News | Compliance Week – Page 42
-
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.
-
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.
-
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.
-
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.
-
News BriefGE HealthCare discloses FCPA reviews into China activities
GE HealthCare said it is cooperating with reviews by the Department of Justice and Securities and Exchange Commission into potential violations of the Foreign Corrupt Practices Act in China.
-
News BriefNostrum Labs, CEO to pay up to $50M in DOJ false claims case
Pharmaceuticals firm Nostrum Laboratories and its founder and chief executive officer could pay up to $50 million as part of a settlement with the Department of Justice addressing alleged violations of the False Claims Act by underpaying Medicaid rebates.
-
News BriefSolarWinds cries SEC ‘overreach’ in fraud lawsuit against company, CISO
SolarWinds will contest a lawsuit brought by the Securities and Exchange Commission against it and its chief information security officer alleging fraud and internal control failures related to the software company’s cyberattack reported in 2020.
-
News BriefMohawk says no SEC enforcement regarding $60M securities litigation
Flooring manufacturer Mohawk Industries disclosed it does not expect to face enforcement from the Securities and Exchange Commission regarding allegations of violations of securities laws raised in a class-action lawsuit that the company agreed to pay $60 million to settle.
-
News BriefFATF’s AML/CFT watchlist adds Bulgaria, drops 4 others
Bulgaria is the latest country to be identified by the Financial Action Task Force as a jurisdiction under increased monitoring for money laundering and terrorist and proliferation financing.
-
News BriefBiden executive order aims to cut AI risk while boosting safe use
Companies that design powerful artificial intelligence systems must perform safety tests on the programs and share results with the U.S. government under a sweeping executive order intended to make AI safe while furthering robust innovation.
-
News BriefFTC tweaks Safeguards Rule to address data breaches
Nonbank financial institutions must report certain data breaches to the Federal Trade Commission within 30 days of discovery under a new amendment to the agency’s Safeguards Rule.
-
News BriefCFTC, French AMF reaffirm collaboration on market oversight
The Commodity Futures Trading Commission and France’s Autorité des marchés financiers signed a new agreement to continue collaboration regarding the supervision and oversight of firms that operate on a cross-border basis in the United States and France.
-
News BriefFCA flags potential regulatory breaches at NatWest regarding Farage scandal
An independent review into how NatWest handled the closure of politician Nigel Farage’s Coutts account uncovered potential regulatory breaches by the bank that are on the radar of the U.K. Financial Conduct Authority.
-
News BriefOFAC sanctions more investment entities linked to Hamas
The Treasury Department’s Office of Foreign Assets Control imposed a second round of sanctions on investment entities believed to be funding the terrorist organization Hamas.
-
News Brief
DOJ removes ‘acting’ from FCPA Unit chief’s title
The Department of Justice is sticking with David Fuhr as permanent head of its Foreign Corrupt Practices Act Unit.
-
News BriefCompanies House set for ‘biggest shakeup’ under U.K. corporate transparency bill
The United Kingdom adopted the Economic Crime and Corporate Transparency Act, which aims to stem the flow of dirty money coming into the country through enhancements to government agency capabilities and law enforcement.
-
News BriefBanking regs release climate-related risk management framework
Federal banking regulators issued a long-promised framework that provides guidance on the safe and sound management of climate-related financial risks at large banks.
-
News BriefPCAOB fines Smythe $175K over unregistered firm use
Canada-based accounting firm Smythe agreed to pay a $175,000 penalty in settling with the Public Company Accounting Oversight Board regarding its use of unregistered firms across four issuer audits.
-
News BriefSEC fines BlackRock $2.5M over inaccurate investment disclosures
BlackRock Advisors agreed to pay $2.5 million as part of a settlement with the Securities and Exchange Commission addressing allegations the firm inaccurately described investments a fund it advised made in a now-defunct film production company.
-
News BriefFRC proposes auditors closer scrutinize noncompliance
The U.K. Financial Reporting Council is the latest regulator to propose standard changes that would require auditors to play a larger role in detecting and reporting instances of noncompliance when reviewing company financial statements.