All Regulatory Enforcement articles – Page 90
-
ArticleRomanian bank penalized over Iran and Syria sanctions lapses
The Office of Foreign Assets Control fined Romania-based First Bank and its U.S. parent company JC Flowers & Co. $862,318 as part of a settlement for First Bank’s processing of transactions in apparent violation of Iran and Syria sanctions.
-
ArticleWeathering the storm: Why FinTech compliance failures persist
Experts weigh in with their thoughts on why FinTechs and cryptocurrency firms continue to have a bad reputation in terms of compliance.
-
ArticleOFAC fines Bank of China $2.3M for Sudan sanctions violations
The Office of Foreign Assets Control announced Bank of China’s U.K. arm agreed to pay $2.3 million to settle its potential civil liability for processing transactions in apparent violation of now-repealed Sudan sanctions regulations.
-
ArticleEY fined $3M in U.K. for Stagecoach audit failings
The U.K. Financial Reporting Council ordered EY to pay a reduced fine of £2.2 million (U.S. $3 million) related to its audits of international transport company Stagecoach Group for the 2017 financial year.
-
ArticlePandemic not slowing rising AML fine totals, report says
Kroll’s latest annual enforcement review identified $2.2 billion in AML fines in 2020 compared to $444 million in 2019. The first six months of 2021 indicate a similar pace to last year.
-
ArticleSEC fines Healthcare Services Group $6M over contingency reporting lapses
Healthcare Services Group agreed to pay $6 million as part of a settlement with the Securities and Exchange Commission for contingency reporting failures that led to accounting and disclosure violations.
-
ArticleICO’s first GDPR fine reduced on appeal
The U.K. Information Commissioner’s Office’s fine against pharmacy Doorstep Dispensaree for violations of the General Data Protection Regulation has been slashed approximately two-thirds on appeal to £92,000 (U.S. $126,000).
-
ArticleChallenge to SEC’s Bank Secrecy Act authority backed by ex-FinCEN leadership
A brokerage firm petitioning the Supreme Court to review the power of the SEC to enforce the Bank Secrecy Act has received support from two former officials of the primary agency tasked with overseeing the AML law.
-
ArticleSEC appoints Sanjay Wadhwa as enforcement deputy director
The SEC named veteran attorney Sanjay Wadhwa deputy director of its Enforcement Division. Wadhwa most recently managed 150 personnel as co-head of enforcement at the agency’s New York office.
-
ArticlePearson fined $1M for misleading data breach disclosures
U.K.-based education company Pearson has agreed to pay $1 million as part of a settlement with the Securities and Exchange Commission for misleading investors regarding a 2018 data breach.
-
ArticleFINRA notice outlines key areas for supervising third parties
The Financial Industry Regulatory Authority issued a notice on compliance deficiencies arising from firms’ relationships with vendors culled from examination findings.
-
ArticleExperts: Gary Gensler and the SEC are coming after cryptocurrencies
Many in the cryptocurrency space would prefer Gary Gensler and the SEC leave the sector to function without much regulation, but experts predict he’ll take a heavy-handed approach.
-
Article
David Last named permanent head of DOJ’s FCPA Unit
The Department of Justice has named David Last to be the permanent chief of its Foreign Corrupt Practices Act Unit, following his being appointed acting head in April.
-
ArticleResource demand to enforce GDPR weighing heavy on EU authorities
A new report from the European Data Protection Board has found an overwhelming majority of data protection authorities believe they are under-resourced to deal with the demands of the General Data Protection Regulation.
-
ArticleWestpac warned over continued AML failings
The Reserve Bank of New Zealand issued a formal warning to Westpac’s New Zealand branch for failing to report certain transactions as required under local anti-money laundering regulations.
-
ArticleCrypto platform BitMEX to pay $100M for registration, AML violations
Cryptocurrency platform BitMEX has agreed to pay $100 million as part of a settlement with the CFTC and FinCEN for multiple violations of the Bank Secrecy Act and other anti-money laundering laws.
-
Article
Pactiv Evergreen nearing clearance from SEC in FCPA probe
Pactiv Evergreen said it has received indication from the SEC it will not face enforcement following an internal investigation launched last year into potential violations of the Foreign Corrupt Practices Act.
-
ArticleEx-Domino’s accountant settles insider trading charges
A former accountant at pizza chain Domino’s has agreed to pay $68,360 to settle charges of insider trading brought by the Securities and Exchange Commission.
-
ArticleKPMG fined $18M for ‘integrity and objectivity’ breaches in Silentnight sale
The Financial Reporting Council ordered KPMG to pay a £13 million (U.S. $18 million) fine for “breaches of the principles of integrity and objectivity” in its advisory role regarding the 2011 sale of mattress company Silentnight to U.S. private equity firm HIG Capital.
-
Article
Hong Kong regulator fines UBS $1.5M for compliance failings
Hong Kong’s securities regulator fined Swiss bank UBS and a subsidiary a total of HK$11.55 million (U.S. $1.5 million) for various compliance failures.