The Office of the Comptroller of the Currency announced a $15 million civil penalty against MUFG Union Bank for “deceptive practices” caused by alleged weaknesses in execution of internal controls and procedures.
Jeff Dale
Posted inEurope
Swedish DPA fines Spotify $5.4M for ‘low level’ GDPR lapses
Sweden’s data protection authority levied a fine of 58 million Swedish krona (U.S. $5.4 million) against music streaming service Spotify following an audit on how the company handles customers’ rights to access their personal data.
Posted inRisk Management
OCC soliciting input on proposed trust in banking survey
The Office of the Comptroller of the Currency announced a request for information to implement an annual survey aimed at tracking public trust in banking and bank supervision.
Posted inRegulatory Enforcement
Pharmacy holding company CCO convicted in $50M Medicare fraud
Steven King, the chief compliance officer of a defunct pharmacy holding company, was found guilty of conspiracy to commit healthcare fraud and wire fraud for unnecessarily billing Medicare for more than $50 million in medical supplies.
Posted inRisk Management
CFPB: ‘Poorly deployed’ AI chatbots harming banking customer service
The Consumer Financial Protection Bureau flagged risks regarding expanded use of chatbots by financial institutions, specifically for customer service purposes.
Posted inRegulatory Enforcement
SEC continues crusade against crypto with Coinbase charges
The Securities and Exchange Commission continued its crackdown on the digital asset industry, charging cryptocurrency exchange Coinbase with violating federal securities laws.
Posted inRegulatory Enforcement
SEC charges Binance, founder in latest crypto crackdown
The Securities and Exchange Commission charged Binance Holdings, its U.S.-based affiliate BAM Trading Services, and their founder Changpeng Zhao with a series of securities law violations, including operating unregistered exchanges.
Posted inEthics & Culture
Culture goals: ‘Get out of the squishiness and into something measurable’
Organizations must move beyond abstract theory and truly measure their compliance culture, a panel of experts discussed during Compliance Week’s 2023 National Conference.
Posted inRisk Management
Avoiding the echo chamber: CCO among ‘crucial’ roles in crisis response
Businesses can be well prepared to manage a crisis by having continuity among stakeholders and avoiding leakage of privileged information to prevent conflict, a panel of legal and compliance experts shared at Compliance Week’s 2023 National Conference.
Posted inEthics & Culture
How ‘Star Wars’ references in E&C training can help employees avoid the dark side
Compliance practitioners learned how to become ethical Jedi masters during a panel discussion on integrating pop culture into training at Compliance Week’s 2023 National Conference.