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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2023-01-04T19:46:00
Cryptocurrency exchange Coinbase agreed to pay $100 million as part of a settlement with the New York State Department of Financial Services (NYDFS) for compliance failures that opened the door for criminals to launder money, traffic drugs, and carry out other illegal activity through the platform.
Coinbase will pay a $50 million penalty to New York and invest another $50 million in its compliance functions over the next two years, the NYDFS announced Wednesday. The platform has about 100 million users globally and has been licensed by the NYDFS since 2017.
The regulator said in its consent order it conducted a routine safety and soundness examination of Coinbase in May 2020. Based on its findings, it launched an enforcement investigation in 2021 and took the “extraordinary step” of requiring Coinbase to hire an outside monitoring consultant to help the platform remediate immediate concerns and make further recommendations.
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News and analysis for the well-informed compliance or audit exec.
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2023-06-06T17:44:00Z By Jeff Dale
The Securities and Exchange Commission continued its crackdown on the digital asset industry, charging cryptocurrency exchange Coinbase with violating federal securities laws.
2023-05-25T17:16:00Z By Adrianne Appel
Mortgage servicer OneMain Financial Group will pay $4.25 million to settle allegations it left customer information vulnerable to cyberattacks by failing to implement required controls under New York’s cybersecurity law.
2023-05-10T17:45:00Z By Adrianne Appel
Banks operating in New York would have to step up their vetting of executives and senior officers, including chief compliance officers, under new guidance proposed by the New York State Department of Financial Services.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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