All articles by Kyle Brasseur – Page 32
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ArticleCommunityBank 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.
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ArticleSenate 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.
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ArticleWedbush 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.
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ArticleEx-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.
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ArticleFinCEN 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.
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ArticleGrindr 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.
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ArticleWEX 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.
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ArticleSociete 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.
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ArticleTen things I’d like to see happen in 2022 (2021 in review)
ESG and cryptocurrency figure to be key topics in 2022, but we’re also keeping an eye on President Biden’s anti-corruption efforts, details on Amazon’s record GDPR fine, the status of Facebook’s first CCO, and more.
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ArticleSEC staff stresses importance of fallback language in LIBOR transition
Companies looking to avoid running afoul of the SEC in their LIBOR transition efforts would be wise to include fallback language in their contracts and investments that reference the soon-expiring benchmark rate.
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ArticleFive compliance triumphs from 2021
A key CCO appointment, a company committed to transparency, and a bank that spent big on improving its AML controls highlight CW’s annual list of laudable ethics and compliance moments.
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ArticleAmerican Renal Associates to pay $2M in accounting fraud case
American Renal Associates Holdings has agreed to pay $2 million to settle Securities and Exchange Commission charges of accounting fraud allegedly perpetrated by three former financial executives at the dialysis provider.
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ArticleFRC closes Conviviality accountant investigation; KPMG probe continues
The U.K. Financial Reporting Council announced the end of an investigation into an accountant that prepared and approved financial statements at collapsed alcohol retailer Conviviality.
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ArticleFASB proposes CECL disclosure updates
The Financial Accounting Standards Board announced a proposed update aimed to enhance disclosures regarding troubled debt restructuring and gross writeoffs under its credit losses standard.
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ArticleGoDaddy data breach affects 1.2M customers
Web hosting company GoDaddy announced an unauthorized third party obtained the email addresses and customer numbers of up to 1.2 million users after improperly accessing its Managed WordPress hosting environment.
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ArticleFinCEN notice warns banks of environmental crime
The Financial Crimes Enforcement Network issued a notice to banks and other financial institutions calling attention to what it has identified as a rising trend in environmental crimes.
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PremiumInside the Mind of the CCO: New responsibilities come to fore in 2021
For the third straight year, respondents to our “Inside the Mind of the CCO” survey indicated lack of support and resources as the No. 1 part of their job that keeps them up at night. It’s cause for concern, especially as the role’s mandate grows.
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ArticleFASB update improves discount rate guidance under leases standard
The Financial Accounting Standards Board issued an update to its leases standard regarding discount rate guidance for lessees that are not public business entities.
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ArticleFASB passes on third leases delay
The Financial Accounting Standards Board declined providing private companies and certain not-for-profit organizations a third date delay to its leases standard, which is scheduled to take effect fiscal years beginning after Dec. 15, 2021.
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ArticleIAB Europe expecting to be found in violation of GDPR
The European arm of the Interactive Advertising Bureau released a statement acknowledging it expects to be found in violation of the EU’s General Data Protection Regulation regarding its Transparency and Consent Framework.