News | Compliance Week – Page 52
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News BriefCrypto exchange Poloniex to pay $7.6M in OFAC sanctions case
Cryptocurrency exchange Poloniex agreed to pay nearly $7.6 million as part of a settlement with the Office of Foreign Assets Control for engaging with more than 200 customers across a handful of sanctioned regions.
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News BriefSEC reopens comment period on beneficial ownership proposal
The Securities and Exchange Commission reopened the comment period on proposed changes to “modernize” its beneficial ownership rule, including shortening certain filing deadlines.
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News BriefFirst Republic Bank closed, sold to JPMorgan Chase by FDIC
San Francisco-based First Republic Bank was closed by state and federal banking regulators over the weekend, then sold to JPMorgan Chase Bank. The failure is the second largest in U.S. banking history.
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News BriefFed pledges heightened supervision following SVB collapse
The Federal Reserve Board will likely recommend strengthening regulatory and supervisory procedures for mid-sized regional banks in the aftermath of the failure of Silicon Valley Bank.
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News BriefMastercard facing DOJ probe into debit practices
Mastercard said it is under investigation by the Department of Justice’s Antitrust Division regarding the company’s debit card program and competition with other payment networks and technologies.
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News BriefChatGPT back in Italy after user privacy updates
ChatGPT restored access for Italian users after changes to its privacy controls were welcomed by the country’s data protection authority.
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News Brief
Attorney pleads guilty to aiding sanctioned Russian oligarch
New York attorney Robert Wise faces up to five years in prison after pleading guilty to making payments to maintain U.S. properties secretly owned by sanctioned Russian oligarch Viktor Vekselberg.
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News BriefSEC risk alert flags branch office cybersecurity controls
The protection of customer personal data by branch offices of broker-dealers and investment advisers should be just as robust—and as well-coordinated—as protocols used by the firm’s home office, according to the Securities and Exchange Commission.
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News BriefFinCEN annual report: How DOJ, IRS use SARs to aid probes
The Financial Crimes Enforcement Network’s year in review for fiscal year 2022 provides details on how other U.S. agencies use information derived from the millions of suspicious activity reports filed each year to support their enforcement efforts.
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News BriefFRC: KPMG audit failings at The Works exacerbated by Covid-19
The U.K. Financial Reporting Council fined Big Four audit firm KPMG approximately £1 million (U.S. $1.2 million) for deficiencies in its work on the 2020 year-end financials of discount retailer TheWorks.co.uk.
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News BriefFrank’s International to pay $8M in FCPA case
Dutch oilfield services provider Frank’s International agreed to pay nearly $8 million as part of a settlement with the Securities and Exchange Commission for allegedly paying bribes to influence oil drilling contracts in Angola.
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News BriefKingdom Trust fined $1.5M over ‘substantially inadequate’ AML controls
South Dakota-based Kingdom Trust Co. agreed to pay a $1.5 million fine to the Financial Crimes Enforcement Network for anti-money laundering deficiencies that resulted in violations of the Bank Secrecy Act.
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News BriefU.S. authorities reiterate enforcement focus on AI discrimination
Officials at four U.S. agencies warned they are prepared to act against bias or discrimination that involves artificial intelligence.
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News BriefMizuho Capital Markets to pay $6.8M for undisclosed pre-hedging
Mizuho Capital Markets agreed to pay more than $6.8 million to settle charges from the Commodity Futures Trading Commission it failed to adequately disclose its pre-trade activity on certain foreign exchange forward transactions that disadvantaged customers.
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News BriefIRB Brasil to pay shareholders $5M over CFO’s claims
Brazilian reinsurance company IRB Brasil RE agreed to pay $5 million to harmed investors after its former chief financial officer allegedly lied about Berkshire Hathaway investing in the company.
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News BriefBritish American Tobacco to pay $635M in North Korea sanctions case
British American Tobacco will pay more than $635 million to settle allegations the company violated U.S. sanctions against North Korea using a complex, yearslong scheme to import tobacco products into the country.
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News BriefTreasury teases revising AML/CFT regulations to address ‘de-risking’
The Treasury Department might propose new regulations for financial institutions aimed at discouraging banks from shutting out large swaths of potential banking customers because of risk concerns.
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News BriefL3 Technologies to pay $21.8M over false claims to DOD
Utah-based military equipment manufacturer L3 Technologies agreed to pay $21.8 million to settle false claim charges levied by the Department of Justice regarding double-billing the Department of Defense for certain parts.
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News BriefFSOC votes for Fed to supervise nonbank financial institutions
Federal regulators proposed to place nonbank financial institutions under supervision of the Federal Reserve Board if their activities are deemed to pose a systemic risk to the U.S. financial system.
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News BriefUBS delays chief risk officer transition amid Credit Suisse merger
UBS announced Christian Bluhm will remain in his role as group chief risk officer “for the foreseeable future” as the Swiss bank grapples with integrating Credit Suisse into its business.