News | Compliance Week – Page 28
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News BriefChange Healthcare cyberattack updates detail massive impact, costs
The massive cyberattack on Change Healthcare has potentially compromised the personal and protected health information of an untold number of Americans, according to parent company UnitedHealth Group.
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News BriefFCA publishes guidance on anti-greenwashing rule
The U.K. Financial Conduct Authority issued new guidance on how to comply with its upcoming anti-greenwashing rule, which is set to take effect May 31.
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News BriefBaFin fines Commerzbank $1.6M over supervision, AML lapses
Germany’s financial supervisory authority issued total fines of €1.45 million (U.S. $1.6 million) against Commerzbank AG to settle allegations of inadequate monitoring and anti-money laundering controls.
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News BriefOFAC fines SCG Chemicals unit $20M over Iran sanctions violations
A subsidiary of Thailand-based SCG Chemicals Co. agreed to pay a $20 million fine to the Office of Foreign Assets Control over “egregious” violations of sanctions against Iran.
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News BriefOFAC sanctions Israeli entities funding West Bank settler violence
The Office of Foreign Assets Control sanctioned two Israeli entities for establishing fundraising campaigns for extremists fomenting violence in the West Bank.
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News BriefSFO outlines five-year strategy amid ‘increasing pace of change’
The U.K.’s Serious Fraud Office said in a five-year strategic plan it’s “struggled to keep pace with demand” as ballooning casework shows no signs of slowing down.
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News BriefOCC cites three banks for risk management, BSA-related failures
The Office of the Comptroller of the Currency cited three banks for unsafe and unsound business practices that mirror issues similar to what spurred last year’s banking crisis.
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News BriefU.S. agencies launch portal for reporting anticompetitive healthcare practices
The Department of Justice’s Antitrust Division, the Federal Trade Commission, and the Department of Health and Human Services partnered to create an online portal for the public to report instances of anticompetitive practices in the healthcare sector.
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News BriefTreasury kicks off new wave of Iran sanctions
The Treasury Department announced new sanctions against Iran, with Treasury Secretary Janet Yellen promising “further actions in the days and weeks ahead” following the Middle East nation’s attack on Israel.
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News Brief
SEC risk alert warns investment advisers of marketing rule missteps
Examiners with the Securities and Exchange Commission found investment advisory firms have generally done well creating processes to comply with the agency’s amended marketing rule but some have fallen short in ensuring compliance.
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News BriefCFPB rule streamlines nonbank supervision designation process
The Consumer Financial Protection Bureau continued its push to establish supervisory authority over more nonbank financial companies with the adoption of a procedural rule to streamline the process for such designations.
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News BriefDOJ pilot floats NPAs for whistleblowers involved in corporate misconduct
The Department of Justice launched a new pilot program that encourages voluntary self-disclosure by corporate executives who are themselves involved in financial misconduct, with the incentive of a nonprosecution agreement for those who help an agency investigation.
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News BriefU.S. senator calls for Temu ban over forced labor, privacy concerns
Sen. Tom Cotton (R-Ark.) is calling on the Biden administration to investigate and ban Chinese e-commerce company Temu over forced labor and data privacy violation concerns.
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News BriefProterial Cable America earns DOJ declination in apparent fraud case
Proterial Cable America received a declination notice from the Department of Justice related to its voluntary self-disclosure and remediation of apparent fraud committed by its employees.
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News BriefFinCEN warns of fake U.S. passport cards used to commit fraud
The Financial Crimes Enforcement Network is warning financial institutions of counterfeit U.S. passport cards used to commit fraud and identity theft.
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News BriefFINRA orders Barclays unit to pay $700K over conflicts of interest
A Barclays unit agreed to pay $700,000 to settle allegations levied by the Financial Industry Regulatory Authority that its research analysts violated conflict-of-interest rules and the firm failed to sufficiently supervise their trades.
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News BriefU.S., U.K. ban new Russian metal imports
The U.S. Treasury Department, in coordination with the United Kingdom, is clamping down harder on Russia’s ability to wage war against Ukraine by banning the import of Russian-origin aluminum, copper, and nickel.
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News BriefSEC fines five investment advisers in marketing rule sweep
Five registered investment advisers agreed to pay a total of $200,000 in penalties for allegedly violating the Securities and Exchange Commission’s amended marketing rule.
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News BriefDOJ lawsuit charges Regeneron with inflating Medicare costs
New York-based Regeneron Pharmaceuticals is being sued by the Department of Justice for allegedly flouting Medicare’s price reporting requirements.
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News BriefTreasury proposal seeks to expand CFIUS enforcement authority
A proposal by the Treasury Department would allow the Committee on Foreign Investment in the United States to seek more information as part of its review activities and enable “substantially” larger penalties in instances of noncompliance with relevant regulations.