Registered investment adviser Global Infrastructure Management has agreed to pay a $4.5 million civil penalty as part of a settlement reached with the SEC for fee offset and disclosure failures caused by deficiencies in its compliance program.
Kyle Brasseur
Posted inRegulatory Policy
SEC Commissioner Elad Roisman to resign by end of January
The Securities and Exchange Commission will be down a Republican commissioner next month following the planned resignation of Elad Roisman.
Posted inInternal Controls
CommunityBank of Texas fined $8M over AML failures
CommunityBank of Texas has agreed to pay $8 million as part of a consent order reached with the Financial Crimes Enforcement Network regarding deficiencies in its anti-money laundering program linked to understaffing.
Posted inRegulatory Policy
Senate approves Rostin Behnam as CFTC chair; Biden nominates 2 commissioners
The Senate on Wednesday confirmed Rostin Behnam to be chairman of the CFTC, the same day President Joe Biden announced his intention to nominate two to Republican commissioner openings at the agency.
Posted inRegulatory Enforcement
Wedbush Securities to pay $1.2M for role in microcap fraud scheme
California-based broker-dealer Wedbush Securities agreed to pay $1.2 million as part of a settlement with the SEC for the unregistered sale of microcap securities and its failure to file suspicious activity reports associated with those transactions.
Posted inRegulatory Enforcement
Ex-McKinsey partner pleads guilty to insider trading on Goldman Sachs deal
Former McKinsey & Co. Partner Puneet Dikshit pleaded guilty to using inside information to profit on the acquisition of a fintech company by client Goldman Sachs Group.
Posted inRisk Management
FinCEN seeking feedback on AML/CFT regime ahead of report to Congress
The Financial Crimes Enforcement Network has issued a request for information on ways to modernize the Bank Secrecy Act ahead of a report Treasury Secretary Janet Yellen must provide Congress by Jan. 1, 2022.
Posted inEurope
Grindr fined $7.2M for GDPR consent violations
The Norwegian Data Protection Authority announced a fine of NOK 65 million (U.S. $7.2 million) against gay dating app Grindr for sharing personal data with third parties without users’ consent.
Posted inAccounting & Auditing
WEX fined $350K over ICFR weaknesses
Financial technology service provider WEX agreed to pay $350,000 as part of a settlement with the SEC regarding violations of internal accounting control provisions in the federal securities laws at its former Brazilian subsidiary.
Posted inEurope
Societe Generale CEO to assume oversight of risk and compliance
The CEO of Société Générale will assume direct supervision of the risk and compliance control functions at the French multinational investment bank following the completion of remediation programs in line with two U.S. deferred prosecution agreements.
