News | Compliance Week – Page 29
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News BriefAon unit to pay $1.5M for misleading pension fund
Aon Investments USA and its former partner agreed to pay nearly $1.6 million in combined penalties to settle charges by the Securities and Exchange Commission that they misled a Pennsylvania school pension fund.
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News BriefSPAC to avoid $1.5M SEC fine for failing to disclose pre-IPO merger talks
Northern Star Investment Corp. II faced a penalty of $1.5 million to settle charges laid by the Securities and Exchange Commission that it made misleading statements in its January 2021 initial public offering.
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News BriefCFTC seeking comment on applications of AI in compliance
The Commodity Futures Trading Commission would like to learn more about how regulated entities might be using artificial intelligence in their compliance efforts, along with other applications.
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News BriefICO seeking input on generative AI to inform guidance
The U.K. Information Commissioner’s Office is seeking input from developers, users, and those interested in generative artificial intelligence to help inform policy and guidance regarding the technology.
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News BriefEx-DOJ Criminal Division head Polite to lead Tavistock Group compliance review
Private equity company Tavistock Group announced the retention of law firm Sidley Austin to conduct a compliance review, the same week that its billionaire founder pleaded guilty to U.S. insider trading charges.
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News BriefFINRA report highlights crypto communication violations
The Financial Industry Regulatory Authority announced it uncovered potential violations of its disclosure rules in 70 percent of crypto asset communications reviewed during a targeted exam.
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News BriefAmazon unit fined $35M under GDPR for employee productivity tracking
Amazon’s warehouse management arm in France was assessed a penalty of €32 million (U.S. $35 million) for violating the General Data Protection Regulation by excessively tracking the productivity of employees.
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News BriefADM puts CFO on leave pending accounting probe
Food processing company ADM announced Chief Financial Officer Vikram Luthar was placed on administrative leave pending an investigation into accounting practices and procedures flagged by the Securities and Exchange Commission.
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News BriefFRC ups board responsibilities in corporate governance code revisions
The Financial Reporting Council held back on the latest round of updates to the U.K.’s corporate governance code, as the country remains wary of pushing away businesses and investors.
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News BriefNYDFS: Banks must vet execs, including CCOs, ‘not just upon hiring’
The New York State Department of Financial Services released final guidance on how banks and non-depository financial institutions should vet executives, including chief compliance officers, before and during their employment.
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News BriefHilcorp San Juan to pay $35M for royalty payment false claims
Hilcorp San Juan agreed to pay $34.6 million as part of a settlement with the Department of Justice addressing allegations of False Claims Act violations regarding underpaid royalties on oil and natural gas produced from federal lands.
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News BriefWells Fargo unit fined $425K by FINRA over trade disclosures
Wells Fargo Securities agreed to pay a $425,000 penalty as part of a settlement with the Financial Industry Regulatory Authority addressing allegations of disclosure lapses affecting millions of trade confirmations and related supervisory failures.
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News BriefVF discloses data breach impacted 35.5M customers
Apparel company VF Corp., the owner of brands including The North Face, Vans, and Timberland, disclosed its estimation approximately 35.5 million customers had their personal data stolen as part of a cybersecurity incident it uncovered in December.
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News BriefICBC fined $32M by NYDFS, Fed over compliance lapses
The Industrial and Commercial Bank of China and its New York branch agreed to pay $32.4 million in penalties levied by two regulators for failing to address compliance failures and for the unauthorized disclosure of confidential supervisory information to an overseas regulator.
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News BriefRobinhood Financial to pay $7.5M in Mass. settlement
Online stock trading platform and broker-dealer Robinhood Financial agreed to pay a $7.5 million fine as part of a settlement with the Commonwealth of Massachusetts addressing claims related to “gamification” of its platform and cybersecurity issues that lent to a 2021 data breach.
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News BriefEU nearing tighter AML rules for crypto, luxury traders
The European Union moved closer to finalizing rules that would expand current anti-money laundering and customer due diligence obligations to new sectors, in addition to granting greater powers to national financial intelligence units.
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News BriefCourt bumps Gen Digital false claims judgment to $53M
An opinion in a long-running court case involving software company Gen Digital and alleged violations of the False Claims Act saw proposed costs in the matter jump from $1.3 million to approximately $53 million following successful arguments by the U.S. government.
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News BriefNYDFS proposes AI use guidance for insurers
The New York State Department of Financial Services issued for public comment guidance for insurers operating in the state regarding their use of artificial intelligence systems and other predictive technologies.
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News BriefSilver Lake Hospital to pay $19M over Medicare false claims
New Jersey-based Silver Lake Hospital agreed to pay more than $18.6 million as part of a settlement with the Department of Justice addressing allegations of false claims submitted to Medicare for inpatient cost outlier payments.
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News BriefGenesis Global Trading fined $8M by NYDFS over AML, cyber lapses
Virtual currency brokerage firm Genesis Global Trading agreed to pay an $8 million penalty levied by the New York State Department of Financial Services for alleged compliance failures that left it vulnerable to illicit activity and cybersecurity threats.