News | Compliance Week – Page 35
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News BriefAxpo Italia fined $10.5M in GDPR case over data processing
Axpo Italia, a producer and trader of renewable energy products, was penalized under the General Data Protection Regulation by the Italian data protection authority for processing inaccurate and outdated personal data of customers.
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News Brief
Ex-OneCoin compliance head pleads guilty to fraud role
The former head of legal and compliance at OneCoin pleaded guilty to fraud charges regarding her role in a cryptocurrency marketing scheme that generated more than $4 billion in sales and revenue.
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News BriefReport: Morgan Stanley AML controls draw Fed scrutiny
The wealth management arm of Morgan Stanley is being probed by the Federal Reserve regarding the controls it has in place to prevent wealthy foreign customers from laundering money, according to a report from the Wall Street Journal.
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News BriefCFPB: Citi to pay $26M over Armenian American discrimination
Citi agreed to pay $25.9 million in fines and redress as part of a settlement with the Consumer Financial Protection Bureau addressing allegations the bank discriminated against credit card applicants identified as Armenian American.
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News BriefFCPA opinion tackles government-authorized payments
A new Foreign Corrupt Practices Act review by the Department of Justice offers an example of when stipends paid to foreign government personnel would not be considered a violation of the anti-bribery provisions of the law.
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News BriefFCA review finds fraud victim support lacking
Payment service providers could do more to support victims of fraud, including through better communication procedures, a review by the U.K. Financial Conduct Authority found.
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News BriefGE Aerospace to pay $9.4M in DOJ false claims case
GE Aerospace, an operating division of General Electric, agreed to pay more than $9.4 million as part of a settlement with the Department of Justice addressing allegations the company sold parts to the U.S. military without proper inspections or specifications.
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News BriefCFPB proposes expanded oversight of nonbank companies
The Consumer Financial Protection Bureau is seeking greater authority to supervise the activities of companies that offer services like digital wallets and payment apps on par with how the agency oversees large banks, credit unions, and other financial institutions.
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News BriefCFTC touts record digital asset results in FY23 enforcement recap
The Commodity Futures Trading Commission solidified its view that it should be a primary regulator of cryptocurrencies with a record amount of cases regarding the digital asset space in fiscal year 2023.
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News BriefDaVinci Payments to pay $206K over OFAC sanctions lapses
DaVinci Payments, a financial services firm which manages prepaid reward card programs, agreed to pay approximately $206,000 as part of a settlement with the Office of Foreign Assets Control addressing alleged sanctions violations across four countries.
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News BriefFSOC framework details considerations of financial stability risks
A new analytic framework approved by the Financial Stability Oversight Council seeks to provide further clarity into how the U.S. financial system is monitored for potential financial stability risks.
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News BriefSingapore bank DBS says $74M exposure from money laundering scandal
The chief executive officer of DBS, Singapore’s largest bank, acknowledged exposure of about 100 million Singapore dollars (U.S. $74 million) related to the city-state’s money laundering scandal.
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News BriefSEC, Canadian regs fine RBC $6M for accounting failures
Royal Bank of Canada will pay $6 million in total penalties to settle charges from the Securities and Exchange Commission and two Canadian regulators that it failed to properly record software development costs for more than a decade.
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News BriefSEC adopts rule requiring security-based swap execution facilities register, name CCO
The Securities and Exchange Commission approved new regulations for security-based swap execution facilities, part of the agency’s steady progress in implementing languishing rules from the Dodd-Frank Act.
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News BriefSEC charges president, CCO of Prophecy Asset Management with fraud
The president and chief compliance officer of investment adviser Prophecy Asset Management misled investors about more than $350 million in losses while pocketing millions in management and incentive fees, according to the Securities and Exchange Commission.
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News BriefAmended N.Y. cyber regs up pressure on financial firms to combat risks
New York will require financial institutions to conduct risk assessments more often and improve governance under a broad update to the state’s cybersecurity regulations.
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News BriefCFTC: ‘Majority’ of FY23 whistleblower cases related to crypto fraud
Most of the whistleblower tips received by the Commodity Futures Trading Commission in fiscal year 2023 related to fraud and misappropriation of crypto/digital assets.
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News Brief
HealthSun Health Plans earns DOJ declination in employee fraud case
The impact of the Department of Justice’s voluntary self-disclosure program was on display in the agency’s declination of an enforcement action against Florida-based health insurance company HealthSun Health Plans for apparent fraud committed by its employees and agents.
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News BriefMedical management company to pay $100K in landmark HHS ransomware case
Doctors’ Management Service agreed to pay $100,000 in settling the first ransomware agreement under the Health Insurance Portability and Accountability Act reached by the Department of Health and Human Services’ Office for Civil Rights.
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News BriefWells Fargo’s cash sweep program under SEC investigation
Wells Fargo disclosed it is under investigation by the Securities and Exchange Commission regarding cash sweep options it provides to new investment advisory clients.