The European Union moved closer to finalizing rules that would expand current anti-money laundering and customer due diligence obligations to new sectors, in addition to granting greater powers to national financial intelligence units.
Kyle Brasseur
Posted inRegulatory Enforcement
Court bumps Gen Digital false claims judgment to $53M
An opinion in a long-running court case involving software company Gen Digital and alleged violations of the False Claims Act saw proposed costs in the matter jump from $1.3 million to approximately $53 million following successful arguments by the U.S. government.
Posted inEthics & Culture
NYDFS proposes AI use guidance for insurers
The New York State Department of Financial Services issued for public comment guidance for insurers operating in the state regarding their use of artificial intelligence systems and other predictive technologies.
Posted inBoards & Shareholders
Silver Lake Hospital to pay $19M over Medicare false claims
New Jersey-based Silver Lake Hospital agreed to pay more than $18.6 million as part of a settlement with the Department of Justice addressing allegations of false claims submitted to Medicare for inpatient cost outlier payments.
Posted inRegulatory Enforcement
Genesis Global Trading fined $8M by NYDFS over AML, cyber lapses
Virtual currency brokerage firm Genesis Global Trading agreed to pay an $8 million penalty levied by the New York State Department of Financial Services for alleged compliance failures that left it vulnerable to illicit activity and cybersecurity threats.
Posted inEurope
GDPR-minded Microsoft offers cloud customers EU-based personal data storage
Microsoft announced an expansion to its European Union data storage efforts that would allow cloud customers to keep all personal data stored within the EU boundary.
Posted inRegulatory Enforcement
Morgan Stanley to pay $249M in SEC, DOJ fraud settlements
Morgan Stanley agreed to pay approximately $249 million as part of settlements with the Securities and Exchange Commission and Department of Justice to resolve an admitted fraud scheme involving block trades perpetrated, in part, by a former senior employee at the firm.
Posted inAnti-Bribery
SDNY launches whistleblower pilot program
The U.S. Attorney’s Office for the Southern District of New York took its efforts to encourage voluntary self-disclosure a step further with the launch of a whistleblower pilot program for individuals involved in nonviolent offenses.
Posted inAccounting & Auditing
SAP to pay $220M in FCPA settlements
German-based software company SAP agreed to pay more than $220 million as part of resolutions with authorities in the United States and South Africa regarding alleged violations of the Foreign Corrupt Practices Act.
Posted inRisk Management
FinCEN analysis: Most common identity-related suspicious activities
Fraud remains the leading form of identity-related suspicious activity cited in Bank Secrecy Act reports by a large margin, while technologies enable greater overall risks around exploitation, according to new research from the Financial Crimes Enforcement Network.