News | Compliance Week – Page 19
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News BriefDOJ lawsuit alleges TikTok ignored order to enhance COPPA compliance
TikTok is in hot water with the Department of Justice and Federal Trade Commission over widespread failures to comply with a 2019 consent order to enhance compliance with children’s privacy laws.
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News BriefWells Fargo discloses AML, sanctions programs under investigation
Wells Fargo disclosed in a public filing its anti-money laundering and sanctions programs are under investigation, adding to the already long list of compliance issues plaguing the bank.
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News BriefAvantor agrees to pay $5.3M to settle false claims, chemicals reporting violations
Laboratory supply company Avantor agreed to pay $5.3 million to settle allegations, first brought by a whistleblower, that it overcharged four federal agencies and failed to comply with chemical regulations, the Department of Justice said.
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News BriefInterpol to launch AML pilot program in Africa by 2025
The International Police Organization will launch a pilot anti-money laundering initiative in Africa that will trace and recover funds stolen by corrupt officials and criminals.
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News BriefMeta reaches $1.4B settlement over Texas biometric data privacy lawsuit
Meta agreed to pay $1.4 billion to the state of Texas to settle allegations regarding the unauthorized capture and use of personal biometric data of state residents.
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News BriefCFPB lawsuit: Rent-a-Center affiliate used dark patterns to trick customers
A nationwide rental outlet affiliated with Rent-a-Center and its chief executive have been sued by the Consumer Financial Protection Bureau for allegedly deceiving five million consumers about the terms of credit agreements.
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News BriefOFAC sanctions entities providing electronic components for Iranian weapons
Five individuals and seven entities in Iran, China, and Hong Kong have been targeted for U.S. sanctions by the Treasury Department’s Office of Foreign Assets Control for helping to obtain components used in Iran’s missles and drones.
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News BriefFCC fines Charter Communications $15M over failing to report 911 outages
Charter Communications agreed to pay $15 million and put in place a “robust” compliance plan, including cybersecurity upgrades, to settle allegations it didn’t comply with emergency 911 and network outage notification rules, the Federal Communications Commission announced.
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News BriefFCA wants input on how Consumer Duty overlaps with existing rules
The U.K. Financial Conduct Authority is asking for input on which of its existing rules for financial services overlap with the year-old consumer duty rule, with an eye toward streamlining and simplifying both rule packages.
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News BriefWestern International Securities to pay $1.5M over repeated supervision failures
The Financial Industry Regulatory Authority ordered Western International Securities to pay $1.5 million for failing to implement a supervisory system to detect and respond to excessive trading, the firm’s fifth consent order with the regulator since 2019.
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News BriefOSHA orders Maersk to pay $707K over suspending, firing whistleblower
Global shipping giant Maersk Line Limited agreed to pay more than $707,000 and reinstate a seaman who was terminated after he alerted a federal regulatory agency about alleged safety violations, the U.S. Department of Labor’s Occupational Safety and Health Administration said.
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News BriefSEC awards $37M to whistleblower who was retaliated against by supervisors
The Securities and Exchange Commission announced its second $37 million whistleblower award in as many weeks with four claimants vying for the payout, but only one reaping the benefits.
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News BriefState Street to pay $7.5M to settle Russia sanctions violations by subsidiary
State Street Bank & Trust Co. will pay a $7.5 million fine to settle allegations by the Treasury Department’s Office of Foreign Assets Control that a subsidiary violated sanctions against Russia.
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News BriefBanking regs issue guidance on risks posed by bank-fintech relationships
Three federal banking regulators issued guidance on the risks posed by the use of third-party financial technology firms to deliver bank deposit products and services to customers.
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News BriefRaytheon parent reserves $1.24B over improper payments, export control violations
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
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News BriefFCA fines Coinbase subsidiary $4.5M over providing service to high-risk customers
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
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News BriefDOJ orders Admera Health to pay $5.5M to settle kickback allegations
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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News BriefCFPB warns against censoring whistleblowers via broad NDAs
The Consumer Financial Protection Bureau is warning companies against intimidating potential whistleblowers by forcing them to sign broad nondisclosure agreements to deter misconduct from coming to light.
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News BriefDOJ orders Prysmian unit to pay $920K over alleged fabricated tests to military
Prysmian Cables and Systems USA agreed to pay $920,000 to settle allegations it falsified tests and compliance certifications concerning cable it sold to the U.S. military for use in vehicles, the Department of Justice said.
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News BriefOFAC sets Aug. 2 deadline for firms to report Russian sovereign assets
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.