News | Compliance Week – Page 7
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News BriefTrump attempts to block state climate laws with executive order
President Donald Trump has issued an executive order slamming state-led efforts to address climate change, reduce greenhouse gas emissions, and other environmental, social, and governance (ESG)-related laws.
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News BriefNew cybersecurity requirements fast approaching for New York financial firms
Many financial firms have mere days to notify New York about whether they have complied with the state’s strict cybersecurity regulations, and to gear up for new requirements rolling out May 1 and beyond.
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News BriefStates require companies to report greenhouse gas emissions as federal regulators step back
Some companies doing business in California and New York may soon be required to report the greenhouse gas emissions (GHG) of their operations to state authorities, even as the federal rule for disclosing such emissions is on life support.
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News BriefDOJ disbands crypto investigation unit, another sign of the Trump administration’s support of digital currency
The U.S. Department of Justice (DOJ) disbanded its crypto investigation unit on Monday, marking another step from President Donald Trump to support the crypto industry and lighten the regulatory burden of potential crypto crime investigations that had started under the Biden administration.
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News BriefU.K. says company boards need to worry more about cybersecurity risks
The U.K. government wants directors and boards of directors to become more actively involved in cybersecurity risks facing public and private companies, as the world faces “alarming” threats from criminal gangs and malicious nation-states. Though many organizations take cybersecurity seriously, the U.K. government says they do not place management of ...
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News BriefCalifornia Attorney General Bonta warns businesses that FCPA still in full force
The federal government may have paused enforcement of the Foreign Corrupt Practices Act (FCPA), but that’s not the case in California, where bribes to foreign officials will be prosecuted, Attorney General Rob Bonta warned.
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News BriefEU looking to scale back GDPR in coming weeks
The European Union’s General Data Protection Regulation has been in effect since 2018, requiring companies to securely handle users’ personal data. The European Commission will reportedly review the regulations and claw back some of the rules, which could make doing business in Europe a little easier for these companies.
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News BriefFTC case against insulin price gouging halted after commissioners fired by Trump
A Federal Trade Commission case against insulin price gouging has come to a screeching halt after two Democratic commissioners were fired by President Donald Trump.
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News BriefTrump’s pivot on crypto leads SEC to seek settlement with Gemini
The Securities and Exchange Commission (SEC)’s pivot in favor of crypto took another step as the agency indicated it wants to resolve a long-standing lawsuit against the crypto exchange Gemini.
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News BriefOFAC, FinCEN tighten screws on Sinaloa Cartel’s money laundering network
The Trump administration has taken two actions to attack money laundering rings operating in Mexico, highlighting the U.S. government’s focus on curbing the fentanyl trade and the illegal profits it generates.
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News BriefDismissed Democrats on Federal Trade Commission sue Trump administration
Two former Democratic members of the Federal Trade Commission–Alvaro Bedoya and Rebecca Kelly Slaughter–filed a lawsuit against President Donald Trump and the remaining commissioners, claiming their recent termination was without cause and that the courts should rule their dismissals as “unlawful and ineffective.”
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News BriefFRC fines PwC, auditor combined $4.1M over 2019 work of Wyelands Bank
The U.K. Financial Reporting Council issued penalties against PwC and a former auditor over deficiencies on work related to the 2019 financial statements of now shuttered Wyelands Bank.
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News BriefDOJ fines MORSE Corp $4.6M for lax cyber controls amid crack down on federal contractors
Yet another government contractor has been slapped with a fine by the Department of Justice for applying lax cybersecurity defenses on sensitive government data.
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News BriefEU regulator questions 'culture of compliance' with Digital Markets Act at Apple, Google
The European Commission released its preliminary findings last week regarding Apple and Google not complying with the Digital Markets Act. It issued orders to both companies regarding their business practice and plans to release all of its findings next week.
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News BriefTreasury reversal of OFAC sanctions against Tornado Cash signals eroding AML scrutiny
The U.S. Treasury Department lifted its sanctions against cryptocurrency mixer Tornado Cash on Friday after a federal appeals court ruled in November the penalty levied by the agency’s Office of Foreign Assets Control was an overreach.
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News BriefFinCEN drops BOI requirement for U.S. companies, persons
The U.S. Treasury Department’s Financial Crimes Enforcement Network issued a final interim rule that eliminates beneficial ownership information reporting obligations for U.S.-based companies and persons.
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News BriefDemocratic FTC commissioners blast Trump's 'illegal' firings
President Donald Trump fired two Democratic commissioners serving on the Federal Trade Commission, the regulatory agency overseeing antitrust and consumer protection laws and which has been traditionally independent and staffed by members of both political parties.
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News BriefTrump picks Fed vice chair of supervision, aims to roll back 2023 bank protections
Federal Reserve Board member Michelle Bowman has been nominated as the board’s vice chair for supervision, a position that oversees regulation of the nation’s largest banks.
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News BriefCCO who was ‘sole person controlling’ investment firm charged with recidivist concentration violations
An investment company and its founder, president, and chief compliance officer flagrantly kept violating mutual fund rules for multiple years after settling with the Securities and Exchange Commission, the SEC said in a complaint against the company.
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News BriefExpert: Treasury’s move to ‘narrow’ BOI requirements would gut AML law
The U.S. Treasury’s effort to dramatically narrow the focus of the Corporate Transparency Act through “emergency” rulemaking would gut the law’s anti-money laundering efforts, a transparency expert said.