Commerce Dept. unveils new supply chain risk assessment tool
The U.S. Department of Commerce unveiled a diagnostic supply chain risk assessment tool, which will “utilize a comprehensive set of indicators to assess structural supply chain risk across the U.S. economy,” the agency said.
John Deere to pay $10M to settle FCPA violations by subsidiary in Thailand
Illinois-based manufacturer John Deere will pay approximately $10 million in penalties and disgorgement to the Securities and Exchange Commission for violating the Foreign Corrupt Practices Act with bribes paid by a Thai subsidiary.
SEC fines nine investment advisers combined $1.2M in ‘ongoing’ marketing rule sweep
Nine investment advisers will pay a total of $1.24 million to settle allegations that they violated the Securities and Exchange Commission’s marketing rule by disseminating advertisements with untrue or misleading information.
Compass Surgical Partners names CLO
Compass Surgical Partners announced that Sarah Jacobs has joined the executive leadership team as chief legal officer.
Hancock Whitney Bank’s first legal chief to retire
Hancock Whitney Bank announced that Senior Executive Vice President and Chief Legal Officer Joy Lambert Phillips will retire from the company on Sep. 6.
Cresset appoints compliance chief
Wealth management firm Cresset announced that it has hired Amy Hong as chief compliance officer and executive managing director.
DOJ orders Wynn Las Vegas to forfeit $130M over BSA/AML violations
Wynn Las Vegas agreed to forfeit $130 million to settle a range of criminal allegations, including allegedly helping foreign customers hide money transfers and shielding patrons from Bank Secrecy Act and anti-money laundering rules, the Department of Justice said.
SEC fines Esmark, CEO combined $600K over false offer to U.S. Steel Corp.
A privately held family company and its CEO, who announced a $10 billion bid to buy U.S. Steel without having the cash on hand, will pay $600,000 in penalties to the Securities and Exchange Commission for making materially false statements.
SEC penalizes seven firms $3M total for impeding whistleblower protections
Seven public companies will pay a total of $3 million in fines for requiring employees to sign agreements containing provisions that impeded their ability to report misconduct to the Securities and Exchange Commission.
Circor avoids fine after self-reporting accounting control violations to SEC
Massachusetts-based technology company Circor International settled charges with the Securities and Exchange Commission regarding deficient internal accounting controls without paying a fine.
CPB adds chief risk officer
Central Pacific Bank appointed Ralph Mesick as its senior executive vice president and chief risk officer.
Two Sigma names former Lazard GC as co-CEO
Financial sciences company Two Sigma announced that Scott Hoffman, former chief administrative officer and general counsel of Lazard, will be a co-chief executive officer, effective Sep. 30.
Altruist appoints general counsel
Altruist, which offers technology and tools designed to help financial advisors achieve better outcomes, announced the appointment of Piret Loone as its new general counsel.
Hertz names Polaris’ GC to board
Hertz Global Holdings announced that Lucy Clark Dougherty, senior vice president, general counsel and board secretary of Polaris, will serve as a board of director.
Variant Investments hires general counsel
Variant Investments announced that Brian Park has joined the firm as general counsel.
CISA creates new portal for businesses to file cyber incident reports
The U.S. Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency has created a new online portal for organizations to voluntarily report cybersecurity incidents, including ransomware attacks.
SEC fines Nationwide Planning, affiliates combined $240K over impeding whistleblowers
Broker-dealer Nationwide Planning Associates and two affiliated investment advisers impeded potential whistleblowers from reporting misconduct to the Securities and Exchange Commission and have agreed to settle the charges for a combined $240,000.
Six credit rating firms to pay $49M for off-channel comms violations
Six credit rating agencies will pay $49 million in fines to the Securities and Exchange Commission for allowing their employees to communicate on company business using nonapproved communication channels like Whats App and WeChat.
V2X promotes CCO to general counsel
Innovative solutions provider V2X promoted Chief Compliance Officer Jeremy Nance to general counsel.
Clearlake Capital announces CCO
Clearlake Capital Group announced that John Cannon has been appointed managing director, portfolio general counsel & O.P.S. and chief compliance officer.
Credo Technology Group names CLO
Credo Technology Group Holding announced that Jim Laufman has been appointed chief legal officer and corporate secretary.
Raytheon parent to pay $200M in fines, remediation over export control violations
RTX Corp., the parent company of Raytheon, agreed to pay $200 million in fines and remediation to address hundreds of export control violations that led to the disclosure of sensitive military secrets.
Eastman names chief legal officer
Eastman Chemical Company announced that Iké Adeyemi will serve as senior vice president, chief legal officer, and corporate secretary, effective Sep. 9.
Crash Champions appoints CLO
Crash Champions, provider of high-quality collision repair services, announced the appointment of Seth Ingall as its chief legal officer.
MDU Resources appoints Avista GC to board
MDU Resources Group announced that Marian Durkin, who was previously senior vice president, general counsel, secretary and chief compliance officer for Avista Corporation, has been appointed to the company’s board of directors.
BRG Financial Institution Advisory practice names a former CCO as MD
Global expert services and consulting firm Berkeley Research Group announced that Michael Hollerich, who earlier served as chief compliance officer for two publicly traded financial services firms, has joined its financial institution advisory practice as a managing director.
Columbia Climate School names first sustainability chief
Columbia Climate School has named Daniel Zarrilli as the university’s first chief climate & sustainability officer.
Woodward appoints GC, compliance chief
Aerospace and industrial energy control solutions provider Woodward announced the appointment of Karrie Bem as executive vice president, general counsel, corporate secretary, and chief compliance officer, effective Sep 16.
Strengthening BSA/AML defenses: Critical role of ERTs in modern day compliance
Enforcement actions in the first half of of 2024 by the Treasury Department’s Financial Crimes Enforcement Network highlight the importance of proactive measures in Bank Secrecy Act compliance rather than just being compliant.
Fed's new capital requirement latest fallout from 2023 banking failures
The Federal Reserve Board will require more than 30 of country’s largest banks to maintain a minimum percentage of capital in reserve, a percentage which the Fed calculated based on their complexity and whether they are considered a global systemically important bank.
Ian Sherr joins Compliance Week as its new editor-in-chief
New Compliance Week Editor-In-Chief Ian Sherr shares his thoughts on where compliance is headed as businesses meet the realities of not just following the rules, but staying ahead of the pace of regulatory change at a global scale.
FinCEN finalizes AML rules for investment advisers, cash real estate transactions
The Treasury Department’s Financial Crimes Enforcement Network released new anti-money laundering requirements for U.S. investment advisers and real estate professionals that attempt to close loopholes that criminals and kleptocrats have long exploited.
Wheels Up announces legal chief
Wheels Up Experience, an on-demand private aviation provider, announced that Matthew Knopf will be joining as chief legal officer and secretary, effective Sep. 9.
Raymond James to pay $1.9M over failing to supervise mutual fund transactions
Raymond James & Associates and its subsidiary agreed to pay more than $1.9 million to settle allegations levied by the Financial Industry Regulatory Authority that it didn’t have an effective system to handle customer complaints, along with millions of direct mutual fund transactions not reasonably being supervised.
Konami Gaming names CCO
Konami Gaming announced that Lori Olk has been appointed senior vice president, regulatory compliance and chief compliance officer.
Golden State Clean Energy announces GC
Golden State Clean Energy announced the hiring of Erica von Pechmann as general counsel.
Bank of America unit reaches $3M settlement with FINRA over surveillance lapses
A subsidiary of Bank of America agreed to pay $3 million and take remedial measures to resolve allegations that its surveillance system didn’t detect manipulative trading, the Financial Industry Regulatory Authority said.
BCG avoids criminal prosecution for FCPA violations related to bribes in Angola
The Department of Justice declined to prosecute Boston Consulting Group for allegedly bribing Angolan officials in violation of the Foreign Corrupt Practices Act, citing the firm’s prompt self-disclosure and timely remediation.
Nasdaq unit reaches $22M settlement with CFTC over supervision failures
The Commodity Futures Trading Commission fined a Nasdaq subsidiary $22 million over allegedly misleading the public, regulators, and its own compliance staff about the details of a trader incentive program.
Clarivate names chief administrative, legal officer
Clarivate appointed Melanie Margolin to the expanded role of chief administrative and legal officer.
Vanguard announces general counsel
Investment management firm Vanguard announced that Tonya Robinson will join as general counsel and managing director of its legal division, effective Oct. 1.
Pyxus International appoints new CCO
Agricultural company Pyxus International announced the appointment of David Singer as senior vice president, chief legal officer, and secretary.
Simplex Trading appoints GC
Simplex Trading announced the appointment of Nancy Laethem Stern as managing director, general counsel.
Kinderhook Industries hires GC, compliance chief
Private investment firm Kinderhook Industries announced that Michael Iuliano has joined the firm as general counsel and chief compliance officer.
Pham cries CFTC overreach against compliance officer in $48M fine of TOTSA
The Commodities Futures Trading Commission fined TOTSA TotalEnergies Trading $48 million for allegedly engaging in price manipulation, with Commissioner Carolyn Pham defending a compliance officer at the Swiss energy company accused of making false statements.
Nashville General Hospital welcomes new CCO
Nashville General Hospital welcomed Kristi Faulkner Lewis as its new chief compliance officer.
CFTC orders BNY to pay $5M over reporting failures
BNY, formerly BNY Mellon, will pay a $5 million fine to the Commodity Futures Trading Commission for “significant reporting failures” related to its swap dealer business.
Nordea Bank to pay $35M to resolve NYDFS probe into AML shortcomings
Finland-based Nordea Bank will pay $35 million to resolve an investigation by the New York Department of Financial Services (NYDFS) into “significant compliance failures” in its anti-money laundering and Bank Secrecy Act program.
Austal reaches $49M deal with DOJ, SEC over accounting, securities fraud, false claims
The U.S.-based subsidiary of Australian defense contractor Austal will pay $48.8 million in fines and restitution to settle allegations that it committed accounting and securities fraud, misled federal auditors, and violated the False Claims Act.
DOJ orders LA to pay $38M over filing false claims for HUD grants
Los Angeles will pay more than $38 million to resolve allegations, first brought by two whistleblower, that for a decade the city knowingly shut people with disabilities out of affordable housing created through federal funds, the Department of Justice (DOJ) said.