News | Compliance Week – Page 42
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News Brief
Prime Group to pay $20.6M in SEC fee disclosure case
Prime Group Holdings agreed to pay $20.6 million as part of a settlement with the Securities and Exchange Commission resolving allegations it failed to adequately disclose it paid millions of dollars in fees to a real estate brokerage firm owned by its CEO.
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News BriefDiscover sued by investors over lax compliance procedures
Discover Financial Services faces a class-action lawsuit from investors alleging materially false and misleading statements regarding its business, operations, and compliance policies.
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News BriefSwitzerland floats AML reforms for beneficial ownership, legal advice
The Swiss government launched consultation proceedings on a series of reforms designed to combat money laundering and terrorist financing occurring within the country’s financial system.
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News BriefFCA to review treatment of U.K.-based PEPs
The Financial Conduct Authority announced the scope of its review into the treatment of U.K.-based politically exposed persons, the latest development in response to the Nigel Farage “debanking” scandal.
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News Brief
FCPA opinion shines light on reasonable expenses for foreign officials
A Foreign Corrupt Practices Act review published by the Department of Justice offers further clarity around when the agency would determine expenses paid on behalf of a foreign official to be deemed “reasonable and bona fide.”
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News Brief
Plug Power settles with SEC over accounting woes; warned of added $5M fine
Plug Power was fined $1.25 million as part of a settlement with the Securities and Exchange Commission over alleged accounting failures that the company agreed to fully remediate within one year or face an additional penalty.
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News BriefSwedish DPA fines Trygg-Hansa $3.2M for GDPR breaches
Sweden’s data protection authority issued a penalty of 35 million Swedish krona (U.S. $3.2 million) against insurance company Trygg-Hansa for alleged security flaws that made customer insurance information accessible on the internet.
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News BriefWise Payments cited for Russia sanctions breaches in landmark OFSI action
U.K.-based foreign exchange service Wise Payments was cited for breaching the country’s sanctions levied against Russia as part of the Office of Financial Sanctions Implementation’s first use of its disclosure enforcement powers acquired last year.
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News BriefFINMA guidance calls out Swiss bank failings on AML risk analysis
Switzerland’s Financial Market Supervisory Authority published new guidance to improve banks’ money laundering risk analysis after repeatedly identifying shortcomings during on-site supervisory reviews.
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News BriefLabor Department proposal seeks clarity for OSHA inspection reps
The Department of Labor issued a notice of proposed rulemaking to clarify regulations regarding authorized employee representatives during Occupational Safety and Health Administration compliance officer inspections.
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News BriefSEC fines Citigroup unit $2.9M for underwriting record failures
The Securities and Exchange Commission fined Citigroup Global Markets $2.9 million as part of a settlement addressing alleged recordkeeping failures concerning underwriting expenses that occurred for at least a decade.
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News Brief
Banking reg proposals eye greater flexibility for FDIC amid failures
Federal banking regulators jointly issued new rule proposals and proposed guidance in continuing the push to shore up the U.S. regulatory system after a series of mid-sized bank failures earlier this year exposed apparent gaps.
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News BriefPCAOB fines Warren Averett $200K over BDO alliance ties
Accounting firm Warren Averett agreed to pay a penalty of $200,000 in resolving the first case brought by the Public Company Accounting Oversight Board regarding auditor independence violations related to a firm’s membership in an accounting alliance.
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News BriefCFTC fines Goldman Sachs $5.5M over new recordkeeping failures
Goldman Sachs was fined $5.5 million by the Commodity Futures Trading Commission as part of a settlement addressing alleged audio recordkeeping violations that followed a previous consent order the bank reached with the agency.
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News BriefLincare to pay $29M over false claims for improperly billing Medicare
Lincare Holdings, a provider of oxygen equipment and subsidiary of Linde, agreed to pay $29 million to resolve allegations it violated the False Claims Act by fraudulently overbilling Medicare.
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News BriefSEC fines Archipelago Trading Services $1.5M over SARs filing lapses
Archipelago Trading Services agreed to pay a $1.5 million penalty as part of a settlement with the Securities and Exchange Commission for allegedly failing to file nearly 500 suspicious activity reports largely related to microcap or penny stock securities transactions.
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News BriefTD Bank expecting punishment in BSA/AML probes
TD Bank disclosed in a shareholder report it is facing regulatory investigations regarding its Bank Secrecy Act/anti-money laundering compliance program.
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News BriefSEC orders 3M to pay $6.6M over FCPA violations in China
The Securities and Exchange Commission ordered 3M to pay nearly $6.6 million for alleged violations of the Foreign Corrupt Practices Act regarding hidden travel perks its foreign subsidiary made to government officials in China.
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News BriefSEC orders Wells Fargo to pay $35M for overbilling investment advisory clients
The Securities and Exchange Commission fined Wells Fargo $35 million for overcharging nearly 11,000 investment advisory accounts over two decades.
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News BriefLawsuit: Pfizer fired, retaliated against whistleblower who raised FCPA concerns
An ex-Pfizer compliance officer is suing his former employer claiming wrongful termination and whistleblower retaliation after discovering the company allegedly paid $168 million to potentially influential government officials in China.