All Regulatory Enforcement articles – Page 17
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News BriefFCC fines Lingo Telecom $2M after CCO warned about fake Biden robocalls
The Federal Communications Commission proposed a $2 million fine against Lingo Telecom for facilitating robocalls that used artificial intelligence to fake President Joe Biden’s voice after the company’s chief compliance officer was warned in February.
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News BriefPCAOB dings MaloneBailey $400K over ‘pervasive’ quality control violations
Audit firm MaloneBailey agreed to pay a $400,000 fine to settle allegations levied by the Public Company Accounting Oversight Board over “pervasive” quality control violations.
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News BriefHSBC fined $8M by FCA for mishandling customers in default
The U.K. Financial Conduct Authority fined HSBC nearly £6.3 million (U.S. $8 million) for failing to properly consider the financial position of customers who missed payments.
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News BriefMilliporeSigma’s ‘extraordinary cooperation’ earns it DOJ declination
The Department of Justice declined to prosecute Massachusetts-based biochemical company MilliporeSigma for its “extraordinary cooperation” in uncovering a “rogue” employee’s scheme to procure and ship discounted products to China using falsified export documents.
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News BriefSEC orders Intercontinental Exchange to pay $10M over Reg SCI violations
Intercontinental Exchange and nine affiliates agreed to pay $10 million for allegedly failing to inform the Securities and Exchange Commission of a cyber intrusion as required by Regulation Systems Compliance and Integrity.
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News BriefN26 fined $9.6M for not timely filing AML reports to BaFin
Germany’s financial supervisory authority issued a fine of €9.2 million euros against mobile bank N26 for “systematically” submitting late anti-money laundering reports.
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News BriefCiti unit fined $78.6M by U.K. regs for trading control failures
The Financial Conduct Authority and Prudential Regulation Authority combined to fine a London-based Citigroup subsidiary approximately £61.7 million (U.S. $78.6 million) for control failures related to its trading system.
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News BriefEPA warns of increased cybersecurity scrutiny toward water systems
The Environmental Protection Agency is increasing its inspections of public drinking water systems after finding a majority of those reviewed were vulnerable to cyberattacks and related threats.
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News BriefSkyCity Entertainment bracing for nearly $50M in AML penalties
Australian gaming company SkyCity Entertainment Group faces nearly $50 million in penalties for admitted breaches of anti-money laundering and countering financing of terrorism obligations in Australia and New Zealand.
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News BriefFlex says no action by OFAC into possible sanctions violations
Flex disclosed in a public filing the Office of Foreign Assets Control is taking no action into potential sanctions violations the global manufacturer voluntarily self-disclosed in 2019.
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News BriefDXC Technology says no penalties on self-disclosed Russian sanctions matter
IT services company DXC Technology disclosed it received word from the Office of Foreign Assets Control and Bureau of Industry and Security that it won’t be penalized regarding potential Russian sanctions/export control violations it voluntarily self-disclosed in 2022.
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News BriefDOJ orders Cape Cod Hospital to pay $24.4M over false claims
The Department of Justice ordered Cape Cod Hospital to pay nearly $24.4 million to settle alleged False Claims Act violations that it knowingly submitted claims to the government for procedures that failed to comply with Medicare rules.
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News BriefTreasury says closing AML regulation loopholes top priority
The Treasury Department’s efforts to eliminate regulation loopholes that help enable money laundering in the U.S. financial system will remain a top priority as part of the agency’s 2024 national illicit finance strategy.
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News BriefSupreme Court rules CFPB funding structure constitutional
The Supreme Court rejected a claim that the Consumer Financial Protection Bureau’s funding mechanism is unconstitutional, removing a legal challenge that had the potential to overturn all the agency’s regulations and enforcement actions.
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News BriefDOJ orders Evoqua to pay $8.5M over admitted securities fraud
Evoqua Water Technologies agreed to pay $8.5 million as part of a nonprosecution agreement with the Department of Justice to settle admitted criminal charges related to fraudulent revenue recognition.
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News BriefUFLPA Entity List nearly doubles with textile industry sweep
The Department of Homeland Security announced its largest batch of additions to the list of companies blocked under the Uyghur Forced Labor Prevention Act in the form of a sweep of the Chinese textile industry.
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News BriefTreasury details oligarch-tied Russia sanctions evasion scheme
Three Russia-based companies and an individual were designated by the U.S. Treasury Department for trying to recapture more than $1.5 billion in frozen shares owned by a previously sanctioned Russian oligarch using a complex evasion scheme.
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OpinionBinance CEO got 4 months in prison. FTX’s got 25 years. Was compliance the difference?
Why the wild disparity in the sentences of Binance’s Changpeng Zhao and FTX’s Sam Bankman-Fried? Aaron Nicodemus argues the performance of the compliance teams at the two cryptocurrency exchanges was as big a contrast as the penalties earned by their respective founders.
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News BriefDOJ notifies Boeing of DPA breach related to 737 MAX safety
The Department of Justice notified aerospace giant Boeing it breached its 2021 deferred prosecution agreement that required compliance commitments following high-profile crashes of its 737 MAX airplane.
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News BriefCanadian parliament adds to TD Bank AML scrutiny
Canadian lawmakers will come together to discuss TD Bank’s reported failure to prevent drug traffickers from laundering proceeds of fentanyl sales on its platform.