All Regulatory Enforcement articles
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ArticleJPMorgan Chase fined $250M for ‘unsound’ internal control practices
The OCC fined JPMorgan Chase Bank N.A. $250 million for weaknesses in its internal controls and internal audit for its fiduciary activities.
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Vodafone Italy fined $14.5M under GDPR for telemarketing tactics
The Italian arm of multinational telecommunications company Vodafone is facing a fine of more than €12.25 million (U.S. $14.5 million) under the General Data Protection Regulation for aggressive telemarketing practices.
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Crackdown on culture part of widespread regulatory push
A recent ruling by the U.K. Financial Conduct Authority to ban three individuals from the financial services industry for out-of-work misconduct is part of a broader push by regulators to crack down on matters related to culture, writes Martin Woods.
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OCIE director’s warning: Insufficient CCO support won’t fly
In a year turned upside down by the coronavirus pandemic, one thing hasn’t changed in the eyes of the SEC: The best compliance programs are supported by senior management and have adequate staffing, technology, and training.
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OECD praises U.S. global anti-bribery enforcement efforts
In its 10-year check-in report, the Organisation for Economic Co-operation and Development lauded U.S. enforcement authorities for continuing to be at the forefront in the global fight against corruption and offered only minor suggestions for improvements.
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Airbnb in talks with OFAC regarding potential sanctions violations
Airbnb said in a regulatory filing that it has been in discussions with the Office of Foreign Assets Control regarding user activity on its platform that may be in violation of U.S. sanctions laws.
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Analysis: With Clayton leaving, SEC likely to target financial institutions
SEC Chairman Jay Clayton will step down from his post at the end of the year, allowing the Biden administration to choose his successor immediately upon taking over the White House.
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Even with divided Congress, Wall Street should brace for Biden presidency
Should Republicans hold on to their majority in the Senate, President-elect Joe Biden could still find ways to pass sweeping economic legislation during his first term.
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Former Wells Fargo CEO Stumpf to pay $2.5M in SEC settlement
Former Wells Fargo CEO John Stumpf has agreed to pay $2.5 million to settle charges brought by the SEC for his role in misleading investors in connection with the bank’s infamous fake account scandal.
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SEC enforcement priorities under Biden: Reading the tea leaves
Careful consideration as to what new tone, direction, and priorities the SEC’s Division of Enforcement will take under Joe Biden can help you reduce compliance risk.
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Ticketmaster UK fined $1.6M under GDPR for 2018 data breach
The U.K. Information Commissioner’s Office fined Ticketmaster £1.25 million (U.S. $1.6 million) for its failures relating to a 2018 data breach by a third party.
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Nikola discloses subpoenas over fraud allegations
Electric truck startup Nikola disclosed in a regulatory filing it has received subpoenas from the SEC and the Department of Justice regarding fraud allegations raised in a short-seller report in early September.
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BA, Marriott fine reductions latest wrench in GDPR enforcement harmony
Lack of clarity on fines has dogged the GDPR since it took effect in May 2018, and the recent dramatic penalty reductions handed down by the U.K. in the cases of British Airways and Marriott certainly won’t help.
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Pfizer facing FCPA probes into China operations
Pharmaceutical firm Pfizer announced in a recent regulatory filing that it has received requests from the Department of Justice and the Securities and Exchange Commission regarding the company’s operations in China.
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Julius Baer reserves $80M for FIFA corruption settlement
Julius Baer has set aside nearly $80 million in a proposed settlement with the Department of Justice regarding the agency’s corruption investigation linked to world soccer federation FIFA.
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CFPB under Biden will likely get new director, new direction
The Consumer Financial Protection Bureau is likely to revert to its more aggressive, Obama-era version of itself under a Biden administration.
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JPMorgan Chase facing potential fine for internal control deficiencies
A subsidiary of JPMorgan Chase is facing a potential civil penalty “related to historical deficiencies in internal controls and internal audit over certain advisory and other activities.”
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California accounting board fines KPMG $1.3M for cheating scandal
California and its Board of Accountancy has fined audit firm KPMG $1.3 million after elements of its inspection and internal exam cheating scandals were run through the state.
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In second drastic reduction, ICO fines Marriott $23.8M
The Marriott GDPR fine handed down by the U.K. Information Commissioner’s Office is less than 20 percent of the original number the regulator proposed, the second time this month such a drastic reduction has taken place.
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Airline Services Ltd to pay $3.9M, agrees to DPA in bribery case
The U.K.’s Serious Fraud Office has levied penalties worth nearly £3 million (U.S. $3.9 million) against defunct aircraft refurbishing company Airline Services Limited for violating the country’s anti-bribery laws.
