All articles by Aaron Nicodemus – Page 46
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ArticleCFTC fines UBS $500K for inadvertently deleting swap trade files
UBS AG has been fined $500,000 by the CFTC for prematurely but inadvertently deleting more than 1,000 hours of audio files related to pre-execution swaps trade information the regulator required be saved for one year.
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ArticleFINRA encourages proactive compliance with FinCEN AML/CFT priorities
The Financial Industry Regulatory Authority is encouraging member firms to start proactively incorporating new AML/CFT priorities mandated by Congress into their risk-based compliance programs.
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ArticleSEC commissioners clash on cryptocurrency securities debate
SEC Commissioners Caroline Crenshaw and Hester Peirce used recent speeches to stake opposite sides on the central debate of whether all cryptocurrencies are securities.
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ArticlePandora Papers exposed gaps in AML compliance. Is beneficial ownership registry the answer?
FinCEN’s upcoming ultimate beneficial ownership registry could help to combat some of the anti-money laundering deficiencies put on display by the Pandora Papers, but not until Congress gets serious about funding the initiative.
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ArticleFed recommends member banks perform climate change stress tests
The Federal Reserve will encourage financial institutions to assess the potential financial ramifications of climate change by conducting stress tests, similar to those performed following the 2007-09 financial crisis.
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DOJ to enforce False Claims Act in regulating contractor data breaches
The Department of Justice will use the False Claims Act to pursue cases of cybersecurity-related fraud by government contractors and grant recipients—including claims against entities that fail to report breaches and hacks in a timely manner.
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ArticleSenators waiving white flag on privacy law with request to FTC?
The request by a group of prominent Democratic senators that the Federal Trade Commission launch rulemaking on data privacy signals Congress is not close to passing a federal law anytime soon, experts say.
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ArticleSenate confirms U.S. attorneys to lead SDNY, EDNY
The Senate confirmed Damian Williams and Breon Peace to lead U.S. attorney’s offices in Manhattan and Brooklyn, respectively. Williams becomes the first Black prosecutor to ever lead the SDNY.
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ArticleLessons learned from actions of Facebook whistleblower Frances Haugen
Many whistleblowers are forced to take their complaints outside the company because their attempts to address the problems internally are rebuffed or ignored. Facebook is paying the price for that inaction.
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ArticleNeiman Marcus data breach exposes personal info of 4.6M customers
Luxury retailer Neiman Marcus discovered last month a May 2020 data breach that exposed personal and financial information contained in the online accounts of approximately 4.6 million customers.
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ArticleLPL Financial to pay $4.8M to settle claims of poor KYC procedures
The nation’s presumed top independent broker-dealer will pay more than $4.8 million to settle AML charges stemming from its alleged failure to reconcile inconsistencies of a new customer who would scam a Puerto Rican city out of millions of dollars.
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ArticleRohit Chopra confirmed as CFPB director; more dominoes to follow?
The Senate confirmed Rohit Chopra to be the next director of the Consumer Financial Protection Bureau with a party-line vote. Lawmakers will soon shift their attention to his replacement at the Federal Trade Commission.
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ArticleSEC seeks to implement Dodd-Frank provision on executive compensation votes
The SEC has proposed rulemaking that would enact a provision of the Dodd-Frank Act requiring mutual fund managers to disclose how they voted on proxy proposals, including on compensation agreements with company executives.
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ArticleSchlumberger subsidiary to pay $1.4M for Russian sanctions violations
A Houston-based subsidiary of oilfield services company Schlumberger has been fined approximately $1.4 million by the Office of Foreign Assets Control for selling goods to a Russian-based energy firm that was under U.S. sanctions.
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ArticleNew SEC marketing rule offers opportunities, compliance challenges
The SEC’s new marketing rule allows certain types of advertising, endorsements, and testimonials that were previously prohibited. Investment advisers are “excited” about the new possibilities—but compliance officers must warn them of the risks.
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ArticleCFTC fines Citi $1M for swap data reporting failures
Citibank will pay a $1 million penalty to resolve allegations of not properly reporting swap data to the Commodity Futures Trading Commission and for violating the provisions of a 2017 order regarding those practices.
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ArticlePetrofac readies bribery guilty plea, touts compliance enhancements
Petrofac will plead guilty to seven counts of failing to prevent bribery, the potential endpoint in a long-running investigation into allegations company executives paid to win lucrative contracts in Iraq, Saudi Arabia, and the UAE.
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ArticleSEC offers guidance on climate change disclosure shortcomings
A sample letter released by the Securities and Exchange Commission this week lays out common mistakes firms make with their climate change disclosures.
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ArticleBiden’s pick to head OCC favors tighter regulation of FinTech
President Joe Biden’s nominee for Comptroller of the Currency, Cornell law professor Saule Omarova, continues a Democratic pattern of choosing potential regulators who believe in stricter control of the markets.
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ArticleESG survey: Measure, monitor, and enhance your strategy
A Compliance Week and Fulcrum survey of more than 200 compliance, audit, legal, and finance executives worldwide revealed support for ESG initiatives, but uncertainty about how to monitor progress and measure results.