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UBS to pay $25M over ‘inadequate’ training, oversight in SEC fraud case
UBS Financial Services agreed to pay approximately $25 million to settle fraud charges brought by the SEC that cited “inadequate” training and supervisory oversight of the firm’s financial advisers regarding a complex options trading strategy.
FASB update clarifies fair value guidance for equity securities
The Financial Accounting Standards Board issued an update to its fair value measurement standard that clarifies conflicting guidance regarding equity securities.
Uyghur Forced Labor Prevention Act should prompt due diligence reassessment
All companies with a global footprint should be reevaluating their supply chain due diligence and documentation practices to show the absence of forced labor in the wake of the Uyghur Forced Labor Prevention Act taking effect.
FinCEN/BIS alert flags Russia export control evasion indicators
The Financial Crimes Enforcement Network and Bureau of Industry and Security warned financial institutions to be on the lookout for new and novel ways individuals and entities in Russia and Belarus are attempting to evade export controls.
Historic EY fine latest by-product of KPMG cheating scandal
It is impossible to ignore the SEC’s record $100 million fine against EY for employee exam cheating is exactly double the amount the regulator penalized KPMG in 2019 for its infamous cheating scandal. Especially since the latter served as a catalyst for the former.
Transaction monitoring: How we can do better
While the requirement to undertake transaction monitoring evolved because of AML legislation, its importance has been magnified and reinforced by increased regulatory attention and significant fines.
EY fined record $100M for employee cheating scandal
Ernst & Young will pay $100 million after admitting to SEC charges addressing systematic cheating among its accounting professionals on CPA license exams over four years. The fine is the largest the agency has ever imposed against an audit firm.
NYDFS penalizes Carnival $5M for cybersecurity failures
The New York State Department of Financial Services announced a $5 million penalty against Carnival Corp. for “significant” cybersecurity failures, including not implementing basic protocols to prevent four separate data breaches from 2019-21.