All Regulatory Enforcement articles – Page 112
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ArticleSFO: Tesco concludes three-year DPA for accounting scandal
The U.K. Serious Fraud Office announced British supermarket chain Tesco Stores has fulfilled the terms of its 2017 deferred prosecution agreement resulting from an accounting fraud scandal.
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ArticleFinCEN, OCC offer BSA compliance relief amid pandemic
Two federal agencies that oversee Bank Secrecy Act requirements have notified financial institutions they will agree to “reasonable delays” in the filing of required reports if institutions can show the delays are necessary due to the coronavirus pandemic.
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ArticleRegulatory slowdown due to coronavirus makes compliance role critical
The ongoing pandemic is limiting investigations into most types of white-collar crimes as federal enforcement agencies refocus their attention on coronavirus-related matters.
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ArticleFRC sanctions KPMG, former senior partner for audit failings
The U.K. Financial Reporting Council has reprimanded and fined KPMG and one of its former senior partners for a failure to exercise “sufficient professional skepticism” and for failure to obtain “sufficient appropriate audit evidence.”
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ArticleSEC charges chief compliance officer in trading scheme
The SEC has filed a complaint against four individuals, including a former chief compliance officer, for conducting a fraudulent unauthorized trading scheme through retail customer accounts at their Commission-registered brokerage firm.
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Standard Chartered fined $24.9M for Ukraine sanctions breaches
The U.K. Office of Financial Sanctions Implementation hit Standard Chartered Bank for a record fine relating to loans the bank made to Russian financial institutions in violation of the EU’s sanction regime.
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ArticleEPA scaling back enforcement amid coronavirus
The Environmental Protection Agency said it doesn’t expect to seek penalties for noncompliance with routine monitoring and reporting obligations during a temporary policy issued amid the coronavirus pandemic.
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ArticleDOJ indicts Venezuela President Maduro, others in regime
The DOJ unsealed indictments against Venezuelan President Nicolás Maduro and several high-ranking former and current members of his regime for alleged drug trafficking and money laundering crimes, as well as violations of the FCPA.
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DOJ begins enforcement crackdown on coronavirus fraud
The Department of Justice has acted swiftly on its vow to crack down on fraud during the coronavirus pandemic, issuing its first related enforcement action against a Website acting as an alleged wire-fraud scheme.
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ArticleTRACE: Bribery enforcement down in 2019
Risks in the extractives and aerospace industries are still prevalent, but the number of overall global and U.S. enforcement cases involving bribery dropped in 2019, according to the latest report from TRACE International.
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Swedish regulator fines Swedbank record $390M for AML deficiencies
Swedbank AB has been issued a record 4 billion Swedish Krona (U.S. $390 million) administrative fine for what Sweden’s financial watchdog called “serious deficiencies in its management of the risk of money laundering in its Baltic operations.”
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ArticleSwedish watchdog fines Google $7.6M for GDPR non-compliance
Google has received its second fine to date for violating Europe’s General Data Protection Regulation; Sweden’s Data Protection Authority fined the internet giant 75 million Swedish Kroner (U.S. $7.6 million).
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Article10 tips to meet government expectations of remediation programs
A DOJ-appointed independent compliance monitor has some important advice for companies in trouble that may mean not just remediation credit, but more importantly reputation restoration and the avoidance of larger problems down the line.
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ArticleCFPB lawsuit against Fifth Third mirrors Wells Fargo allegations
Fifth Third Bank, National Association could potentially be in as much legal and regulatory trouble as Wells Fargo if allegations of unauthorized account opening brought by the CFPB hold true.
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ArticleFormer U.S. Bank risk officer pays $450K for AML compliance failures
The former chief operational risk officer at U.S. Bank has agreed to pay a $450,000 penalty for his role in the bank failing to implement and maintain an effective anti-money laundering compliance program.
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Alstom exec's acquittal calls FCPA jurisdiction into question
A federal court in Connecticut acquitted a former Alstom employee on FCPA charges following a Second Circuit decision. But the story does not end there.
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ArticleU.K.’s ICO fines Cathay Pacific for pre-GDPR breach
The U.K. Information Commissioner’s Office has fined airline Cathay Pacific £500,000 (U.S. $643,000) for failing to protect the personal data of millions of customers.
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ArticleDOJ intervenes in whistleblower suit against Mallinckrodt
The Department of Justice has intervened in a whistleblower lawsuit against Mallinckrodt over allegations the drug maker knowingly underpaid Medicaid rebates it owed due to significant price increases to its drug Acthar.
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ArticleNewell Brands facing SEC subpoena over sales, accounting practices
Newell Brands disclosed in a regulatory filing it is facing a Securities and Exchange Commission subpoena over its sales and accounting practices, particularly related to the impairment of goodwill and other intangible assets.
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ArticleCFPB’s leadership structure, SEC’s authority on SCOTUS docket this week
The Supreme Court will hear arguments this week in cases that question whether the current structure of the CFPB is constitutional, and whether to curb the SEC’s power to return funds to fleeced investors.