China-based technology company Cloopen Group Holding won’t pay a fine in settling with the Securities and Exchange Commission over an alleged accounting fraud scheme perpetrated by two of its former senior managers.
Kyle Brasseur
Posted inEurope
Uber facing $11M fine over driver privacy rights violations
Ride-hailing company Uber Technologies was assessed a penalty of €10 million (U.S. $11 million) by the Dutch Data Protection Authority for alleged privacy rights violations regarding the handling of European drivers’ personal data.
Posted inRegulatory Enforcement
CFTC seeking comment on applications of AI in compliance
The Commodity Futures Trading Commission would like to learn more about how regulated entities might be using artificial intelligence in their compliance efforts, along with other applications.
Posted inEthics & Culture
Ex-DOJ Criminal Division head Polite to lead Tavistock Group compliance review
Private equity company Tavistock Group announced the retention of law firm Sidley Austin to conduct a compliance review, the same week that its billionaire founder pleaded guilty to U.S. insider trading charges.
Posted inEurope
Amazon unit fined $35M under GDPR for employee productivity tracking
Amazon’s warehouse management arm in France was assessed a penalty of €32 million (U.S. $35 million) for violating the General Data Protection Regulation by excessively tracking the productivity of employees.
Posted inAccounting & Auditing
FRC ups board responsibilities in corporate governance code revisions
The Financial Reporting Council held back on the latest round of updates to the U.K.’s corporate governance code, as the country remains wary of pushing away businesses and investors.
Posted inRegulatory Enforcement
Hilcorp San Juan to pay $35M for royalty payment false claims
Hilcorp San Juan agreed to pay $34.6 million as part of a settlement with the Department of Justice addressing allegations of False Claims Act violations regarding underpaid royalties on oil and natural gas produced from federal lands.
Posted inRegulatory Enforcement
Wells Fargo unit fined $425K by FINRA over trade disclosures
Wells Fargo Securities agreed to pay a $425,000 penalty as part of a settlement with the Financial Industry Regulatory Authority addressing allegations of disclosure lapses affecting millions of trade confirmations and related supervisory failures.
Posted inRisk Management
VF discloses data breach impacted 35.5M customers
Apparel company VF Corp., the owner of brands including The North Face, Vans, and Timberland, disclosed its estimation approximately 35.5 million customers had their personal data stolen as part of a cybersecurity incident it uncovered in December.
Posted inRegulatory Enforcement
Robinhood Financial to pay $7.5M in Mass. settlement
Online stock trading platform and broker-dealer Robinhood Financial agreed to pay a $7.5 million fine as part of a settlement with the Commonwealth of Massachusetts addressing claims related to “gamification” of its platform and cybersecurity issues that lent to a 2021 data breach.