News | Compliance Week – Page 10
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News BriefBondi-led DOJ sharply pivots away from prosecution of corporate FCPA violations
The U.S. Department of Justice under new Attorney General Pam Bondi will de-emphasize white collar misconduct linked to bribes and foreign corruption, instead prioritizing corruption cases linked to human smuggling and the trafficking of narcotics and firearms.
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News BriefApex Clearing Corp. to pay $3.2M over improper disclosures, distorting investor payouts
A clearing firm agreed to pay $3.2 million and certify that it put in place compliance measures under an agreement with the Financial Industry Regulatory Authority.
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News BriefArizona couple pleads guilty in vast $1.2B skin graft false claims case
Two owner-operators of three Arizona medical companies have pleaded guilty to billing more than $1.2 billion in false and fraudulent claims to Medicare and other government health programs in less than two years, the Department of Justice said.
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News BriefCFPB issues $2.5M penalty against Wise in last action of Chopra era
A fine by the Consumer Financial Protection Bureau (CFPB) against the U.S arm of London-based foreign exchange company Wise could be one of the agency’s final actions as a new regulatory regime reportedly froze rules and litigation amid calls for defunding.
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News BriefFBI, Europol shut down hacking sites selling personal info, tools for cybercriminals
Two massive hacking websites–where criminals sold everything from stolen social security numbers to tools for cybercriminals to gain access to computers–have finally been shut down by an international law enforcement team, the Department of Justice announced.
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News BriefFCA dings Infinox in first fine under U.K. capital market reforms of 2018
The U.K. Financial Conduct Authority issued a landmark fine against trading platform Infinox Capital for failing to report “high-risk” transactions, the first-ever enforcement under a 2018 law.
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News BriefKuCoin latest crypto firm to pay hefty price for violating BSA with $297M penalty
The Seychelles-based owner of cryptocurrency exchange KuCoin has agreed to pay nearly $300 million in penalties–and cease doing business in the U.S. for two years–to settle charges that it failed to properly monitor potential criminal activity on its network.
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News BriefDOJ indicts five in remote IT work scheme to circumvent North Korean sanctions
Five people, including two Americans, allegedly duped U.S. companies into hiring North Koreans for contract IT work, and funneled millions in U.S. dollars to the sanctioned regime, the Department of Justice said.
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News BriefEx-nursing home operator who defrauded Medicaid sentenced to 12 years in prision
The former operator of a Massachusetts homecare agency was sentenced to 12 years in prison for defrauding Medicaid of more than $100 million, the Department of Justice said.
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News BriefCPSC fines Google-owned Fitbit $12M for failing to report smartwatch burn hazard
The U.S. Consumer Product Safety Commission ordered Google-owned Fitbit to pay more than $12 million and comply with certain undertakings to settle allegations the company knowingly failed to report a serious burning hazard with its Ionic smartwatches.
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News BriefTrump gives TikTok 75-day reprieve after ban goes into effect
President Donald Trump signed an executive order Monday delaying the Department of Justice (DOJ) from enforcing the long-awaited TikTok ban. While the social media platform’s fate is still up in the air, Trump signaled his support for it being sold, with the U.S. as a “partner.”
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News BriefWalgreens ducked compliance, filled fake opioid prescriptions, DOJ suit alleges
Walgreens skimped on compliance and filled millions of prescriptions for narcotics that weren’t medically necessary, the Department of Justice alleged in a complaint against the company, first brought by four whistleblowers.
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News BriefFRC discloses probe of KPMG over 2022 audit of gambling company Entain
The U.K. Financial Reporting Council disclosed an investigation into KPMG’s audit of international sports betting and gambling company Entain Group.
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News BriefSEC fines LPL Financial $18M for failed due diligence on new, high-risk accounts
Broker-dealer LPL Financial will pay $18 million to settle charges by the Securities and Exchange Commission that its anti-money laundering program did not properly vet customers and failed to close or restrict thousands of high-risk accounts.
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News BriefAmex to pay $230M in penalties to resolve charges it deceived customers, banking partner
American Express will pay approximately $230 million in fines and penalties to settle allegations that it deceptively marketed credit card and wire transfer products, and also misrepresented the tax benefits of two payroll wire transfer products.
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News BriefWells Fargo fined $35M, Merrill Lynch $25M over improper cash sweeps
Wells Fargo and Merrill Lynch will pay $35 million and $25 million, respectively, to settle allegations by the Securities and Exchange Commission that their handling of investment accounts’ cash sweep programs violated federal law.
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News BriefGM sued by FTC for selling location and behavioral data without drivers' consent
General Motors failed to disclose to customers that it tracked their precise locations and driving behavior and sold the data to third parties, the Federal Trade Commission alleged in a proposed order.
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News BriefCash App owner Block to pay $175M over fraud caused by lax consumer protection practices
Block, the owner of Cash App and Square, will pay $175 million to settle allegations that its lax consumer protection practices put customers at high risk of fraud, the Consumer Financial Protection Bureau said.
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News BriefFTC orders Mobilewalla, Gravy Analytics to stop collecting geolocation data without permission
Two large data brokers, Mobilewalla and Gravy Analytics, collected billions of records containing sensitive geolocation and personal data of millions of people, and then sold it without their consent, the Federal Trade Commission said.
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News BriefSEC fines cannabis hedge fund $150K for bogus AML policies, ties to Russian oligarch Abramovich
Cannabis hedge fund Navy Capital Green Management agreed to pay $150,000 to settle charges levied by the Securirties and Exchange Commission that the firm misled investors about its AML/CFT policies and allowed a sanctioned Russian oligarch to invest.