commission finally approved its ground-breaking climate-related disclosure rule, nearly two years since it was originally proposed. Though the agency significantly watered down aspects of its proposal, the rule is already facing the prospect of legal challenge.
Ameriprise expecting $50M SEC fine over off-channel comms
Ameriprise Financial disclosed it recorded a $50 million accrual related to the resolution of a Securities and Exchange Commission probe into use of off-channel communications by its employees for conducting business.
Ericsson promotes investigations head to CCO
Ericsson shook up its reporting structure with the promotion of Head of Corporate and Government Investigations Rebecca Rohr to chief compliance officer.
Top brands shamed for U.K. minimum wage failings ahead of hike
The U.K.’s Department for Business and Trade named 524 businesses found to have failed to pay the national minimum wage, ahead of wage hikes for certain workers that will take effect April 1.
Experts: What to expect ahead of SEC climate-related disclosure rule vote
Nearly two years after it was first proposed, the Securities and Exchange Commission is finally poised to approve its climate-related disclosure rule—albeit a watered-down version, by all indications.
FCA warns CEOs over firm AML failings
The U.K. Financial Conduct Authority warned the chief executive officers of approximately 1,000 financial institutions it supervises regarding common failures in anti-money laundering procedures it observed during recent assessments.
KPMG fined $1.9M by FRC over M&C Saatchi audit lapses
KPMG agreed to pay a reduced penalty of nearly £1.5 million (U.S. $1.9 million) assessed by the U.K. Financial Reporting Council addressing admitted failings in the Big Four audit firm’s financial year 2018 work at advertising services company M&C Saatchi.
Judge’s ruling calls FinCEN beneficial ownership registry into question
A federal court judge in Alabama ruled the Corporate Transparency Act was beyond Congress’s power, potentially throwing the effectiveness of the Financial Crimes Enforcement Network beneficial ownership information registry into doubt.
Metropolitan Commercial Bank adds risk chief, AML officer
Metropolitan Commercial Bank announced the appointments of a chief risk officer and Bank Secrecy Act/anti-money laundering officer to bolster its reporting lines following a $30 million enforcement action from federal and state authorities last year.
Struggling NYCB refreshes risk, audit leadership
New York Community Bancorp, a mid-sized bank struggling with precarious commercial loans and troubles with its acquisition of the failed Signature Bank last year, named a new chief risk officer and chief audit executive.
Boeing fined $51M over export control violations
Aerospace giant Boeing will pay a $51 million civil penalty to the State Department to resolve alleged export control violations related to unauthorized transfers and retransfers of technical data to foreign-person employees and contractors.
HG Vora fined $950K for beneficial ownership disclosure failures
New York-based investment adviser HG Vora Capital Management agreed to pay $950,000 to settle charges levied by the Securities and Exchange Commission alleging failure to report beneficial ownership regarding its stake at trucking transport company Ryder System.