All Regulatory Enforcement articles – Page 73
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ArticleThe Cassava Sciences saga: Short sellers, ‘gaming’ the FDA, and the damaging ripple effects
The Federal Drug Administration’s decision last month to deny a citizen petition on behalf of short sellers with positions in Cassava Sciences stock highlights the damage the commonly exploited regulatory process can have on a company, regardless of innocence or guilt.
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ArticleMoneyGram sets aside $15.8M to settle NYDFS, CFPB investigations
MoneyGram disclosed it expects to pay a total of $15.8 million to settle two separate investigations by the New York State Department of Financial Services and the Consumer Financial Protection Bureau.
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ArticleECB questions AMLA’s effectiveness over scope, resource concerns
The European Central Bank believes the European Union’s proposed new anti-money laundering agency needs to have a wider scope of direct supervision and more staff if it is going to be effective.
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ArticleNYDFS investigating Coinbase’s compliance practices
The New York State Department of Financial Services has initiated an investigation into cryptocurrency exchange platform Coinbase relating to its compliance program.
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ArticleBarclays fined $1.05M for Premier FX oversight failures
The U.K. Financial Conduct Authority fined Barclays Bank £783,800 (U.S. $1.05 million) for “oversight failings” in its relationship with collapsed money remittance firm Premier FX.
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ArticleStericycle reaches $80.7M agreement in FCPA settlements
Stericycle, a medical waste disposal company, disclosed it expects to pay $80.7 million in principle agreements with the SEC and Department of Justice for violations of the Foreign Corrupt Practices Act concerning its operations in Latin America.
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ArticleNational Bank of Pakistan to pay $55.4M for AML compliance lapses
The National Bank of Pakistan and its New York branch must pay $55.4 million in total penalties in settlements with two U.S. regulators for deficiencies in the bank’s risk management and anti-money laundering compliance program.
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ArticlePwC Canada fined $950K for internal training exam cheating
The Canadian affiliate of Big Four audit firm PwC has agreed to pay $950,000 in penalties between audit regulators in the United States and Canada after discovering widespread cheating among employees taking internal exams.
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ArticleBitMEX founders fined $10M each for flouting AML rules
Arthur Hayes and Benjamin Delo, co-founders of cryptocurrency exchange and derivative trading platform BitMEX, were each fined $10 million as part of guilty pleas for anti-money laundering violations under the Bank Secrecy Act.
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ArticleSFO probing Arena Television collapse
The U.K. Serious Fraud Office announced an ongoing criminal investigation into the business practices of individuals associated with collapsed outside broadcast company Arena Television and its linked entities.
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ResourceWhite paper: Leveraging a Regulatory Change Data Feed to Maximize Compliance Confidence
Does your financial institution have the tools it needs to understand regulatory change and manage compliance? Managing the volume and complexity of regulatory change and understanding its impact on your institution requires more than inefficient manual processes.
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ArticleBaxter to pay $18M for foreign exchange accounting violations
American multinational healthcare product company Baxter International agreed to pay $18 million as part of a settlement with the Securities and Exchange Commission for accounting violations related to the recording of foreign currency transactions.
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ArticleKT to pay $6.3M in SEC settlement for FCPA violations
KT Corp., South Korea’s largest telecom operator, will pay $6.3 million in a settlement with the Securities and Exchange Commission for violations of the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act.
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Article
DOJ names head of crypto enforcement team
The Department of Justice named veteran prosecutor Eun Young Choi to serve as the first director of its newly created National Cryptocurrency Enforcement Team.
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ArticleComerica discloses CFPB investigation
Financial services firm Comerica disclosed in a regulatory filing the Consumer Financial Protection Bureau is investigating certain of its business practices.
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ArticleReport: Accounting enforcement at SEC, PCAOB down in 2021
The amount of accounting and audit enforcement actions by the Securities and Exchange Commission and Public Company Accounting Oversight Board decreased in 2021, resulting in a sharp decline in monetary settlements, according to Cornerstone Research.
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ArticleIndictment: Infinity Q founder’s attempts to hide fraud aided by CCO
The Department of Justice charged James Velissaris, the former chief investment officer and founder of Infinity Q Capital Management, for his role in a scheme to defraud investors by overvaluing derivative swap positions.
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Article
DOJ Fraud Section 2021 review: FCPA resolutions down
The Department of Justice entered into eight corporate resolutions in all of 2021, a decrease from 13 the previous year, according to the Fraud Section’s annual report. Three resolutions included violations of the Foreign Corrupt Practices Act.
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ArticleBlockFi ruling leaves big crypto question unresolved
The SEC’s determination regarding BlockFi’s crypto lending product is a landmark resolution, yet the ruling does little to settle the larger question still looming: Are cryptocurrencies securities or currencies?
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ArticleSEC, states fine BlockFi $100M; crypto lending product declared a security
BlockFi Lending agreed to pay $100 million in penalties as part of a first-of-its-kind case in which the Securities and Exchange Commission declared a type of cryptocurrency lending product should be registered as a security.