All Regulatory Enforcement articles
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CFTC commissioner calls for AI framework in commodities markets
A commissioner at the Commodity Futures Trading Commission is calling for the agency to launch initiatives addressing the use—and misuse—of artificial intelligence tools in commodities markets.
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CW2024 panelists explain why BYOD at center of off-channel comms debate
The Department of Justice’s renewed scrutiny toward a corporation’s approach to the use of personal devices strengthens the case for companies to get away from bring your own device, a panelist at Compliance Week’s 2024 National Conference argued.
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Czech DPA fines Avast $15M over GDPR violations
The Czech Republic’s data protection authority issued a fine of 351 million Czech koruna (U.S. $15 million) against antivirus software vendor Avast for alleged violations of the General Data Protection Regulation.
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Accountancy bodies urge ethical behavior amid exam cheating scandals
Trust in the integrity of corporate finance and auditing is vital, but repeated scandals over exam cheating at the largest multinational firms are denting faith in the system globally.
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Consolidated Nuclear Security to pay $18.4M over timecard false claims
Consolidated Nuclear Security agreed to pay $18.4 million to settle alleged False Claims Act violations regarding the submission of timecards for unworked hours to the National Nuclear Security Administration.
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BaFin fines Commerzbank $1.6M over supervision, AML lapses
Germany’s financial supervisory authority issued total fines of €1.45 million (U.S. $1.6 million) against Commerzbank AG to settle allegations of inadequate monitoring and anti-money laundering controls.
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OFAC fines SCG Chemicals unit $20M over Iran sanctions violations
A subsidiary of Thailand-based SCG Chemicals Co. agreed to pay a $20 million fine to the Office of Foreign Assets Control over “egregious” violations of sanctions against Iran.
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SFO outlines five-year strategy amid ‘increasing pace of change’
The U.K.’s Serious Fraud Office said in a five-year strategic plan it’s “struggled to keep pace with demand” as ballooning casework shows no signs of slowing down.
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OCC cites three banks for risk management, BSA-related failures
The Office of the Comptroller of the Currency cited three banks for unsafe and unsound business practices that mirror issues similar to what spurred last year’s banking crisis.
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Treasury kicks off new wave of Iran sanctions
The Treasury Department announced new sanctions against Iran, with Treasury Secretary Janet Yellen promising “further actions in the days and weeks ahead” following the Middle East nation’s attack on Israel.
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CFPB rule streamlines nonbank supervision designation process
The Consumer Financial Protection Bureau continued its push to establish supervisory authority over more nonbank financial companies with the adoption of a procedural rule to streamline the process for such designations.
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Proterial Cable America earns DOJ declination in apparent fraud case
Proterial Cable America received a declination notice from the Department of Justice related to its voluntary self-disclosure and remediation of apparent fraud committed by its employees.
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SEC’s Grewal: General compliance principles for avoiding AI washing
Gurbir Grewal, director of the Securities and Exchange Commission’s Division of Enforcement, laid out general principles for “proactive compliance” to avoid making false or misleading claims about the capabilities of artificial intelligence products and services.
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FINRA orders Barclays unit to pay $700K over conflicts of interest
A Barclays unit agreed to pay $700,000 to settle allegations levied by the Financial Industry Regulatory Authority that its research analysts violated conflict-of-interest rules and the firm failed to sufficiently supervise their trades.
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SEC fines five investment advisers in marketing rule sweep
Five registered investment advisers agreed to pay a total of $200,000 in penalties for allegedly violating the Securities and Exchange Commission’s amended marketing rule.
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JBS CECO on overcoming ‘fear, anxiety, and chaos’ of taking job post-FCPA settlements
Mike Koenig explained at Compliance Week’s 2024 National Conference how he helped rebuild JBS Foods’ compliance department following Foreign Corrupt Practices Act settlements with the Department of Justice and Securities and Exchange Commission.
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DOJ lawsuit charges Regeneron with inflating Medicare costs
New York-based Regeneron Pharmaceuticals is being sued by the Department of Justice for allegedly flouting Medicare’s price reporting requirements.
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CFTC enforcement head talks steep path to self-reporting credit
Earning self-reporting credit from the Commodity Futures Trading Commission is no simple task, Director of Enforcement Ian McGinley conceded.
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Treasury proposal seeks to expand CFIUS enforcement authority
A proposal by the Treasury Department would allow the Committee on Foreign Investment in the United States to seek more information as part of its review activities and enable “substantially” larger penalties in instances of noncompliance with relevant regulations.
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KPMG Netherlands fined record $25M by PCAOB for exam cheating
KPMG Netherlands agreed to pay a record $25 million penalty levied by the U.S. Public Company Accounting Oversight Board for allegedly allowing widespread cheating by employees on internal training exams and misinforming regulators about the misconduct.