All Regulatory Enforcement articles – Page 6

  • LA Fashion District

    FinCEN fines A&S World Trading $275K in first GTO action


    The Financial Crimes Enforcement Network fined A&S World Trading $275,000 for willful violations of the Bank Secrecy Act in its first enforcement action against a company for failing to comply with a geographic targeting order.

  • Coal mining

    Ex-coal company exec charged with FCPA violations


    Former coal company executive Charles Hunter Hobson was arrested on charges of violating the Foreign Corrupt Practices Act, laundering funds, and receiving kickbacks in an alleged bribery scheme in Egypt, the Department of Justice announced.

  • SEC

    SEC 2022 exam priorities stress compliance ‘must be empowered’


    The Securities and Exchange Commission released its 2022 examination priorities, providing investment firms, broker-dealers, and other registrants a breakdown of what issues the Division of Examinations will focus on this year.

  • Treasury Department

    Senators call for close of private investment AML/CFT loophole


    Sens. Sheldon Whitehouse (D-R.I.) and Elizabeth Warren (D-Mass.) called on the Treasury Department and SEC to close a “disconcerting loophole” that exempts hedge funds and other private investment firms from reporting suspicious activity within their transactions to authorities.

  • Activision

    Approved Activision Blizzard settlement with EEOC offers lessons for tech


    A federal judge gave final approval to a settlement reached last year between Activision Blizzard and the Equal Employment Opportunity Commission regarding the video game company’s systemic culture of sexual harassment, pregnancy discrimination, and retaliation.

  • DOJ

    Ex-chief compliance officer pleads guilty in Ponzi scheme


    Vania May Bell, the former chief compliance officer and controller of Executive Compensation Planners, pleaded guilty for participating in a Ponzi scheme with her father that defrauded clients out of more than $11 million.

  • Baidu

    Baidu headlines new batch of HFCAA designations


    Technology giant Baidu is the latest high-profile Chinese company to be warned by the Securities and Exchange Commission of potential delisting under the Holding Foreign Companies Accountable Act.

  • Kenneth Polite

    Kenneth Polite to deliver keynote at Compliance Week 2022


    Kenneth Polite Jr., head of the Department of Justice’s Criminal Division and a former chief compliance officer, will deliver a morning keynote at Day 2 of Compliance Week’s National Conference in Washington, D.C. from May 16-18.

  • 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.