All Regulatory Enforcement articles – Page 39
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TI director: U.S. must reckon with role as corruption facilitator
The United States is one of few leaders in the anti-corruption enforcement space but still must reckon with its role as a top facilitator of financial crime, according to the executive director at the U.S. office of Transparency International.
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News Brief
Bank of America to pay $230M over junk fees, fake accounts
Bank of America agreed to pay approximately $230 million to settle charges levied by the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency over alleged junk fees, withheld credit card rewards, and the opening of fake accounts.
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News Brief
Merrill Lynch fined $12M over SARs filing failures
Merrill Lynch was assessed penalties totaling $12 million by the Securities and Exchange Commission and Financial Industry Regulatory Authority for allegedly failing to file nearly 1,500 required suspicious activity reports over the course of a decade.
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Resource
e-Book: Regulators crack down on use of messaging apps
U.S. regulators signaled through a widespread enforcement sweep against Wall Street banks they are zeroing in on employees’ unapproved uses of electronic communication channels to discuss business-related matters.
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What should be priorities for incoming SFO director?
High staff turnover, low morale, and unattractive rates of pay are among the areas legal experts pointed to when discussing the potential agenda of Nick Ephgrave upon taking over as head of the U.K. Serious Fraud Office.
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News Brief
SEC orders Future FinTech Group to pay $1.65M over accounting lapses
Future FinTech Group agreed to pay $1.65 million to settle charges levied by the Securities and Exchange Commission for filing materially inaccurate annual reports and failing to maintain adequate books, records, and internal control over financial reporting.
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News Brief
Smart window-maker View avoids penalty in liability disclosure case
View, a California-based manufacturer of smart windows, avoided civil penalties after self-reporting apparent disclosure violations to the Securities and Exchange Commission.
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News Brief
CFTC assembles task forces to combat cyber and tech issues, ESG fraud
The Enforcement Division of the Commodity Futures Trading Commission announced it established two new task forces to combat cyberattacks and misuse of technology and environmental fraud.
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News Brief
CCO among 12 individuals charged in DOJ, SEC insider trading sweep
The Department of Justice and Securities and Exchange Commission announced charges against a dozen individuals across four separate insider trading cases, including an alleged scheme involving the chief compliance officer of an international payment processing company.
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News Brief
CenCal Health to pay $49.5M in wider DOJ false claims case
County-organized health system CenCal Health and three other healthcare providers agreed to pay a total of $68 million across settlements with the Department of Justice regarding alleged false claims submitted under California’s Medicaid program.
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SEC’s Grewal spotlights enforcement focus on cyber disclosures
The No. 1 priority at the Securities and Exchange Commission after organizations are impacted by a cybersecurity incident is that investors receive timely and accurate disclosures, according to Enforcement Division Director Gurbir Grewal.
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News Brief
PwC, KPMG fined over audit lapses at Eddie Stobart Logistics
The U.K. Financial Reporting Council separately penalized Big Four audit firms PwC and KPMG for deficiencies in their work at transport company Eddie Stobart Logistics for the financial years ended 2018 and 2017, respectively.
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News Brief
ACI Worldwide fined $25M for lax data handling, unauthorized transactions
The Consumer Financial Protection Bureau ordered ACI Worldwide to pay a $25 million fine for improper data handling that led to approximately $2.3 billion in erroneous mortgage payment transactions.
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News Brief
APRA pressures Medibank on cyber enhancements post-breach
The Australian Prudential and Regulation Authority will require Medibank Private to hold 250 million Australian dollars (U.S. $166 million) in extra capital until the insurer remediates identified cybersecurity weaknesses after a significant data breach.
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News Brief
Credit Suisse unit to pay $900K over reporting, supervisory lapses
Credit Suisse Securities agreed to pay $900,000 to settle charges levied by the Financial Industry Regulatory Authority regarding reporting and supervision lapses.
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FTC cases thrust COPPA compliance into spotlight
The Federal Trade Commission’s recent children’s privacy enforcement activity—including fines against Microsoft and Amazon—leaves no doubt businesses must make complying with the Children’s Online Privacy Protection Act a top priority.
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News Brief
JPMorgan unit fined $4M over record retention violations
JPMorgan Securities agreed to pay $4 million to settle charges levied by the Securities and Exchange Commission regarding record retention violations related to the deletion of approximately 47 million electronic communications.
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News Brief
French DPA fines adtech firm Criteo $44M under GDPR
Adtech firm Criteo was assessed a penalty of €40 million (U.S. $44 million) for multiple alleged violations of the General Data Protection Regulation, including failing to verify it gained consent to process the data of European Union citizens.
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News Brief
SEC bars convicted ex-CCO at investment adviser from industry
The convicted former chief compliance officer at an unnamed New York-based investment adviser was barred from working in the industry by the Securities and Exchange Commission.
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News Brief
FTC sues Amazon over Prime enrollment, ‘cancellation trickery’
The Federal Trade Commission filed a complaint against e-commerce giant Amazon for allegedly enrolling consumers into Amazon Prime without their consent and making it difficult to cancel Prime subscriptions.