News | Compliance Week – Page 10
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News BriefDOJ offers antitrust compliance guidance in ECCP update
The Department of Justice has added antitrust compliance guidance in an update to its Evaluation of Corporate Compliance Programs.
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News BriefAdani Group CEO, seven business executives charged in huge $250M bribery scheme
Eight business executives, including the billionaire owner of Indian energy company Adani Group, were charged with fraud for their alleged roles in a multi-million bribery scheme to win a solar energy contract in India.
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News BriefTrump picks Dr. Oz to run massive Medicare, Medicaid agencies
Dr. Mehmet Oz, President-elect Donald Trump’s pick to lead the Centers for Medicare and Medicaid Services, has a mandate from Trump to “take on the illness industrial complex” and to cut costs.
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News BriefDOJ recommends Google sell Chrome browser to break up monopoly
Three months after a U.S. district judge declared Google to be running a monopoly, the Department of Justice recommended the tech giant be forced to sell off its popular Chrome browser as part of an effort to resolve antitrust concerns and reshape the power of tech’s biggest companies.
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News BriefSEC Chair Gary Gensler to step down Jan. 20 after busy, controversial tenure
Securities and Exchange Commission Chair Gary Gensler will step down from his position as the top U.S. regulator of Wall Street when Donald Trump is sworn in as president on Jan. 20, ending weeks of speculation about his future.
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News BriefFinal CFPB rule requires Big Tech pay apps to comply with bank rules
Big Tech digital payment apps will be subjected to increased oversight and requirements–similar to that of banks and credit unions–under a finalized rule by the Consumer Financial Protection Bureau.
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News BriefFederal Reserve Bank of Richmond examiner pleads guilty to insider trading
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
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News BriefDrexel Hamilton to pay $1.1M, four employees fined for ‘flipping’ municipal bonds
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
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News BriefBIT Mining changes business model, pays $10M fine to resolve FCPA violations
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
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News BriefMetLife subsidiary fined $178K by OFAC for issuing premiums to Iran-controlled entities
A subsidiary of MetLife will pay more than $178,000 for violating U.S. sanctions on Iran when it provided insurance policies to entities in the United Arab Emirates owned or controlled by Iran.
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News BriefDrug company and CEO pay $47 million over alleged kickbacks and false claims
A pharmaceutical company and its chief executive have agreed to pay $47 million to settle allegations first brought by whistleblowers, that the company paid kickbacks and filed false claims, the Department of Justice said.
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News BriefEuropean Commission accuses Meta of anticompetive practices, issues $841M fine
Meta, the parent company of Facebook, has been fined nearly 798 million euros (U.S. $841 million) by the European Commission to resolve the agency’s long-running investigation into alleged “abusive practices” by Facebook Marketplace.
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News BriefFinCEN alerts financial institutions to be wary of AI-enabled deepfakes
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued an alert to financial institutions about their obligations to report deepfakes, warning artificial intelligence has given bad actors additional tools in their arsenal.
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News BriefCFTC cites ‘unreasonably delayed reporting’ for unevenly split $4M whistleblower award
“Unreasonably delayed reporting” cost one of two claimants whom will unevenly split a $4 million whistleblower award from the Commodity Futures Trading Commission for providing information that led to a successful enforcement action.
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News BriefDOJ orders Paragon Systems, subsidiary to pay $54M over front company contracts scheme
Paragon Systems, a Virginia-based security contractor, and a subsidiary will pay nearly $54 million to resolve allegations that its corporate executives–including its compliance manager–conspired to win Department of Homeland Security contracts by creating fraudulent small business front companies.
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News BriefFCA slaps Metro Bank with $21M fine for inadequate AML monitoring
The U.K. Financial Conduct Authority has fined Metro Bank 16.6 million pounds (U.S. $21 million) for an alleged failure by its automated system to adequately monitor money laundering risks.
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News BriefSpanish telecomm Telefónica S.A. fined $85M over bribes to government officials in Venezuela
A subsidiary of Spanish telecommunications provider Telefónica S.A. will pay $85.2 million to settle a charge that it violated the Foreign Corrupt Practices Act when it paid bribes to Venezuelan officials to gain preferential access to a currency auction.
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News BriefSEC orders Invesco to pay $17.5M over misleading investors about ESG assets
Invesco Advisors agreed to pay $17.5 million to the Securities and Exchange Commission to settle allegations that the company misled investors about the extent of its assets that included environmental, social, and governance factors.
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News BriefNavy Federal Credit Union to pay $95M in fines, redress over ‘surprise’ overdraft fees
Navy Federal Credit Union will pay a $15 million fine and return $80 million in “surprise” overdraft fees to its members to resolve an enforcement action from the Consumer Financial Protection Bureau.
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News BriefU.K. sanctions 56 entities connected to Russia’s 'war machine'
The U.K. has issued 56 new sanctions against entities and individuals involved with Russia’s war effort, including several private mercenary groups operating in Africa that are connected to the Kremlin.