News | Compliance Week – Page 24
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News BriefU.S. BOI efforts earn it upgraded rating from FATF
The United States’s progress on implementing the beneficial ownership information reporting requirements contained within the Corporate Transparency Act earned it praise from the intergovernmental Financial Action Task Force.
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News Brief
Advisor Resource Council to pay $300K over compliance lapses
Advisor Resource Council agreed to pay a $300,000 penalty to resolve charges levied by the Securities and Exchange Commission of compliance failures exacerbated by staffing woes.
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News BriefEquinix probing short seller accusations amid DOJ scrutiny
Data center owner Equinix disclosed it launched an independent investigation to review matters referenced in a recent short seller report that also caught the attention of the Department of Justice.
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News BriefSEC charges attorney over independence violations post-compliance engagement
The Securities and Exchange Commission charged a New York-based attorney for allegedly engaging in improper conduct by violating her obligations to remain independent after preparing an independent compliance report for a company.
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News BriefDOT launches first data privacy review of 10 biggest airlines
The U.S. Department of Transportation is looking to thwart the nation’s 10 largest airlines from monetizing passenger data or selling it to third parties.
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News BriefBIS rule expands export control restrictions on OFAC sanctioned entities
The Bureau of Industry and Security adopted a final rule to extend its export restrictions across more entities and individuals designated under certain sanctions programs maintained by the Office of Foreign Assets Control.
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News BriefAdani Group on defense over reports of FCPA probe
Indian conglomerate Adani Group said it is aware of an investigation by the U.S. Department of Justice into bribery allegations against a “third party” but denied a relationship with it.
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News BriefPCAOB fines KPMG China partners combined $150K over audit violations
The Public Company Accounting Oversight Board imposed collective fines totaling $150,000 against three partners at KPMG China for violations of standards related to their audit work at education service provider Tarena International.
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News BriefShort seller accuses Equinix of ‘selling AI pipe dream,’ accounting manipulation
Data center owner Equinix boasts artificial intelligence as a boon to business when power consumption costs related to implementing AI could be detrimental to its profitability, according to short seller Hindenburg Research.
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News BriefEx-Stericycle finance director charged for bribery scheme role
A former finance director at medical waste disposal company Stericycle faces Department of Justice charges for his alleged role in a bribery scheme that led the company to an $84 million settlement regarding violations of the Foreign Corrupt Practices Act.
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News BriefDeutsche Bank dinged $54K over IT incident reporting
Deutsche Bank was assessed a penalty of €50,000 (U.S. $54,000) by Germany’s financial supervisory authority for its alleged miscommunication of a 2023 information technology security incident.
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News BriefFINRA fines M1 Finance $850K in first influencer promos case
The Financial Industry Regulatory Authority fined Chicago-based financial technology company M1 Finance $850,000 as part of a settlement addressing alleged improper use of a social media influencer program.
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News BriefGenesis penalized $21M by SEC for sale of unregistered securities
Crypto firm Genesis Global Capital agreed to pay a $21 million civil penalty to the Securities and Exchange Commission to settle charges that the Gemini Earn investment program was an unregistered security offering.
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News BriefCFTC dings U.S. Bank, Oppenheimer over off-channel comms violations
The Commodity Futures Trading Commission announced settlements with U.S. Bank and Oppenheimer & Co. for admitted recordkeeping and supervision failures regarding employee use of off-channel communications for conducting business.
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News BriefDelphia, Global Predictions fined by SEC in ‘AI washing’ cases
Delphia USA and Global Predictions agreed to pay a total of $400,000 to settle charges by the Securities and Exchange Commission the firms each engaged in artificial intelligence misrepresentations that misled clients about how they were using the technology.
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News BriefDeparting ABN AMRO risk chief says climate, cyber among priorities
Tanja Cuppen, chief risk officer of ABN AMRO, shared her view on the Dutch bank’s biggest risk focus areas and the accomplishments of her tenure a month ahead of her planned departure.
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News BriefCFTC awards $1.25M to compliance/audit whistleblower
The Commodity Futures Trading Commission announced a landmark whistleblower award of approximately $1.25 million to an individual in an internal compliance or audit function who came forward with information on misconduct occurring at his or her employer.
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News BriefEFG International settles Cuba, blocked persons U.S. sanctions case
Swiss-based global private banking group EFG International agreed to pay more than $3.7 million as part of a settlement with the Office of Foreign Assets Control addressing apparent violations of U.S. sanctions against Cuba and two blocked individuals.
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News BriefChange Healthcare facing HHS probe following crippling cyberattack
Change Healthcare, a health payment processor hit by a crippling cyberattack in February, is under investigation by the Department of Health and Human Services’ Office for Civil Rights.
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News Brief
JPMorgan fined $348M by OCC, Fed over trade surveillance lapses
JPMorgan Chase will pay $348.2 million in fines to settle allegations laid by two federal banking regulators that it failed to adequately monitor trading and order activity.