News | Compliance Week – Page 50
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News BriefSurgeon general joins call to enhance children’s online privacy
The U.S. surgeon general issued a “call for urgent action” to policymakers about further limiting social media access for youth, along with enhancing online privacy protections for children.
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News BriefGaia fined $2M for subscriber overstatement, whistleblower retaliation
Digital video subscription service Gaia will pay a $2 million fine to the Securities and Exchange Commission for allegedly overstating its paid subscribers and retaliating against an internal whistleblower.
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News BriefFINRA fines JPMorgan unit $750K over inaccurate, duplicative orders
JPMorgan Securities agreed to pay $750,000 to settle allegations levied by the Financial Industry Regulatory Authority that its inadequate financial risk management controls and supervisory procedures allowed erroneous orders to be placed with exchanges or alternative trading systems.
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News BriefDXC Technology self-reports possible Russian sanctions violations
DXC Technology Company disclosed it might have violated U.S. sanctions and export controls against Russia in its sale of a Russian subsidiary.
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News BriefU.S. reinvigorates anti-Russia push with new sanctions, guidance
The United States once again ratcheted up sanctions against Russia in an attempt to further choke off the funds and military supplies the country is using in its war against Ukraine.
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News BriefMeta fined record $1.3B in GDPR data transfer ruling
The Irish Data Protection Commission announced a record penalty of €1.2 billion (U.S. $1.3 billion) against Meta regarding its transfers of user data from the European Union to the United States in violation of the General Data Protection Regulation.
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News BriefOpenAI CEO to Senate: AI could harm world without regs
It is a good idea to regulate artificial intelligence programs like ChatGPT, the chief executive officer of the popular chatbot’s developer told lawmakers.
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News BriefFTC warns businesses to risk assess uses of biometric technologies
Businesses that make false or unsubstantiated claims regarding facial recognition and other biometric technologies could face enforcement from the Federal Trade Commission, the agency warned in a policy statement.
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News BriefMurad to pay $3.3M for ‘egregious’ Iran sanctions lapses
California-based cosmetics company Murad, a subsidiary of Unilever, agreed to pay $3.3 million as part of a settlement with the Office of Foreign Assets Control addressing apparent Iran sanctions violations over an eight-year period.
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News BriefDeutsche Bank to pay $75M to settle Jeffrey Epstein sex trafficking suit
Deutsche Bank agreed to pay $75 million to settle a class-action lawsuit filed by sexual assault victims of Jeffrey Epstein.
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News BriefPrecision Lens, owner ordered to pay $487M in false claims judgment
A judge affirmed more than $487 million in penalties and damages against Precision Lens and its owner after a jury found they filed tens of thousands of false claims to Medicare and violated the Anti-Kickback Statute.
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News BriefWells Fargo to pay $1B to settle suit over consent order noncompliance
Wells Fargo agreed to pay $1 billion to settle a class-action lawsuit filed by shareholders who claimed the bank overstated its progress in complying with regulatory orders related to its 2016 fake accounts scandal.
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News BriefSEC proposal seeks risk stability for clearing agencies
The Securities and Exchange Commission proposed a package of rule changes designed to enhance the risk management responsibilities and resilience of covered clearing agencies.
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News BriefEx-Apple engineer charged with theft of trade secrets in DOJ sweep
A new strike force co-led by the Department of Justice and Commerce Department made an impact when charges against a former Apple engineer for theft and attempted theft of trade secrets were included as part of its first enforcement actions.
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News BriefHSBC to pay $45M to settle CFTC spoofing, recordkeeping violations
HSBC was fined $45 million by the Commodity Futures Trading Commission over allegations its traders used manipulative and deceptive trading practices. The bank and its subsidiaries were separately fined $30 million by the CFTC for business use of off-channel communications by employees.
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News BriefGCI to pay $40.2M to settle False Claims Act case
Alaska-based telecommunications provider GCI Communications Corp. agreed to pay more than $40.2 million as part of a settlement agreement with the Department of Justice for alleged violations of the False Claims Act.
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News Brief
SEC risk alert highlights transition efforts from LIBOR
The Division of Examinations at the Securities and Exchange Commission issued a risk alert to aid registered investment advisers and investment companies in their transition efforts away from the London Interbank Offered Rate.
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News BriefFDIC proposes large banks cover $15.8B in losses from SVB, Signature Bank failures
The Federal Deposit Insurance Corporation issued a notice of proposed rulemaking regarding a special assessment on large banks to recover approximately $15.8 billion in losses attributable to the failures of Silicon Valley Bank and Signature Bank.
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News BriefPhilips to pay $62M to settle alleged FCPA violations in China
Dutch conglomerate Royal Philips will pay more than $62 million to settle allegations it violated the Foreign Corrupt Practices Act when its subsidiaries engaged in improper conduct to win contracts in China.
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News BriefFrench DPA fines Clearview AI $5.7M for noncompliance with previous order
France’s data protection authority last month fined facial recognition company Clearview AI €5.2 million (then-U.S. $5.7 million) for failing to comply with an October order to cease and desist from further violations of the General Data Protection Regulation.