All Regulatory Enforcement articles – Page 34
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PremiumStiffer U.K. audit penalties posing more problems?
Legal experts are unconvinced record fines against audit firms imposed last year by the U.K. Financial Reporting Council will necessarily improve audit quality.
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News BriefHilcorp San Juan to pay $35M for royalty payment false claims
Hilcorp San Juan agreed to pay $34.6 million as part of a settlement with the Department of Justice addressing allegations of False Claims Act violations regarding underpaid royalties on oil and natural gas produced from federal lands.
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News BriefWells Fargo unit fined $425K by FINRA over trade disclosures
Wells Fargo Securities agreed to pay a $425,000 penalty as part of a settlement with the Financial Industry Regulatory Authority addressing allegations of disclosure lapses affecting millions of trade confirmations and related supervisory failures.
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PremiumOFAC official urges company transparency on ransomware events
Despite its reputation as a fierce enforcer of sanctions, the Office of Foreign Assets Control has a softer side and wants to help companies that are hit with ransomware attacks, according to the agency’s senior compliance officer.
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News BriefICBC fined $32M by NYDFS, Fed over compliance lapses
The Industrial and Commercial Bank of China and its New York branch agreed to pay $32.4 million in penalties levied by two regulators for failing to address compliance failures and for the unauthorized disclosure of confidential supervisory information to an overseas regulator.
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News BriefRobinhood Financial to pay $7.5M in Mass. settlement
Online stock trading platform and broker-dealer Robinhood Financial agreed to pay a $7.5 million fine as part of a settlement with the Commonwealth of Massachusetts addressing claims related to “gamification” of its platform and cybersecurity issues that lent to a 2021 data breach.
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News BriefCourt bumps Gen Digital false claims judgment to $53M
An opinion in a long-running court case involving software company Gen Digital and alleged violations of the False Claims Act saw proposed costs in the matter jump from $1.3 million to approximately $53 million following successful arguments by the U.S. government.
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News BriefSilver Lake Hospital to pay $19M over Medicare false claims
New Jersey-based Silver Lake Hospital agreed to pay more than $18.6 million as part of a settlement with the Department of Justice addressing allegations of false claims submitted to Medicare for inpatient cost outlier payments.
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PremiumAMLA impact dependent on national collaboration
The impact of the Anti-Money Laundering Authority to improve the coordination and success of AML activities will be largely indirect, depending on its influence over European national governments continuing to supervise most EU financial services firms.
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News BriefGenesis Global Trading fined $8M by NYDFS over AML, cyber lapses
Virtual currency brokerage firm Genesis Global Trading agreed to pay an $8 million penalty levied by the New York State Department of Financial Services for alleged compliance failures that left it vulnerable to illicit activity and cybersecurity threats.
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News BriefJPMorgan to pay record $18M for violating SEC whistleblower rule
A subsidiary of JPMorgan Chase will pay an $18 million fine to the Securities and Exchange Commission for allegedly violating the agency’s whistleblower protection rule in hundreds of settlement agreements with clients and customers.
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PremiumLessons from Albemarle, ABB: How data-driven compliance can help your firm
Andrew McBride, chief risk officer of Albemarle Corp., and Tapan Debnath, head of integrity, regulatory affairs and data privacy at ABB, discussed how and why their respective organizations use data analytics to conduct business as part of a recent webcast.
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News BriefMorgan Stanley to pay $249M in SEC, DOJ fraud settlements
Morgan Stanley agreed to pay approximately $249 million as part of settlements with the Securities and Exchange Commission and Department of Justice to resolve an admitted fraud scheme involving block trades perpetrated, in part, by a former senior employee at the firm.
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News BriefRDx Bioscience, CEO settle kickback case for $13M
New Jersey-based clinical laboratory RDx Bioscience and its chief executive officer agreed to pay more than $13 million to the Department of Justice to settle illegal kickback allegations.
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News BriefSDNY launches whistleblower pilot program
The U.S. Attorney’s Office for the Southern District of New York took its efforts to encourage voluntary self-disclosure a step further with the launch of a whistleblower pilot program for individuals involved in nonviolent offenses.
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News BriefSAP to pay $220M in FCPA settlements
German-based software company SAP agreed to pay more than $220 million as part of resolutions with authorities in the United States and South Africa regarding alleged violations of the Foreign Corrupt Practices Act.
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News BriefFTC bans Outlogic from selling sensitive location data in landmark action
Data broker Outlogic will be subject to the Federal Trade Commission’s first ban on the use, sale, or disclosure of sensitive location data as part of a proposed order announced by the agency.
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News BriefReport: Canada’s FINTRAC to increase reliance on AI
Canada’s financial intelligence agency aims to increase its use of artificial intelligence technology to improve its capabilities to analyze data and detect suspicious activity, according to an agency official.
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OpinionTen things I’d like to see happen in 2024
Election years in the United States, United Kingdom, and at European Parliament, along with ongoing geopolitical tensions, make 2024 difficult to predict—aside from the expectation compliance officers will be busy.
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News Brief
Atlantic Home Health Care to pay $10M over energy program false claims
Atlantic Home Health Care LLC agreed to pay nearly $10 million as part of a settlement with the Department of Justice addressing the alleged submission of false claims to the Department of Labor’s Energy Employees Occupational Illness Compensation Program.