Colombian conglomerate Grupo Aval agreed to pay nearly $81 million as part of settlements addressing alleged bribes paid by its bank subsidiary Corficolombiana to win a highway construction contract.
Kyle Brasseur
Posted inRisk Management
N.Y. cyber strategy puts pressure on banks, energy sector
New York will closely monitor the cybersecurity protections in place at institutions in the financial and energy sectors as part of its first statewide cybersecurity strategy.
Posted inAccounting & Auditing
PCAOB fines K G Somani over audit quality lapses
The Public Company Accounting Oversight Board announced a $125,000 penalty against India-based audit firm K G Somani & Co. for alleged violations of quality control standards.
Posted inEthics & Culture
SEC’s latest whistleblower award worth note beyond $104M payout
The SEC announced a $104 million award split among seven whistleblowers, but the fact nearly a dozen claimants contacted the agency seeking to provide information related to one action should be notable to companies regarding the stakes of the current whistleblower landscape.
Posted inRegulatory Enforcement
Wells Fargo fined $200M in latest SEC, CFTC off-channel comms sweep
The Securities and Exchange Commission and Commodity Futures Trading Commission continued their crackdown on financial firms’ recordkeeping failures regarding employee use of off-channel communications with $555 million in total fines levied against nine institutions and their affiliates.
Posted inRisk Management
Fed report highlights emerging cyber threats, including generative AI
The Federal Reserve listed the proliferation of generative artificial intelligence tools among areas of emerging cybersecurity threats for banks to monitor as part of its annual resilience report.
Posted inAnti-Bribery
Albemarle reserves $219M for FCPA settlements
Chemical company Albemarle Corp. disclosed it is set to pay $218.5 million as part of proposed settlements reached with the Department of Justice and Securities and Exchange Commission regarding apparent violations of the Foreign Corrupt Practices Act.
Posted inAccounting & Auditing
AA report: Inflation helps drive audit fees to all-time high
Average audit fees paid to external auditors by Securities and Exchange Commission registrants reached record totals in fiscal year 2022, according to the latest annual study.
Posted inRisk Management
SEC risk alert flags staffing, policy weaknesses in AML compliance exams
Broker-dealers complying with anti-money laundering/countering the financing of terrorism requirements put forward by the SEC must be mindful of the resources they are providing for their programs during the current heightened risk environment.
Posted inRisk Management
Senator pushes for probe into Microsoft’s ‘negligent cybersecurity practices’
Sen. Ron Wyden (D-Ore.) is calling on federal agencies to hold Microsoft accountable for “negligent cybersecurity practices” that played part in a Chinese hacking campaign that targeted U.S. government email addresses.
