All Regulatory Enforcement articles – Page 4

  • Oil

    SFO dealt blow after second Unaoil conviction overturned


    The U.K. Serious Fraud Office was dealt another blow after Paul Bond, a former sales manager at Dutch energy services company SBM Offshore, had his 42-month jail sentence overturned because the agency failed to disclose vital evidence in its Unaoil case.

  • ZTE

    Judge ends ZTE probation after 5 years


    A U.S. district court judge agreed to end ZTE’s five-year probation following the Chinese telecommunications company’s 2017 guilty plea for violating Iran sanctions.

  • UK data

    New ICO head strives for reassurance in first speech


    John Edwards, head of the U.K. Information Commissioner’s Office, said he wants to bring greater certainty for companies regarding their data compliance needs, especially if the government’s drive to reduce regulatory burdens results in the EU withdrawing its data adequacy decision.

  • Weibo

    SEC adds Weibo to HFCAA watchlist


    The Securities and Exchange Commission added Chinese social media giant Weibo Corp. to its list of companies not in compliance with the Holding Foreign Companies Accountable Act.

  • Dark money

    Report: Number of AML fines up, penalty totals down in 2021


    The number of anti-money laundering fines assessed against financial institutions globally reached its highest amount in six years during 2021, though the penalty amounts associated with those enforcement actions dropped notably, according to Kroll’s annual benchmark report.

  • Ericsson

    Ericsson mum on Iraq misconduct amid ‘comprehensive review’


    Ericsson has launched a sweeping review into evidence it uncovered regarding misconduct in Iraq and the subsequent disclosure of those findings after the Department of Justice warned the Swedish telecom of a second breach of its 2019 deferred prosecution agreement.

  • USAA

    Compliance implications of USAA order addressing AML lapses


    The consent order issued by the Office of the Comptroller of the Currency against USAA Bank imparts lessons for compliance officers in the financial services industry on how—and how not—to maintain a Bank Secrecy Act/anti-money laundering compliance program.

  • Bribe

    TRACE: U.S. bribery enforcement continued decline in 2021


    The number of U.S. foreign bribery enforcement actions slowed notably in 2021, while the overall pace of transnational anti-bribery enforcement actions and investigations lagged worldwide, according to TRACE International’s latest enforcement report.

  • Business liability

    FINRA stresses supervisory authority as key to CCO liability cases


    Whether chief compliance officers have supervisory authority is key to the Financial Industry Regulatory Authority’s determination of CCO liability, the organization clarified in a regulatory notice.

  • USAA

    USAA fined $140M for AML compliance failures


    USAA Federal Savings Bank must pay $140 million as part of consent orders reached with the Financial Crimes Enforcement Network and Office of the Comptroller of the Currency for its failures maintaining its Bank Secrecy Act/anti-money laundering compliance program.

  • MoneyGram

    MoneyGram, NYDFS agree on $8.25M settlement for supervision lapses


    MoneyGram will pay $8.25 million as part of a settlement with the New York State Department of Financial Services for supervision failures regarding local agents processing suspicious transactions in China.

  • FTC seal

    Former CafePress owner to pay $500K in FTC settlement over data breach


    Residual Pumpkin Entity, the former owner of CafePress, must pay $500,000 in redress under a proposed settlement with the Federal Trade Commission addressing allegations CafePress failed to secure personal data and covered up a data breach.

  • Facebook Ireland

    Meta fined $18.6M under GDPR for 2018 data breaches


    The Irish Data Protection Commission fined Meta’s Irish subsidiary 17 million euros (U.S. $18.6 million) for a series of personal data breaches that took place nearly four years ago.

  • Swedbankcrop

    Swedbank Estonia named suspect in money laundering investigation


    The Estonian branch of Swedbank has been summoned for interrogation as part of a probe into suspected money laundering and other criminal activities.

  • HSBC

    Learning points from HSBC’s fine for AML failings


    Significant investment in systems has not been fully effective in mitigating financial crime risk. A fine of nearly £64 million (then-U.S. $84 million) imposed on HSBC by the U.K. Financial Conduct Authority in December is a particularly potent example.

  • Deutsche Bank

    Deutsche Bank monitorship extended after breach of DPA


    Deutsche Bank disclosed the Department of Justice determined it breached its obligations under a 2021 deferred prosecution agreement. As a result, the term of an independent compliance monitor at the bank has been extended until February 2023.

  • KFC China

    SEC notifies five Chinese companies of HFCAA noncompliance


    The Securities and Exchange Commission has notified five China-based public companies they could be delisted from U.S. stock exchanges if they do not allow their audits to be inspected by the Public Company Accounting Oversight Board.

  • FacialRecognition

    Clearview AI fined $22M in Italy over unlawful data collection


    Facial image aggregator Clearview AI was fined €20 million (U.S. $22 million) for unlawfully processing the biometric and geolocation data of Italian citizens in violation of privacy laws including the General Data Protection Regulation.

  • Allison Herren Lee and Hester Peirce

    Top 10 reasons to attend Compliance Week 2022


    A keynote with two SEC commissioners; interactive sessions on global sanctions, ESG, and ethical leadership; and a new conference location and format highlight Dave Lefort’s list of reasons to be excited for CW’s first in-person event in nearly three years.

  • Mobile TeleSystems

    MTS compliance monitorship extended one year


    The Department of Justice and Mobile TeleSystems jointly agreed to voluntarily extend for one year the term of the Russian telecommunications company’s independent compliance monitorship in accordance with a 2019 deferred prosecution agreement.