All Regulatory Enforcement articles – Page 103
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ArticleBitcoin platform operator fined $60M for AML violations
Larry Dean Harmon, the operator of virtual currency platforms Helix and Coin Ninja, was assessed a $60 million civil penalty by FinCEN for violations of the Bank Secrecy Act and its implementing of AML regulations.
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Anatomy of a 90% fine reduction: How BA saved $200M on GDPR penalty
The U.K. Information Commissioner’s Office agreed to slash its intended GDPR fine for British Airways from £183.39 million (U.S. $230 million) to just £20 million (U.S. $26 million). What was behind the massive reduction?
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ArticleUSAA $85M fine for compliance failures lacks justification
The OCC’s recent $85 million penalty assessed against USAA for compliance risk management failures leaves too many questions unanswered for a fine that size, writes Jaclyn Jaeger.
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ArticleBrazilian meatpacker’s FCPA settlement details widespread corruption
Brazilian company JBS, the largest meat producer in the world, and its holding company agreed to pay nearly $300 million for systemic and widespread corruption in settlements with two U.S. enforcement agencies.
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ArticleDeutsche Bank fined $15.9M for lag in reporting suspicious transactions
A German public prosecutor levied a €13.5 million (U.S. $15.9 million) fine against Deutsche Bank for failing to report over 600 suspicious transactions in a timely manner but dropped a wider investigation related to the Danske Bank money laundering scandal.
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ArticleEx-KPMG partner avoids prison in cheating scandal sentencing
Former KPMG partner David Britt has been sentenced to six months of home confinement for his role in a cheating scandal that has haunted the Big Four audit firm for two years and is now finally nearing its end.
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DOJ official: ‘Inability to pay’ playing more prominent role in criminal cases
Revenue constraints faced by companies due to the coronavirus pandemic are factoring more prominently into settlement discussions with the Department of Justice, according to acting Criminal Division head Brian Rabbitt.
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ArticleSAExploration accused of $100M accounting fraud
SAExploration Holdings has been accused by the SEC of perpetrating a $100 million accounting fraud that involved routing payments through shell companies so it appeared to be legitimate revenue.
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ArticleOCC fines Morgan Stanley $60M for data inventory risk failures
Morgan Stanley has agreed to pay $60 million as part of a settlement with the OCC for failing to adequately protect customer data when the bank decommissioned two U.S.-based wealth management data centers.
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ArticleU.S. agencies get nod for using data, smart incentives in enforcement
Both the CFTC and CFPB “Nailed It” this week while corporate heavyweight General Electric found itself in more trouble.
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ArticleCitigroup fined $400M for compliance, risk management failures
Federal banking regulators fined Citigroup $400 million for failing to address “significant” risk and compliance failures.
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World Bank debars Kalpataru Power Transmission for fraud
The World Bank announced the debarment of India-based Kalpataru Power Transmission for 12 months and one day for fraudulent practices connected to power development projects in the Democratic Republic of the Congo and Egypt.
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ArticleCFTC announces record enforcement year—and departure of enforcement head
On the same day the CFTC celebrated a record-breaking 113 enforcement actions in fiscal year 2020, the agency also announced the impending departure of Enforcement Director James McDonald.
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GE facing potential SEC action over accounting issues
General Electric revealed in a regulatory filing that it is facing a civil injunctive action from the Securities and Exchange Commission regarding accounting issues tied to its legacy insurance portfolio.
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ArticleFINMA orders Banca Credinvest to improve AML measures
The Swiss Financial Market Supervisory Authority found Banca Credinvest “seriously breached” anti-money laundering regulations with regard to dealings with PDVSA in Venezuela.
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Travel service company to pay $6M for violating Cuba sanctions
Generali Global Assistance has agreed to pay approximately $5.9 million for violating U.S. sanctions. The action comes a week after OFAC amended its Cuban Assets Control Regulations.
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ArticleEY allegedly flubbed Wirecard dealings worse than we thought
In this week’s “Nailed It or Failed It,” we take down EY and JPMorgan Chase for apparently ignoring whistleblowers and give the SEC a nod for rewarding them.
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ArticleHP fined $6M for disclosure violations and control failures
HP has agreed to pay $6 million in a settlement with the Securities and Exchange Commission to resolve allegations of disclosure violations and control failures regarding improper sales practices.
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ArticleH&M Germany fined $41.3M in one of largest GDPR penalties
In one of the largest GDPR fines imposed, a regional data protection authority in Germany fined H&M Germany €35.2 million (U.S. $41.3 million) for excessive monitoring of several hundred employees by one of the retailer’s subsidiaries.
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Former hedge fund CCO fined, suspended for impeding investigation
The former CCO of a New York City investment firm who impeded a Securities and Exchange Commission investigation into her employer has been fined $25,000 and suspended from practicing before the SEC for a year.