All Regulatory Enforcement articles – Page 76
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ArticleHSBC hit with $84M penalty over AML failings
The U.K. Financial Conduct Authority fined HSBC Bank £63,946,800 (U.S. $84.3 million) for failings in its anti-money laundering processes over an eight-year period.
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ArticleSEC, CFTC fine JPMorgan Chase $200M for recordkeeping violations
JPMorgan Chase will pay $200 million in fines to settle charges brought by two federal regulators regarding the bank’s failure to maintain records of communications on securities, commodities, and swaps business matters made on bank employees’ personal devices.
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ArticleCommunityBank of Texas fined $8M over AML failures
CommunityBank of Texas has agreed to pay $8 million as part of a consent order reached with the Financial Crimes Enforcement Network regarding deficiencies in its anti-money laundering program linked to understaffing.
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ArticleWedbush Securities to pay $1.2M for role in microcap fraud scheme
California-based broker-dealer Wedbush Securities agreed to pay $1.2 million as part of a settlement with the SEC for the unregistered sale of microcap securities and its failure to file suspicious activity reports associated with those transactions.
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ArticleEx-McKinsey partner pleads guilty to insider trading on Goldman Sachs deal
Former McKinsey & Co. Partner Puneet Dikshit pleaded guilty to using inside information to profit on the acquisition of a fintech company by client Goldman Sachs Group.
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ArticleGrindr fined $7.2M for GDPR consent violations
The Norwegian Data Protection Authority announced a fine of NOK 65 million (U.S. $7.2 million) against gay dating app Grindr for sharing personal data with third parties without users’ consent.
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ArticleNatWest fined $350M for AML failures in landmark case
National Westminster Bank was fined £264.8 million (U.S. $350 million) for three offenses of failing to comply with the United Kingdom’s anti-money laundering laws.
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ArticleSFO integrity questioned after Unaoil conviction overturned
The Serious Fraud Office will be investigated by the U.K. Attorney General’s Office after a court said the agency denied a convicted former oil and gas executive the right to a fair trial.
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ArticleWEX fined $350K over ICFR weaknesses
Financial technology service provider WEX agreed to pay $350,000 as part of a settlement with the SEC regarding violations of internal accounting control provisions in the federal securities laws at its former Brazilian subsidiary.
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ArticleSEC charges 3 EY employees with auditor independence violations
The Securities and Exchange Commission charged three Ernst & Young employees for violations of the agency’s auditor independence rules regarding services carried out at Cintas Corp. A former accountant at Cintas was also charged.
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ArticleTen things I’d like to see happen in 2022 (2021 in review)
ESG and cryptocurrency figure to be key topics in 2022, but we’re also keeping an eye on President Biden’s anti-corruption efforts, details on Amazon’s record GDPR fine, the status of Facebook’s first CCO, and more.
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ArticleFINRA fines Wells Fargo subsidiaries $2.25M for recordkeeping violations
Two Wells Fargo broker-dealers agreed to jointly pay a $2.25 million fine to settle charges levied by FINRA regarding a failure to store approximately 13 million customer records in the proper format over a 17-year span.
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ArticleDutch DPA fines government tax authority $3.1M under GDPR
The Dutch Data Protection Authority announced a fine of €2.75 million (U.S. $3.1 million) against the government’s Tax and Customs Administration for data processing violations of the EU’s General Data Protection Regulation.
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ArticleFRC 2022 reviews to focus on climate risks, fraud
The U.K. Financial Reporting Council will prioritize climate-related financial disclosures in company accounts and climate risks in audits as key areas of supervisory focus for 2022/23.
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ArticleSEC staff stresses importance of fallback language in LIBOR transition
Companies looking to avoid running afoul of the SEC in their LIBOR transition efforts would be wise to include fallback language in their contracts and investments that reference the soon-expiring benchmark rate.
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ArticleFive compliance triumphs from 2021
A key CCO appointment, a company committed to transparency, and a bank that spent big on improving its AML controls highlight CW’s annual list of laudable ethics and compliance moments.
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ArticleLucid Group facing SEC subpoena over recent SPAC merger
Lucid Group said it received a subpoena from the Securities and Exchange Commission concerning its special purpose acquisition company merger this summer.
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PremiumTop ethics and compliance failures of 2021
Systemic risk management lapses at a financial services firm, allegations of toxic culture at a video game giant, and more of the same baffling behavior from one of the world’s largest tech companies comprise CW’s list of the biggest ethics and compliance fails of 2021.
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ArticleAmerican Renal Associates to pay $2M in accounting fraud case
American Renal Associates Holdings has agreed to pay $2 million to settle Securities and Exchange Commission charges of accounting fraud allegedly perpetrated by three former financial executives at the dialysis provider.
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Ex-Immunomedics CFO charged with insider trading
The SEC charged former Immunomedics Chief Financial Officer Usama Malik and his former romantic partner with insider trading. The Department of Justice also announced criminal charges for securities fraud.