Facebook will pay $6.8 million in fines and penalties to settle claims it shared private information regarding 24 million Canadian customers with third parties over six years, despite promising users it was not doing so.
Swiss-based digital game maker Miniclip has reached a settlement with the U.S. Federal Trade Commission for lying about its participation in a children’s privacy self-regulatory program.
The KPMG cheating scandal expanded this week as three former partners at the firm settled charges with the SEC regarding the improper sharing of answers for internal training exams.
Child and family agency Tusla has become the first company to receive a fine from the Irish Data Protection Commission for violations of the General Data Protection Regulation.
Morningstar Credit Ratings has agreed to pay $3.5 million to settle SEC charges for violating a conflict of interest rule designed to separate credit ratings and analysis from sales and marketing efforts.
The SEC charged Ambassador Advisors and its principals—including its chief compliance officer—with breaches of fiduciary duty arising out of its mutual fund share-class selection practices.
Steven Peikin, co-director of the SEC’s Enforcement Division, said while coronavirus-related matters remain a top priority for the agency, “our other priorities also remain in place.”
A federal appeals court ordered two federal agencies to review the whistleblower claims of a former Royal Bank of Scotland employee who is seeking a slice of a nearly $5 billion settlement.
Former U.S. deputy attorney general Rod Rosenstein provides some best practices companies can employ in their fight against a new era of cyber-crime.
World Acceptance Corporation announced it has recorded an aggregate accrual of $21.7 million to resolve an SEC investigation into alleged violations of the Foreign Corrupt Practices Act.
Dietary supplement maker Herbalife said in a regulatory filing it has set aside a total of $123 million in accrued liability concerning SEC and DOJ investigations into alleged violations of the Foreign Corrupt Practices Act in China.
The Department of Justice reached a settlement to recover more than $49 million in assets associated with the international money laundering and bribery scheme involving Malaysia’s state development fund 1MDB.
Alexion Pharmaceuticals said in a regulatory filing that it is nearing a $25 million settlement with the Securities and Exchange Commission concerning an investigation into the company’s compliance with the Foreign Corrupt Practices Act spanning various countries.
If a bank or a firm cannot execute on the simple things, such as cash transaction reporting, there is little reason to be confident of compliance in other more complex and challenging areas.
While EU regulators have not engaged in investigations yet or launched many (or any) coronavirus-related enforcement actions, lawyers warn they will do so later down the line and believe they will tackle “worst offenders” first.
Tesla CEO Elon Musk is at it again on Twitter, this time with a comment he made about the electric car company’s stock price being too high.
The Securities and Exchange Commission settled charges against investment adviser Everest Capital and its sole principal for risk management failures stemming from a bad currency bet on the Swiss franc.
Israel’s largest bank and its Swiss subsidiary will pay a total of $904 million in separate DOJ settlements related to (1) a massive tax-evasion scheme and (2) its role in a money-laundering conspiracy with FIFA.
The former CFO and former VP of accounting and reporting at Penn West Petroleum have settled SEC charges for their role in an accounting fraud scheme that spanned several years.
Financial crime expert Martin Woods ponders how the SEC can ensure foreign companies, like China-based Luckin Coffee, that publicly trade in the U.S. can apply the proper standards of compliance, financial reporting, and even whistleblower protections.
The SEC announced charges against Praxsyn and its CEO for lying about acquiring and being able to supply millions of N95 masks, joining a long list of other companies alleged to have participated in COVID-19 investment scams.
In a rapidly changing world of rising regulatory and operational complexity, how does a compliance department stay one step ahead in ensuring awareness and alignment to the latest guidance by every employee?
House Democrats are concerned that a temporary rollback of some environmental regulations will give companies “an open license to pollute” and have requested the EPA provide a briefing on its decisions next month.
The Industrial Bank of Korea and its New York branch will pay a total of $86 million to resolve charges for systemic sanctions compliance failures that allowed more than $1 billion to be illegally transferred to the government of Iran.
Old Ironsides Energy will pay a $1 million penalty to settle SEC charges for failing to implement its own compliance policies and procedures regarding the distribution of misleading marketing materials.
Italian oil company Eni will pay $24.5 million to settle SEC charges that it violated the Foreign Corrupt Practices Act with regard to the award of certain contracts to its former subsidiary Saipem in Algeria.
European businesses may be putting themselves at risk because they mistakenly believe regulators are prepared to loosen the rules so companies can operate more easily as the coronavirus pandemic lingers on.
The Department of Justice fined Saber Healthcare Group and its related entities $10 million for violations of the False Claims Act, alleging the company knowingly increased Medicare billings.
The SEC censured audit firm Schulman Lobel and ordered it to pay a total of $98,510 for deficient audit and review engagements it performed on now-defunct software provider Quadrant 4 System.
As both the regulatory landscape and the “new normal” for businesses evolves in the wake of the coronavirus pandemic, one thing remains certain: An ethics-first mindset will always keep your company pointed in the right direction.
The SEC announced charges against a former Goldman Sachs exec for violating the anti-bribery provisions of the FCPA, but the firm was not charged in the case because of the due diligence measures it took.
The U.K. Serious Fraud Office announced British supermarket chain Tesco Stores has fulfilled the terms of its 2017 deferred prosecution agreement resulting from an accounting fraud scandal.
Two federal agencies that oversee Bank Secrecy Act requirements have notified financial institutions they will agree to “reasonable delays” in the filing of required reports if institutions can show the delays are necessary due to the coronavirus pandemic.
The ongoing pandemic is limiting investigations into most types of white-collar crimes as federal enforcement agencies refocus their attention on coronavirus-related matters.
The U.K. Financial Reporting Council has reprimanded and fined KPMG and one of its former senior partners for a failure to exercise “sufficient professional skepticism” and for failure to obtain “sufficient appropriate audit evidence.”
The SEC has filed a complaint against four individuals, including a former chief compliance officer, for conducting a fraudulent unauthorized trading scheme through retail customer accounts at their Commission-registered brokerage firm.
The U.K. Office of Financial Sanctions Implementation hit Standard Chartered Bank for a record fine relating to loans the bank made to Russian financial institutions in violation of the EU’s sanction regime.
The Environmental Protection Agency said it doesn’t expect to seek penalties for noncompliance with routine monitoring and reporting obligations during a temporary policy issued amid the coronavirus pandemic.
The DOJ unsealed indictments against Venezuelan President Nicolás Maduro and several high-ranking former and current members of his regime for alleged drug trafficking and money laundering crimes, as well as violations of the FCPA.
The Department of Justice has acted swiftly on its vow to crack down on fraud during the coronavirus pandemic, issuing its first related enforcement action against a Website acting as an alleged wire-fraud scheme.
Risks in the extractives and aerospace industries are still prevalent, but the number of overall global and U.S. enforcement cases involving bribery dropped in 2019, according to the latest report from TRACE International.
Swedbank AB has been issued a record 4 billion Swedish Krona (U.S. $390 million) administrative fine for what Sweden’s financial watchdog called “serious deficiencies in its management of the risk of money laundering in its Baltic operations.”
Remaining competitive in the modern financial world requires staying ahead of increasingly sophisticated financial crimes and fluid regulations across multiple jurisdictions.
Google has received its second fine to date for violating Europe’s General Data Protection Regulation; Sweden’s Data Protection Authority fined the internet giant 75 million Swedish Kroner (U.S. $7.6 million).
FINRA’s Exam Priorities, Regulation BI, and the SEC’s Cybersecurity Guidance
A DOJ-appointed independent compliance monitor has some important advice for companies in trouble that may mean not just remediation credit, but more importantly reputation restoration and the avoidance of larger problems down the line.
Fifth Third Bank, National Association could potentially be in as much legal and regulatory trouble as Wells Fargo if allegations of unauthorized account opening brought by the CFPB hold true.
The former chief operational risk officer at U.S. Bank has agreed to pay a $450,000 penalty for his role in the bank failing to implement and maintain an effective anti-money laundering compliance program.
A federal court in Connecticut acquitted a former Alstom employee on FCPA charges following a Second Circuit decision. But the story does not end there.
The U.K. Information Commissioner’s Office has fined airline Cathay Pacific £500,000 (U.S. $643,000) for failing to protect the personal data of millions of customers.