The Securities and Exchange Commission added Chinese social media giant Weibo Corp. to its list of companies not in compliance with the Holding Foreign Companies Accountable Act.
Kyle Brasseur
Posted inRegulatory Enforcement
Report: Number of AML fines up, penalty totals down in 2021
The number of anti-money laundering fines assessed against financial institutions globally reached its highest amount in six years during 2021, though the penalty amounts associated with those enforcement actions dropped notably, according to Kroll’s annual benchmark report.
Posted inAnti-Bribery
Ericsson mum on Iraq misconduct amid ‘comprehensive review’
Ericsson has launched a sweeping review into evidence it uncovered regarding misconduct in Iraq and the subsequent disclosure of those findings after the Department of Justice warned the Swedish telecom of a second breach of its 2019 deferred prosecution agreement.
Posted inRisk Management
Treasury official: Compliance has chance to effect history with Russia response
Elizabeth Rosenberg, assistant secretary for terrorist financing and financial crimes at the Treasury Department, said in a speech “history has thrust the compliance sector into the center of events” regarding business response to evolving sanctions and actions against Russia.
Posted inBoards & Shareholders
Credit Suisse recruits outgoing Wells Fargo risk chief to board
Credit Suisse announced a handful of proposed changes to its board of directors, including the appointment of Wells Fargo’s outgoing Chief Risk Officer Amanda “Mandy” Norton to fill an open seat.
Posted inInternal Controls
MoneyGram, NYDFS agree on $8.25M settlement for supervision lapses
MoneyGram will pay $8.25 million as part of a settlement with the New York State Department of Financial Services for supervision failures regarding local agents processing suspicious transactions in China.
Posted inRisk Management
SEC staff warn broker-dealers ‘remain vigilant’ amid market volatility
Amid Russia’s invasion of Ukraine, SEC staff issued a statement warning broker-dealers and other market participants to “remain vigilant to market and counterparty risks that may surface during periods of heightened volatility and global uncertainties.”
Posted inEurope
Swedbank Estonia named suspect in money laundering investigation
The Estonian branch of Swedbank has been summoned for interrogation as part of a probe into suspected money laundering and other criminal activities.
Posted inEthics & Culture
Nomination deadline closed for 2022 ‘Excellence in Compliance Awards’
The nomination deadline for CW’s third annual “Excellence in Compliance Awards” closed March 15. Winners will be announced in May.
Posted inEurope
Clearview AI fined $22M in Italy over unlawful data collection
Facial image aggregator Clearview AI was fined €20 million (U.S. $22 million) for unlawfully processing the biometric and geolocation data of Italian citizens in violation of privacy laws including the General Data Protection Regulation.
