News | Compliance Week – Page 3
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News BriefTreasury announces plan to narrow CTA's scope; FinCEN says no fines, penalties for failure to report BOI
The Treasury Department’s Financial Crimes Enforcement Network notified businesses that fail to report or update their beneficial ownership information before the agency’s March 21 deadline will not face fines or penalties. The agency further said it would not enforce the Corporate Transparency Act against U.S. citizens and domestic businesses.
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News BriefFinCEN announces FATF watchlist update: Laos, Nepal added, Philippines removed
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced two countries have been added to the Financial Action Task Force (FATF) watchlist, while another has been removed.
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News BriefPCAOB fines PwC Israel $2.75M amid ongoing sweep for internal training exam cheating
The Israeli affiliate of Big Four audit firm PwC agreed to pay $2.75 million to settle allegations it failed to prevent widespread cheating on training examinations despite internal warnings to staff about an ongoing crackdown.
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News BriefCrypto exchange OKX latest target of DOJ, hit with $505M penalty over AML, KYC failures
One of world’s largest cryptocurrency exchanges agreed to pay more than $500 million in penalties and plead guilty to AML and KYC violations, along with failing to register as a money transmitting business with the U.S. Treasury Department, the DOJ said.
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News BriefTrump’s actions against CFPB will ‘significantly harm consumers,’ coalition of 23 AGs warn
Twenty-three attorneys general from across the country are warning that President Donald Trump’s efforts to defund and disband the Consumer Financial Protection Bureau would “significantly harm consumers” and “reduce oversight of big banks.”
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News BriefInterim DOJ Civil Division head nominated to take on full role
President Donald Trump announced his intent to nominate Brett Shumate, the current acting head of the Civil Division at the Department of Justice, to assistant attorney general of the division. Shumate’s nomination to the arm of the DOJ that primarily handles civil cases comes at a time when Trump’s administration ...
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News BriefFCA fines Mako $2.1M for ineffective financial crime monitoring program
Mako Financial Markets Partnership will pay $2.1 million (1.7 million pounds) in penalties to the U.K. Financial Conduct Authority to settle allegations that its financial crime prevention program was ineffective.
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News BriefDOD health contractors rack up more than $100M in excess payments, DOJ alleges
Six health centers that contracted with the Department of Defense, intentionally overbilled the government for more than $100 million, the Department of Justice alleged in announcing a settlement with one of the plans.
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News BriefCFTC takes acting off enforcement director’s title
The Commodity Futures Trading Commission announced the appointment of Brian Young as director of the agency’s Division of Enforcement.
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News BriefFormer Deloitte partner dinged by PCAOB for failures in Bancolombia audit
A former Deloitte partner will pay $75,000 and be barred from working as a public company registered accountant for two years by the Public Company Accounting Oversight Board after violating audit standards during a 2016 audit.
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News BriefSenate votes along party lines to confirm RFK Jr. as secretary of HHS
The U.S. Senate has approved Robert F. Kennedy, Jr. to lead the Department of Health and Human Services, placing President Donald Trump’s controversial pick at the helm of a $1.7 trillion department in transition.
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News BriefLawsuits filed to save CFPB amid Trump push to shutter financial watchdog
Enforcement and all other operations at the Consumer Financial Protection Bureau have come to a screeching halt under Trump administration directives but a pair of lawsuits aimed at keeping the agency open mean the stoppage could be short-lived.
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News BriefDOJ orders Lockheed Martin to pay $30M over defective pricing on F-35 contracts
The Department of Justice announced it reached a settlement with Lockheed Martin stemming from allegations of “defective pricing on contracts for F-35 military aircraft.” The deal comes days after Attorney General Pam Bondi was confirmed by the Senate, which will shift the DOJ’s focus away from white-collar misconduct.
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News BriefBSA failures lead to $42M fine for Brink's over unregistered cash shipments to Mexico
Armored car company Brink’s Global Services will pay $42 million in penalties to settle charges laid by federal regulators for violating anti-money laundering provisions of the Bank Secrecy Act.
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News BriefBondi-led DOJ sharply pivots away from prosecution of corporate FCPA violations
The U.S. Department of Justice under new Attorney General Pam Bondi will de-emphasize white collar misconduct linked to bribes and foreign corruption, instead prioritizing corruption cases linked to human smuggling and the trafficking of narcotics and firearms.
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News BriefApex Clearing Corp. to pay $3.2M over improper disclosures, distorting investor payouts
A clearing firm agreed to pay $3.2 million and certify that it put in place compliance measures under an agreement with the Financial Industry Regulatory Authority.
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News BriefArizona couple pleads guilty in vast $1.2B skin graft false claims case
Two owner-operators of three Arizona medical companies have pleaded guilty to billing more than $1.2 billion in false and fraudulent claims to Medicare and other government health programs in less than two years, the Department of Justice said.
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News BriefCFPB issues $2.5M penalty against Wise in last action of Chopra era
A fine by the Consumer Financial Protection Bureau (CFPB) against the U.S arm of London-based foreign exchange company Wise could be one of the agency’s final actions as a new regulatory regime reportedly froze rules and litigation amid calls for defunding.
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News BriefFBI, Europol shut down hacking sites selling personal info, tools for cybercriminals
Two massive hacking websites–where criminals sold everything from stolen social security numbers to tools for cybercriminals to gain access to computers–have finally been shut down by an international law enforcement team, the Department of Justice announced.
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News BriefFCA dings Infinox in first fine under U.K. capital market reforms of 2018
The U.K. Financial Conduct Authority issued a landmark fine against trading platform Infinox Capital for failing to report “high-risk” transactions, the first-ever enforcement under a 2018 law.