The Financial Industry Regulatory Authority fined broker-dealer Morgan Stanley $1 million over alleged documentation failures related to risk management controls and supervisory procedures involving violations of the Market Access Rule.
Third Party Risk
Posted inInternal Controls
Meta discloses potential CFPB lawsuit following probe into advertising, disclosure practices
Meta disclosed in a public filing that an investigation by the Consumer Financial Protection Bureau related to financial product advertising on platforms Instagram and WhatsApp may lead to a lawsuit.
Posted inRegulatory Enforcement
WisdomTree pays $4M SEC fine for including fossil fuel, tobacco securities in ESG funds
Fund management company WisdomTree will pay $4 million to settle allegations by the Securities and Exchange Commission that it improperly invested in fossil fuel and tobacco companies in environmental, social and governance (ESG) funds despite promising to avoid them.
Posted inData Privacy
Keys to a successful GenAI use policy: Clear roles, training, vendor management
For all the hype surrounding generative artificial intelligence, the technology has been met with a healthy skepticism in the compliance community. Compliance practitioners want to know: Is it safe? Can it be deployed ethically? Are the risks greater than the rewards? And what should an AI acceptable use policy contain?
Posted inAnti-Bribery
Raytheon parent RTX settles false claims, defective pricing, Qatar FCPA violations for $950M
The other shoe finally dropped for Raytheon and parent company RTX, as two U.S. regulators announced nearly $1 billion in penalties to settle defective pricing in defense contracts, false claims related to inflated prices on government contracts, and bribes paid to government officials in Qatar that violated the FCPA.
Posted inRegulatory Enforcement
DOJ orders Wynn Las Vegas to forfeit $130M over BSA/AML violations
Wynn Las Vegas agreed to forfeit $130 million to settle a range of criminal allegations, including allegedly helping foreign customers hide money transfers and shielding patrons from Bank Secrecy Act and anti-money laundering rules, the Department of Justice said.
Posted inRegulatory Enforcement
Bank of America unit reaches $3M settlement with FINRA over surveillance lapses
A subsidiary of Bank of America agreed to pay $3 million and take remedial measures to resolve allegations that its surveillance system didn’t detect manipulative trading, the Financial Industry Regulatory Authority said.
Posted inRegulatory Enforcement
Nordea Bank to pay $35M to resolve NYDFS probe into AML shortcomings
Finland-based Nordea Bank will pay $35 million to resolve an investigation by the New York Department of Financial Services into “significant compliance failures” in its anti-money laundering and Bank Secrecy Act program.
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Third party due diligence: A practical deep dive
A corporate code of conduct can be internally enforced, but how do you ensure third parties measure up to your values and requirements?
Posted inEthics & Culture
How are you keeping up? The adoption of AI in compliance
Artificial intelligence is rapidly transforming the business landscape, and this is especially true for anyone working in compliance. But while AI offers immense potential to streamline processes, enhance decision-making, and mitigate risks, it also introduces a new set of challenges that compliance professionals must navigate.