News | Compliance Week – Page 15
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News BriefPCAOB penalizes CohnReznick for late disclosure of SEC fine
Audit firm CohnReznick agreed to pay a $20,000 fine levied by the Public Company Accounting Oversight Board for allegedly disclosing late a penalty it received from the Securities and Exchange Commission.
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News BriefBank of America to pay $230M over junk fees, fake accounts
Bank of America agreed to pay approximately $230 million to settle charges levied by the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency over alleged junk fees, withheld credit card rewards, and the opening of fake accounts.
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News BriefMerrill Lynch fined $12M over SARs filing failures
Merrill Lynch was assessed penalties totaling $12 million by the Securities and Exchange Commission and Financial Industry Regulatory Authority for allegedly failing to file nearly 1,500 required suspicious activity reports over the course of a decade.
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News BriefADT discloses ICFR weaknesses related to impairment calculations
Home security company ADT said it will restate several of its recent financial statements after discovering errors in its calculation of goodwill impairment losses at its solar reporting unit.
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News BriefEU adopts Privacy Shield replacement for U.S. data transfers
The European Commission announced it adopted a new agreement with the United States to allow for transatlantic data flows without fear of violating the European Union’s General Data Protection Regulation.
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News BriefG7 task force to aid crack down on corruption in Ukraine
The Group of Seven justice ministers announced a Japan-led joint task force to “help Ukraine strengthen the rule of law and fight corruption,” according to U.S. Deputy Attorney General Lisa Monaco.
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News BriefEU proposal eyes clearer GDPR cross-border case guidelines
The European Commission seeks to combat longstanding issues under the General Data Protection Regulation regarding cross-border cases with new proposed rules.
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News BriefSEC orders Future FinTech Group to pay $1.65M over accounting lapses
Future FinTech Group agreed to pay $1.65 million to settle charges levied by the Securities and Exchange Commission for filing materially inaccurate annual reports and failing to maintain adequate books, records, and internal control over financial reporting.
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News BriefSmart window-maker View avoids penalty in liability disclosure case
View, a California-based manufacturer of smart windows, avoided civil penalties after self-reporting apparent disclosure violations to the Securities and Exchange Commission.
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News BriefPwC Australia removes chief risk officer after tax scandal review
PwC Australia exited eight partners, including its former chief risk and reputation officer, following an investigation into the sharing of confidential government tax policy information at the firm.
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News BriefCourt delays enforcement of CCPA changes to March 2024
Changes to the California Consumer Privacy Act expected to take effect July 1 have been stayed until March 2024 following a ruling from the Sacramento County Superior Court.
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News BriefCFTC assembles task forces to combat cyber and tech issues, ESG fraud
The Enforcement Division of the Commodity Futures Trading Commission announced it established two new task forces to combat cyberattacks and misuse of technology and environmental fraud.
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News BriefCCO among 12 individuals charged in DOJ, SEC insider trading sweep
The Department of Justice and Securities and Exchange Commission announced charges against a dozen individuals across four separate insider trading cases, including an alleged scheme involving the chief compliance officer of an international payment processing company.
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News BriefCenCal Health to pay $49.5M in wider DOJ false claims case
County-organized health system CenCal Health and three other healthcare providers agreed to pay a total of $68 million across settlements with the Department of Justice regarding alleged false claims submitted under California’s Medicaid program.
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News BriefPwC, KPMG fined over audit lapses at Eddie Stobart Logistics
The U.K. Financial Reporting Council separately penalized Big Four audit firms PwC and KPMG for deficiencies in their work at transport company Eddie Stobart Logistics for the financial years ended 2018 and 2017, respectively.
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News BriefLawsuit: Ex-FTX CCO bribed whistleblowers into silence
The former chief compliance officer at cryptocurrency exchange FTX paid off whistleblowers and their lawyers trying to expose the company’s fraud, according to a lawsuit filed in bankruptcy court by FTX and its debtors.
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News BriefACI Worldwide fined $25M for lax data handling, unauthorized transactions
The Consumer Financial Protection Bureau ordered ACI Worldwide to pay a $25 million fine for improper data handling that led to approximately $2.3 billion in erroneous mortgage payment transactions.
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News BriefAPRA pressures Medibank on cyber enhancements post-breach
The Australian Prudential and Regulation Authority will require Medibank Private to hold 250 million Australian dollars (U.S. $166 million) in extra capital until the insurer remediates identified cybersecurity weaknesses after a significant data breach.
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News BriefTreasury report recommends stricter supervision of insurers’ climate risks
The Treasury Department’s Federal Insurance Office issued a report on gaps in how states supervise and assess climate-related risks among insurers.
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News BriefCiting SVB failure, bill proposes big bank chief risk officer mandates
A bill proposed by a House Democrat would require large banks to have a chief risk officer and notify relevant regulators when the position becomes vacant.