Articles | Compliance Week – Page 20
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ArticleFCA faults board oversight of compliance in fining Sigma Broking $589K
London-based brokerage firm Sigma Broking was fined £531,000 (U.S. $589,000) for failing to report certain transactions to the U.K. Financial Conduct Authority.
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ArticleOptus data breach fallout shows widespread impact of cybercrime
Optus isn’t alone in trying to calm public nerves and find out what happened to cause a breach that exposed the records of 9.8 million current and former customers. Australian government agencies are also attempting to fight fires and reassure citizens their personal info is safe.
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ArticleEasylife fined $1.5M under GDPR for profiling customers
The Information Commissioner’s Office fined catalog retailer Easylife £1.35 million (U.S. $1.5 million) for marketing health-related products to individuals without their consent in violation of the U.K. General Data Protection Regulation.
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ArticleEx-Uber security chief found guilty of obstructing FTC data breach probe
Joseph Sullivan, the former chief security officer of Uber Technologies, was found guilty of two felonies connected to allegations he covered up a massive data breach at the ridesharing company and misled federal regulators about Uber’s response.
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ArticleFRC probing Mazars audit of Studio Retail Group
The U.K. Financial Reporting Council announced it opened an investigation into accounting firm Mazars regarding its audit of financial statements at Studio Retail Group.
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ArticleQ&A: Hellmann compliance head on choosing a whistleblower tool
Dominik Waszczynski, head of global compliance at Hellmann Worldwide Logistics, shares with Compliance Week the decision-making process that led to the company’s selection of a new and improved whistleblower hotline tool.
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ArticleNetWalker hacker imprisoned 20 years for ransomware attacks
Sebastien Vachon-Desjardins, a former Canadian government employee who played part in widespread NetWalker ransomware attacks, was sentenced to 20 years in prison and ordered to forfeit the $21.5 million U.S. investigators said he received from his victims.
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ArticlePCAOB fines 4 firms for failing to identify who led, participated in audits
The Public Company Accounting Oversight Board penalized four audit firms for failing to disclose who led specific audits for their firms and whether any other firms were involved in those audits.
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ArticleAA study: Total audit fees rise in 2021
Total audit fees increased in fiscal year 2021 as the number of Securities and Exchange Commission registrants reached its highest total in six years, according to the latest annual review from Audit Analytics.
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ArticleReports: Controversial Activision Blizzard CCO steps down
Activision Blizzard Chief Compliance Officer Frances Townsend, a central figure in the video game developer’s corporate culture scandal, stepped down from her position, according to multiple reports.
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ArticleFSOC recommends more regulation, oversight of digital assets
A new report by the Financial Stability Oversight Council identified three regulatory gaps in the current oversight of cryptocurrency, stablecoins, and other digital assets and recommended steps Congress and federal regulators should take to close them.
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Sky Mavis recruits ex-Robinhood compliance exec as general counsel
Sky Mavis confirmed the addition of James Nguyen as its first general counsel. Nguyen joins the video game developer from Robinhood, where he most recently served as general counsel and chief compliance officer of its cryptocurrency unit.
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ArticleSamsung facing class action alleging CCPA violations over data breaches
Samsung collected too much personal data from customers and failed to adequately secure it, leading to two data breaches this year and potentially millions of harmed individuals, a class-action lawsuit alleges.
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ArticleCFTC commissioner says Cantor Fitzgerald unit’s $1.9M fine too lenient
Christy Goldsmith Romero believes the Commodity Futures Trading Commission let a swap execution facility affiliate of financial services firm Cantor Fitzgerald off easy when it was fined $1.9 million.
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ArticleInfinity Q CCO settles SEC charges of aiding $1B fraud scheme
Scott Lindell, the former chief risk officer and chief compliance officer of Infinity Q Capital Management, settled SEC charges he helped conceal the founder of the investment adviser carried out a $1 billion overvaluation fraud scheme.
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ArticleTango Card to pay $116K for e-gift card sanction violations
Tango Card, a supplier and distributor of electronic rewards, agreed to pay approximately $116,000 as part of a settlement with the Office of Foreign Assets Control for apparent sanctions violations related to its issuance of e-gift cards.
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ArticleFINRA sets fine ranges for AML failures, removes limits on certain penalties
The Financial Industry Regulatory Authority increased penalties for member violations of securities rules, including removing upper limits on fines for certain instances of misconduct.
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SEC charges pharma CEO, 2 companies with offering fraud
The Securities and Exchange Commission charged Paul Edalat and two pharmaceuticals companies he controlled—Sentar and Vivera—with engaging in a fraudulent investment scheme.
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ArticleUpheld ruling in Commerzbank compliance officer suit imparts discrimination lessons
A recent ruling against Commerzbank in a case brought by a compliance officer serves as reminder employers should not make “stereotypical” assumptions about what tasks pregnant female staff or those returning from maternity leave can perform, legal experts said.
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ArticleRSM to pay $3.75M to settle improper conduct charges
Audit firm RSM and three of its senior-level employees were charged with improper professional conduct by the SEC for signing off on inflated revenues logged by public company Revolution Lighting Technology over four fiscal years of audits.