All Regulatory Enforcement articles – Page 25
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News BriefFCA fines, bans ex-London Capital & Finance compliance head over promos
The U.K. Financial Conduct Authority issued a fine of £31,800 (U.S. $40,000) against a former compliance director at London Capital & Finance for allegedly approving misleading promotions that led to investor deception.
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News BriefInsurance broker Gallagher off hook in DOJ FCPA probe
Arthur J. Gallagher disclosed the Department of Justice ended an investigation into the insurance broker’s business in Ecuador for potential violations of the Foreign Corrupt Practices Act.
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News BriefLatest SEC off-channel comms sweep nets $81M in fines against 16 firms
The ongoing off-channel communications sweep by the Securities and Exchange Commission netted 16 more broker-dealers and investment advisers, with the latest wave of fines totaling more than $81 million.
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PremiumTable: SEC, CFTC off-channel communications penalties
The Securities and Exchange Commission and Commodity Futures Trading Commission have combined to levy nearly $3.5 billion in penalties (so far) against firms and their affiliates in response to recordkeeping failures regarding employee use of off-channel communications for business purposes.
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News BriefRaytheon parent discloses indications of improper payments in Middle East
RTX Corp., parent company of aerospace and defense giant Raytheon, disclosed an internal investigation launched into potential improper payments in connection with contracts in the Middle East found indications of misconduct.
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News BriefPenn State Health to pay $11.7M over self-disclosed Medicare violations
Multihospital healthcare system Penn State Health agreed to pay more than $11.7 million to resolve self-disclosed violations of Medicare rules related to improper billing.
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News BriefMontefiore Medical Center to pay $4.8M over employee’s data theft
Montefiore Medical Center agreed to pay $4.75 million to settle allegations by the Department of Health and Human Services’ Office for Civil Rights that failures by the New York City nonprofit facility allowed an employee to steal and sell patient information for six months.
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News BriefGoldman Sachs fined $513K by FINRA over faulty surveillance reports
The Financial Industry Regulatory Authority fined Goldman Sachs $512,500 for allegedly failing to properly surveil certain types of securities for potential manipulative trading activity for more than a decade.
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PremiumExamining precedent set by French DPA’s Amazon employee monitoring fine
The decision by France’s data regulator to fine an Amazon warehouse manager for breaches of the General Data Protection Regulation over the way it monitored employee productivity raises questions about the reach data protection authorities have over corporate conduct.
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News BriefChina-based Cloopen Group avoids fine in SEC accounting fraud case
China-based technology company Cloopen Group Holding won’t pay a fine in settling with the Securities and Exchange Commission over an alleged accounting fraud scheme perpetrated by two of its former senior managers.
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News BriefWestpac ordered to pay $1.2M in insider trading case
Westpac Banking Corp. was assessed a maximum fine of AUS$1.8 million (U.S. $1.2 million) to address charges levied by the Australian Securities and Investments Commission of insider trading related to an interest rate swap transaction.
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News BriefPaytm denies money laundering claims amid regulatory scrutiny
The Reserve Bank of India ordered a halt to many banking activities of digital payments provider Paytm while the regulator investigates “persistent noncompliances and continued material supervisory concerns.”
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News BriefUber facing $11M fine over driver privacy rights violations
Ride-hailing company Uber Technologies was assessed a penalty of €10 million (U.S. $11 million) by the Dutch Data Protection Authority for alleged privacy rights violations regarding the handling of European drivers’ personal data.
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News BriefBlackbaud avoids fine in FTC deal requiring data deletion
Software company Blackbaud will be required to delete unnecessary data and boost cybersecurity as part of a proposed settlement with the Federal Trade Commission stemming from a 2020 data breach.
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News BriefCity National Bank ordered to pay $65M over deficient risk, internal controls
The Office of the Comptroller of the Currency levied a $65 million civil penalty against Los Angeles-based City National Bank over alleged risk management and internal control failures.
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News BriefCalavo Growers discloses potential FCPA issues
Multinational produce and agriculture company Calavo Growers disclosed in an annual filing an investigation into its Mexico operations found potential issues under the Foreign Corrupt Practices Act.
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News BriefCompliance officer BSA case a cautionary tale for small banks
A New York-based Bank Secrecy Act compliance officer facilitated more than $1 billion in high-risk international financial business through an “unsophisticated” institution, according to the Department of Justice and the Financial Crimes Enforcement Network.
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News BriefPRA fines HSBC units $73M over deposit protection failures
The Bank of England’s Prudential Regulation Authority penalized two HSBC units £57.4 million (U.S. $73 million) over historic failures in deposit protection identification and notification.
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PremiumWhat future holds for PCAOB post China crackdowns
The Public Company Accounting Oversight Board’s first enforcement settlements with mainland China and Hong Kong firms won’t be the last, as the chair of the regulator says its “just getting started.” U.S. firms must be mindful of the specific ethical issues highlighted.
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News BriefTD Bank reportedly facing fine for faulty AML controls
The Financial Transactions and Reports Analysis Centre of Canada is reportedly preparing to issue its largest fine to date against TD Bank for faulty anti-money laundering controls.