News | Compliance Week – Page 15
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News Brief
FSOC framework details considerations of financial stability risks
A new analytic framework approved by the Financial Stability Oversight Council seeks to provide further clarity into how the U.S. financial system is monitored for potential financial stability risks.
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News Brief
Singapore bank DBS says $74M exposure from money laundering scandal
The chief executive officer of DBS, Singapore’s largest bank, acknowledged exposure of about 100 million Singapore dollars (U.S. $74 million) related to the city-state’s money laundering scandal.
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News Brief
SEC, Canadian regs fine RBC $6M for accounting failures
Royal Bank of Canada will pay $6 million in total penalties to settle charges from the Securities and Exchange Commission and two Canadian regulators that it failed to properly record software development costs for more than a decade.
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News Brief
SEC adopts rule requiring security-based swap execution facilities register, name CCO
The Securities and Exchange Commission approved new regulations for security-based swap execution facilities, part of the agency’s steady progress in implementing languishing rules from the Dodd-Frank Act.
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News Brief
SEC charges president, CCO of Prophecy Asset Management with fraud
The president and chief compliance officer of investment adviser Prophecy Asset Management misled investors about more than $350 million in losses while pocketing millions in management and incentive fees, according to the Securities and Exchange Commission.
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News Brief
Amended N.Y. cyber regs up pressure on financial firms to combat risks
New York will require financial institutions to conduct risk assessments more often and improve governance under a broad update to the state’s cybersecurity regulations.
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News Brief
CFTC: ‘Majority’ of FY23 whistleblower cases related to crypto fraud
Most of the whistleblower tips received by the Commodity Futures Trading Commission in fiscal year 2023 related to fraud and misappropriation of crypto/digital assets.
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News Brief
HealthSun Health Plans earns DOJ declination in employee fraud case
The impact of the Department of Justice’s voluntary self-disclosure program was on display in the agency’s declination of an enforcement action against Florida-based health insurance company HealthSun Health Plans for apparent fraud committed by its employees and agents.
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News Brief
Medical management company to pay $100K in landmark HHS ransomware case
Doctors’ Management Service agreed to pay $100,000 in settling the first ransomware agreement under the Health Insurance Portability and Accountability Act reached by the Department of Health and Human Services’ Office for Civil Rights.
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News Brief
Wells Fargo’s cash sweep program under SEC investigation
Wells Fargo disclosed it is under investigation by the Securities and Exchange Commission regarding cash sweep options it provides to new investment advisory clients.
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News Brief
GE HealthCare discloses FCPA reviews into China activities
GE HealthCare said it is cooperating with reviews by the Department of Justice and Securities and Exchange Commission into potential violations of the Foreign Corrupt Practices Act in China.
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News Brief
Nostrum Labs, CEO to pay up to $50M in DOJ false claims case
Pharmaceuticals firm Nostrum Laboratories and its founder and chief executive officer could pay up to $50 million as part of a settlement with the Department of Justice addressing alleged violations of the False Claims Act by underpaying Medicaid rebates.
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News Brief
SolarWinds cries SEC ‘overreach’ in fraud lawsuit against company, CISO
SolarWinds will contest a lawsuit brought by the Securities and Exchange Commission against it and its chief information security officer alleging fraud and internal control failures related to the software company’s cyberattack reported in 2020.
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News Brief
Mohawk says no SEC enforcement regarding $60M securities litigation
Flooring manufacturer Mohawk Industries disclosed it does not expect to face enforcement from the Securities and Exchange Commission regarding allegations of violations of securities laws raised in a class-action lawsuit that the company agreed to pay $60 million to settle.
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News Brief
FATF’s AML/CFT watchlist adds Bulgaria, drops 4 others
Bulgaria is the latest country to be identified by the Financial Action Task Force as a jurisdiction under increased monitoring for money laundering and terrorist and proliferation financing.
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News Brief
Biden executive order aims to cut AI risk while boosting safe use
Companies that design powerful artificial intelligence systems must perform safety tests on the programs and share results with the U.S. government under a sweeping executive order intended to make AI safe while furthering robust innovation.
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News Brief
FTC tweaks Safeguards Rule to address data breaches
Nonbank financial institutions must report certain data breaches to the Federal Trade Commission within 30 days of discovery under a new amendment to the agency’s Safeguards Rule.
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News Brief
CFTC, French AMF reaffirm collaboration on market oversight
The Commodity Futures Trading Commission and France’s Autorité des marchés financiers signed a new agreement to continue collaboration regarding the supervision and oversight of firms that operate on a cross-border basis in the United States and France.
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News Brief
FCA flags potential regulatory breaches at NatWest regarding Farage scandal
An independent review into how NatWest handled the closure of politician Nigel Farage’s Coutts account uncovered potential regulatory breaches by the bank that are on the radar of the U.K. Financial Conduct Authority.
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News Brief
OFAC sanctions more investment entities linked to Hamas
The Treasury Department’s Office of Foreign Assets Control imposed a second round of sanctions on investment entities believed to be funding the terrorist organization Hamas.