All Regulatory Enforcement articles – Page 49
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PremiumExperts: XRP ruling offers little clarity on crypto regulation
A judge’s ruling the token XRP does not intrinsically possess the characteristics of a security that must be registered with the Securities and Exchange Commission has not cleared the uncertainty that remains around the regulation of digital assets, according to experts.
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News BriefCriminal Division head Kenneth Polite to leave DOJ
Assistant Attorney General Kenneth Polite Jr. is set to leave the Department of Justice after a tenure highlighted by multiple policy changes intended to empower corporate chief compliance officers.
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PremiumM&A lessons from EU’s maximum $476M fine against Illumina
The European Commission imposed maximum disciplinary measures in fining U.S.-based biotechnology company Illumina €432 million (U.S. $476 million) regarding its “gun-jumping” merger with cancer detection company Grail.
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News Brief
SEC fines Cantor Fitzgerald $1.4M over large trader filing lapses
Financial services firm Cantor Fitzgerald agreed to pay a $1.4 million penalty as part of a settlement with the Securities and Exchange Commission addressing alleged reporting failures.
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News BriefNorwegian DPA threatens Meta with fines over behavioral advertising
The Norwegian Data Protection Authority is set to impose a temporary ban on Meta carrying out behavioral advertising on Facebook and Instagram using the personal information of users in the country.
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News BriefLatest CCPA sweep targets employee, applicant info protections
The California Office of the Attorney General has turned its attention to the practices of large companies regarding the protection of the personal information of employees and job applicants as part of its latest investigative sweep under the California Consumer Privacy Act.
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News BriefNextGen Healthcare to pay $31M in false claims case
Electronic health record technology vendor NextGen Healthcare agreed to pay $31 million as part of a settlement announced by the Department of Justice for allegedly misrepresenting the capabilities of its software.
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PremiumPotential sanctions violations: To voluntarily self-disclose or not?
The Department of Justice scrutinizing sanctions on par with how it views bribery under the Foreign Corrupt Practices Act alters the calculus of whether a company should voluntarily self-disclose potential violations, experts discussed at CW’s TPRM Summit.
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News BriefFTC questions OpenAI over ChatGPT data security practices
The Federal Trade Commission sent to ChatGPT developer OpenAI a list of questions seeking clarity on how the company monitors, collects, and retains user personal information and ensures control over its popular artificial intelligence chatbot.
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News BriefPCAOB penalizes CohnReznick for late disclosure of SEC fine
Audit firm CohnReznick agreed to pay a $20,000 fine levied by the Public Company Accounting Oversight Board for allegedly disclosing late a penalty it received from the Securities and Exchange Commission.
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PremiumTI 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 BriefBank 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 BriefMerrill 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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Resourcee-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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PremiumWhat 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 BriefSEC 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 BriefSmart 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 BriefCFTC 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 BriefCCO 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 BriefCenCal 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.