News | Compliance Week – Page 9
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News BriefSEC fines broker-dealer $100K over SARs reporting failures
Cambria Capital agreed to pay $100,000, hire an independent anti-money laundering consultant, and be censured for failing to file suspicious activity reports on certain transactions over a two-year period, according to the Securities and Exchange Commission.
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News Brief
U.S. authorities list red flags for sanction evasion by third parties
The Bureau of Industry and Security, Office of Foreign Assets Control, and Department of Justice issued guidance to highlight common methods bad actors use to evade sanctions and export controls on Russia and how to spot their use.
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News Brief
Ericsson to pay $207M for breaches of 2019 DPA over FCPA violations
Swedish telecommunications company Ericsson agreed to pay nearly $207 million following two breaches of its 2019 deferred prosecution agreement with U.S. authorities.
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News Brief
DOJ sets new compliance criteria for criminal investigations
The Department of Justice announced changes to its evaluation procedures for corporate compliance programs in criminal investigations, including monitoring off-channel messaging by employees, executive compensation programs, and how the agency selects compliance monitors.
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News Brief
DOJ to implement new clawback, compensation policies for corporate settlements
Corporate resolutions involving the Department of Justice’s Criminal Division will now include a requirement the resolving company develop compliance-promoting criteria within its compensation and bonus system, according to Deputy Attorney General Lisa Monaco.
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News Brief
FTC proposes BetterHelp pay $7.8M for sharing health data
The Federal Trade Commission proposed requiring online counseling service BetterHelp to pay $7.8 million as part of a settlement addressing charges it shared clients’ personal health data with Facebook, Snapchat, and other third parties for advertising purposes.
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News Brief
Godfrey Phillips India to pay $333K in North Korea sanctions case
Tobacco company Godfrey Phillips India agreed to pay $332,500 to the Office of Foreign Assets Control to settle charges it violated U.S. sanctions by involving U.S. banks and bank personnel in payments for shipments to North Korea.
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News Brief
Greenbrier Companies fined by SEC over CEO perk disclosures
Greenbrier Companies and its former chief executive officer will pay a total of $1.1 million to settle charges from the Securities and Exchange Commission the firm failed to disclose perks related to the use of a private jet owned by the CEO.
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News Brief
Italian DPA fines Edison Energia $5.2M over GDPR lapses
The Italian data protection authority penalized electric utility company Edison Energia for multiple alleged violations of the General Data Protection Regulation regarding marketing communications and data processing transparency.
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News Brief
Ex-CCO gets three years in prison for wire fraud
A former chief compliance officer of an unnamed New York-based investment adviser was sentenced to three years in prison for defrauding clients and her employer.
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News Brief
Marcum partner accused of PCAOB standard violations at FTE Networks
Marcum partner Alan Markowitz was accused of violating standards of the Public Company Accounting Oversight Board when he took a client’s false representations at face value during an audit without seeking more information.
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News Brief
FINMA: Credit Suisse ‘seriously breached’ duty regarding Greensill
Poor risk management by Credit Suisse’s asset management company kept the bank mostly unaware of the risky nature of lending procedures used by Lex Greensill that would lead to the collapse of Greensill Capital, according to Switzerland’s Financial Market Supervisory Authority.
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News Brief
Ericsson searching for CCO successor amid extended compliance monitorship
Ericsson announced the departure of Chief Compliance Officer Laurie Waddy as the Swedish telecommunications company braces for another year under an independent compliance monitorship.
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News Brief
FTC attorney warns of scrutiny toward AI claims in marketing
The Federal Trade Commission is keeping close watch on companies that use the term “artificial intelligence” when marketing their products.
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News Brief
HHS creates new enforcement office for health privacy
The Department of Health and Human Services and its office responsible for enforcing health privacy reorganized so it can sharpen enforcement of cybersecurity and data breaches.
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News Brief
SEC commissioners question best execution ruling in Huntleigh Advisors case
Huntleigh Advisors and affiliate Datatex Investment Services agreed to pay $893,502 to settle charges laid by the Securities and Exchange Commission regarding failure to disclose conflicts of interest to their advisory clients over eight years.
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News Brief
Stanley Black & Decker discloses potential FCPA violations
Stanley Black & Decker voluntarily disclosed to the Department of Justice and Securities and Exchange Commission its international division might have violated the Foreign Corrupt Practices Act.
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News Brief
Qualtrics discloses ICFR weakness in IT controls
Software company Qualtrics disclosed the discovery of a material weakness in its internal control over financial reporting for the 2022 fiscal year.
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News Brief
South Africa, Nigeria added to FATF’s AML/CFT watchlist
The Financial Action Task Force placed Nigeria and South Africa on its list of countries requiring increased monitoring because of deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.
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News Brief
Probe into Goldman Sachs’ credit card practices expands
Goldman Sachs Group disclosed more regulators—beyond the Consumer Financial Protection Bureau—are investigating its credit card account management practices.
