News | Compliance Week – Page 11
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News BriefSwedish DPA fines Spotify $5.4M for ‘low level’ GDPR lapses
Sweden’s data protection authority levied a fine of 58 million Swedish krona (U.S. $5.4 million) against music streaming service Spotify following an audit on how the company handles customers’ rights to access their personal data.
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News BriefSEC charges Sabby Management over short sales
New Jersey-based investment adviser Sabby Management and its managing partner were charged by the Securities and Exchange Commission with engaging in a fraudulent short selling scheme involving the stocks of nearly a dozen public companies.
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News BriefOCC soliciting input on proposed trust in banking survey
The Office of the Comptroller of the Currency announced a request for information to implement an annual survey aimed at tracking public trust in banking and bank supervision.
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News BriefJPMorgan to pay $290M to settle Jeffrey Epstein class action
JPMorgan Chase announced it reached an agreement in principle to settle claims made in a class-action lawsuit regarding the bank’s ties to convicted sex offender Jeffrey Epstein.
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News BriefPharmacy holding company CCO convicted in $50M Medicare fraud
Steven King, the chief compliance officer of a defunct pharmacy holding company, was found guilty of conspiracy to commit healthcare fraud and wire fraud for unnecessarily billing Medicare for more $50 million in medical supplies.
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News BriefTreasury to review its compliance, enforcement efforts
The Treasury Department announced steps it is taking to improve its own compliance efforts, including a reassessment of the way it pursues enforcement actions.
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News BriefSEC risk alert expands marketing rule exam focus areas
The Securities and Exchange Commission is expanding its examination focus regarding investment advisers’ compliance with its new marketing rule.
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News BriefBanking regs seek consistency via new TPRM guidance
U.S. banking regulators combined to issue final guidance on managing the risks of third-party relationships that replaces the previous documentation each agency released individually.
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News BriefCFPB: ‘Poorly deployed’ AI chatbots harming banking customer service
The Consumer Financial Protection Bureau flagged risks regarding expanded use of chatbots by financial institutions, specifically for customer service purposes.
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News BriefSEC rule prohibits manipulating CCOs at security-based swaps
The Securities and Exchange Commission adopted two rules aimed at curbing potential misconduct in the security-based swaps market.
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News BriefFlorida marks 10 U.S. states with data privacy laws
Florida became the 10th U.S. state to pass a comprehensive consumer data privacy bill, though its law will only apply to larger businesses with more than $1 billion in annual revenue.
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News BriefPCAOB proposal puts pressure on auditors to find fraud
The Public Company Accounting Oversight Board proposed standard updates that would require auditors to enhance scrutiny toward potential instances of company noncompliance, including fraud, in their audit work.
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News BriefSEC continues crusade against crypto with Coinbase charges
The Securities and Exchange Commission continued its crackdown on the digital asset industry, charging cryptocurrency exchange Coinbase with violating federal securities laws.
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News BriefCantaloupe fined $1.5M in SEC accounting fraud case
Electronic payments software company Cantaloupe agreed to pay a $1.5 million penalty to settle allegations of accounting fraud levied by the Securities and Exchange Commission arising from improper revenue recognition practices.
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News BriefMicrosoft to pay $20M in FTC settlement over Xbox COPPA lapses
Microsoft agreed to pay $20 million as part of a settlement with the Federal Trade Commission addressing allegations its Xbox video game platform illegally collected and retained the personal information of children.
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News BriefSEC charges Binance, founder in latest crypto crackdown
The Securities and Exchange Commission charged Binance Holdings, its U.S.-based affiliate BAM Trading Services, and their founder Changpeng Zhao with a series of securities law violations, including operating unregistered exchanges.
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News BriefSEC dismisses 42 cases after improper access findings
The Securities and Exchange Commission dismissed proceedings in 42 enforcement cases after disclosing improper staff access to restricted records at the agency occurred on a wider scale than initially identified.
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News BriefTenet-affiliated health systems to pay $30M in DOJ kickback case
Tenet Healthcare, Vanguard Health Systems, and the Detroit Medical Center agreed to pay $29.7 million as part of a settlement with the Department of Justice addressing allegations they provided kickbacks to doctors who made referrals to their health organizations.
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News BriefMicrosoft reserves $425M for LinkedIn GDPR penalty
Microsoft will reserve $425 million to pay a potential fine from the Irish Data Protection Commission regarding alleged violations of the General Data Protection Regulation by its social media subsidiary, LinkedIn.
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News BriefFTC orders Amazon pay $30M for alleged Alexa, Ring privacy violations
Amazon is set to pay more than $30 million comprised of a civil penalty and consumer refunds to resolve two separate cases alleging privacy violations regarding its Alexa voice assistant service and Ring doorbell subsidiary.