News | Compliance Week – Page 7
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News BriefPCAOB chair: Rising audit deficiency rates ‘completely unacceptable’
A steady increase in the rate of deficiencies observed by the Public Company Accounting Oversight Board during audit inspections the past three years has the head of the agency calling on firms to “make changes to turn things around.”
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News BriefSEC appoints interim acting co-directors of exams division
The Securities and Exchange Commission announced the appointments of Natasha Vij Greiner and Keith Cassidy as interim acting co-directors of the Division of Examinations while Director Richard Best is on medical leave.
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News BriefFed fines UBS $269M for Credit Suisse’s Archegos failures
The Federal Reserve Board fined UBS $268.5 million regarding recent acquisition Credit Suisse’s credit risk management failures at collapsed U.S. hedge fund Archegos Capital Management. UBS also settled matters with U.K. and Swiss authorities.
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News BriefBooz Allen to pay $377.5M in improper billing case
Booz Allen Hamilton agreed to pay approximately $377.5 million as part of a settlement with the Department of Justice regarding alleged False Claims Act violations stemming from improper billing of commercial and international costs in government contracts.
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News BriefU.K. corporate governance reforms target resilience, fraud assessment
The United Kingdom introduced for debate corporate reporting reforms that would require the country’s largest companies to set out their risk management and resilience strategies as part of required annual reporting.
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News BriefFTC, HHS warn hospitals over use of online tracking tech
The Federal Trade Commission and Department of Health and Human Services sent letters to approximately 130 hospital systems and telehealth providers regarding potential patient privacy violations and security risks stemming from online tracking technologies.
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News BriefTrump-linked SPAC settles SEC fraud charges for proposed $18M
Digital World Acquisition Corp. faces a penalty of $18 million as part of a settlement reached with the Securities and Exchange Commission regarding fraud allegations related to its dealings with Trump Media & Technology Group.
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News BriefTech giants, White House agree to AI risk management guidelines
Technology companies including Google, Meta, and OpenAI agreed to a series of voluntary commitments they’ll make regarding their management of risks when developing artificial intelligence systems.
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News BriefSFO admits staffing challenges in annual report
Recruitment and retention are among the biggest issues facing the U.K. Serious Fraud Office as the agency gets set for a new director to take the reins.
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News BriefGerman regulator extends AML order at N26
Germany’s market regulator BaFin announced the extension of mandates it ordered at mobile bank N26 in 2021 to require the bank to address observed weaknesses in its anti-money laundering controls.
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News BriefDOJ, FTC highlight core guidelines in draft merger guidance
New draft merger guidance put forward by the Department of Justice and Federal Trade Commission continues the agencies’ joint mission to modernize antitrust enforcement.
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News BriefFed fines Deutsche Bank $186M over historic sanctions, AML lapses
The Federal Reserve Board fined Deutsche Bank $186 million regarding violations of previous consent orders addressing alleged sanctions and anti-money laundering weaknesses and control failures relating to the bank’s relationship with Danske Estonia.
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News BriefCriminal Division head Kenneth Polite to leave DOJ
Assistant Attorney General Kenneth Polite Jr. is set to leave the Department of Justice after a tenure highlighted by multiple policy changes intended to empower corporate chief compliance officers.
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News BriefSEC fines Cantor Fitzgerald $1.4M over large trader filing lapses
Financial services firm Cantor Fitzgerald agreed to pay a $1.4 million penalty as part of a settlement with the Securities and Exchange Commission addressing alleged reporting failures.
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News BriefNorwegian DPA threatens Meta with fines over behavioral advertising
The Norwegian Data Protection Authority is set to impose a temporary ban on Meta carrying out behavioral advertising on Facebook and Instagram using the personal information of users in the country.
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News BriefLatest CCPA sweep targets employee, applicant info protections
The California Office of the Attorney General has turned its attention to the practices of large companies regarding the protection of the personal information of employees and job applicants as part of its latest investigative sweep under the California Consumer Privacy Act.
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News BriefFTC joins DOJ in rescinding healthcare antitrust guidance
The Federal Trade Commission announced the withdrawal of two antitrust policy statements the agency deemed “outdated.” The move puts the FTC in line with the Department of Justice, which announced a similar action earlier this year.
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News BriefNextGen Healthcare to pay $31M in false claims case
Electronic health record technology vendor NextGen Healthcare agreed to pay $31 million as part of a settlement announced by the Department of Justice for allegedly misrepresenting the capabilities of its software.
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News BriefCFTC whistleblower director steps down
Christopher Ehrman, the head of the whistleblower program at the Commodity Futures Trading Commission, departed the agency.
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News BriefFTC questions OpenAI over ChatGPT data security practices
The Federal Trade Commission sent to ChatGPT developer OpenAI a list of questions seeking clarity on how the company monitors, collects, and retains user personal information and ensures control over its popular artificial intelligence chatbot.