All Regulatory Enforcement articles – Page 6
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News BriefDiscover dodges fine in FDIC order over consumer compliance shortcomings
Discover Financial Services disclosed it avoided a monetary penalty in agreeing to a consent order with the Federal Deposit Insurance Corporation over alleged compliance shortcomings at its subsidiary bank.
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PremiumDeutsche Bank unit ESG fine less about greenwashing, more about disclosures
The $19 million fine against DWS Investment Management Americas levied by the SEC wasn’t to punish greenwashing, experts said, but rather a penalty imposed for the firm not doing what it claimed related to its environmental, social, and governance investment strategy.
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PremiumAuditor independence on regulators’ radars
The Public Company Accounting Oversight Board and Securities and Exchange Commission have emphasized in public statements auditor independence is a critical enforcement area, prompting the need for firms to reacquaint themselves with each agency’s requirements.
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News BriefMaxim Group fined $800K by SEC over SARs filing lapses
New York-based broker-dealer Maxim Group agreed to pay an $800,000 fine in settling with the Securities and Exchange Commission regarding the firm’s alleged failures to file required suspicious activity reports and properly execute certain short sales.
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News BriefFTC, Latin American countries partner on fighting cross-border fraud
The Federal Trade Commission is partnering with Chile, Colombia, Mexico, and Peru to fight cross-border fraud, with other consumer protection authorities invited to join in the future.
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News BriefGoldman, JPMorgan, Bank of America caught in CFTC swap reporting sweep
Goldman Sachs, JPMorgan Chase, and Bank of America agreed to pay penalties totaling $53 million across settlements with the Commodity Futures Trading Commission addressing alleged swap reporting failures among their respective affiliates.
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News BriefDOJ orders Cigna to pay $172M over false claims to Medicare
Multinational health insurance company Cigna agreed to pay more than $172 million as part of a settlement with the Department of Justice addressing allegations it submitted and failed to withdraw false claims to Medicare.
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News BriefSEC accuses Prager Metis of hundreds of auditor independence violations
Accounting firm Prager Metis violated auditor independence rules through use of indemnification provisions in its engagement letters hundreds of times during a period of nearly three years, the Securities and Exchange Commission charged in a lawsuit.
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News BriefShinhan Bank America fined $25M for repeat AML compliance failures
The American branch of South Korea-based Shinhan Bank agreed to pay $25 million across settlements with three separate regulators for admitted violations of the Bank Secrecy Act and anti-money laundering requirements.
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News BriefExelon, ComEd fined $46M by SEC over bribery scandal
Exelon and its subsidiary Commonwealth Edison agreed to pay $46.2 million as part of a settlement with the Securities and Exchange Commission related to their Illinois bribery and lobbying scandal that previously earned ComEd a deferred prosecution agreement.
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News BriefD. E. Shaw fined $10M for impeding potential whistleblowers
New York-based investment adviser D. E. Shaw & Co. will pay a $10 million penalty to settle charges brought by the Securities and Exchange Commission that the company raised impediments to whistleblowing by employees.
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News BriefNewell, ex-CEO settle with SEC over sales disclosures
Consumer products company Newell Brands agreed to pay $12.5 million as part of a settlement with the Securities and Exchange Commission addressing allegations the company misled investors about its core sales growth.
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News BriefBroker-dealers, IAs, credit raters caught in SEC off-channel comms sweep
A dozen financial services firms were penalized by the Securities and Exchange Commission as the agency continues its enforcement sweep of recordkeeping violations regarding employee use of off-channel communications for business purposes.
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News BriefAlbemarle to pay $218M in FCPA settlements with DOJ, SEC
Chemical company Albemarle was assessed penalties totaling more than $218 million as part of settlements with the Department of Justice and Securities and Exchange Commission addressing alleged violations of the Foreign Corrupt Practices Act across a handful of foreign countries.
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News BriefSpruce Power fined $11M for misleading electric vehicle projections
Solar energy services provider Spruce Power Holding Corp. was assessed an $11 million penalty by the Securities and Exchange Commission as part of a settlement addressing its predecessor’s alleged misleading of investors regarding its electric vehicle sales pipeline.
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News BriefCiti affiliates fined $2M in SEC Reg BI case
Citigroup Global Markets and Citi International Financial Services agreed to pay a total of nearly $2 million as part of a settlement with the Securities and Exchange Commission resolving allegations they violated the disclosure obligations of Regulation Best Interest.
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News BriefBoeing to pay $8.1M over Navy contract false claims
Aerospace giant Boeing agreed to pay $8.1 million as part of a settlement with the Department of Justice addressing allegations it submitted false claims regarding military aircraft contracts it had with the Navy.
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News BriefClear Channel Outdoor to pay $26M in FCPA case over China bribes
Clear Channel Outdoor Holdings agreed to pay more than $26 million as part of a settlement with the Securities and Exchange Commission alleging its former China-based subsidiary bribed government officials to obtain outdoor advertising contracts.
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News BriefDHS designates three Chinese companies for Uyghur forced labor
The Department of Homeland Security designated three companies to a growing list accused by the Biden administration of forced labor practices in the Xinjiang region of China.
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PremiumNaming and shaming? Fair approach? Expert views mixed on OFSI’s Wise Payments case
The recent decision by the U.K. Office of Financial Sanctions Implementation to disclose details of how Wise Payments failed to stop an individual from obtaining cash while subject to Russian sanctions has ignited debate about whether the agency is taking the right enforcement approach.