ExxonMobil’s victory in a sanctions case before a federal court just might empower others in the regulated community to challenge the imposition of fines for alleged violations of sanctions regulations.
Robert Jackson Jr., one of five commissioners at the Securities and Exchange Commission, confirmed Thursday his intention to resign from his post next month.
The Securities and Exchange Commission has suspended a former KPMG leader from appearing or practicing before the SEC after he was convicted of a felony last year.
Seven pesticide wholesalers have been fined a total of €155 million (U.S. $173 million) for operating a 17-year price-fixing cartel.
Sanctions compliance officers should be on alert following several new sanctions designated by the Office of Foreign Assets Control against Iran’s largest steel, aluminum, copper, and iron manufacturers.
There are a few clouds on the horizon as some on Capitol Hill wonder whether a purported concern for the “Main Street investor” is cloaking a deregulation initiative.
U.K. regulator the Financial Reporting Council’s annual review shows many of Britain’s largest companies use a “tick-box” approach to compliance with the U.K. Corporate Governance Code—often providing scant explanations and little detail.
Compliance officers need to step it up in 2020; a world of heightened risk means a world of heightened regulatory oversight.
Companies would be wise to study the SEC’s annual enforcement report and avoid becoming one of the ever-increasing number of enforcement actions the Commission doles out yearly for misconduct.
The Department of Justice has closed its investigation into possible violations of the Foreign Corrupt Practices Act by ride-sharing company Uber.
The SEC and DOJ have separately announced charges against a Swiss asset management firm and several individuals for engaging in a long-running stock manipulation scheme involving numerous U.S. issuers. The charges resulted from a failed attempt to circumvent disclosure requirements imposed by securities laws.
Union Bancaire Privée (UBP), a Swiss private bank, must pay an additional $14 million to the U.S. government for accounts it failed to disclose in an addendum to a non-prosecution agreement reached with the Department of Justice four years ago.
A federal judge ruled this week Exxon will not have to pay a $2 million civil penalty levied by OFAC in 2017 for violating Ukraine-related sanctions regulations.
Hong Kong’s Securities and Futures Commission has fined RHB Securities Hong Kong $6.4 million for failing to comply with regulatory requirements on conflicts of interest and supervision of account executives.
Compliance Week looks back at two decades of scandals, enforcement actions, and regulatory policies (2000-2019) that shaped the compliance function we see today.
From antitrust and privacy concerns in the tech world to compliance officer liability in the pharmaceutical industry to unethical practices in the banking and accounting professions, more than a dozen companies made Compliance Week’s list of the biggest compliance fails in 2019.
California announced a settlement with Sutter Health for $575 million to settle claims of anti-competitive behavior brought by the state attorney general as well as a class-action group that included employers and unions.
The CFTC announced a whistleblower award north of $1 million for a tipster who went through internal compliance at his or her company to get the information to regulators.
The Securities and Exchange Commission has charged Sacramento, Calif.-based radio host Keith Springer and his company with defrauding hundreds of retail clients. The SEC specifically singled out failures in Springer’s compliance program in its complaint.
Changes in the interests of our audience over the last several years help us to understand how much compliance officers must evolve in their jobs to meet the demands of a given time.
The founder and two former employees of Güralp Systems were acquitted of charges they conspired to bribe a South Korean public official, making it the latest corruption case in which the U.K. Serious Fraud Office failed to secure individual convictions.
MetLife will pay a civil penalty of $10 million to resolve charges the insurance company violated the books and records and internal accounting controls provisions of federal securities laws.
The CCPA has been rushed from the start, says CW Editor in Chief Dave Lefort, who believes the California attorney general’s plan to give leniency for companies making good-faith efforts is the right call.
A series of alleged compliance failures at pharmaceutical services provider Omnicare has resulted in the Department of Justice intervening in yet another civil healthcare fraud lawsuit against the company.
The Federal Trade Commission announced the appointment of Ian Conner as director of the Bureau of Competition. In addition, Daniel Francis was named deputy director at the Bureau.
Former Goldman Sachs Group executive Tim Leissner has settled charges brought by the SEC for alleged violations of the Foreign Corrupt Practices Act. His settlement includes a permanent bar from the securities industry.
The Department of Justice has revised its policy regarding voluntary disclosures of export control and sanctions violations.
The U.K. Serious Fraud Office has charged two individuals with fraud and false accounting concerning Serco’s electronic monitoring contract with the Ministry of Justice.
One of sports’ key enforcement agencies handed out a penalty this week that sent a message no regulator wants to send: Punitive action may only come after the guilty party has already reaped the rewards.
France’s financial market regulator has fined Morgan Stanley €20 million (U.S. $22.2 million) for manipulating the price of French and Belgian government bonds in June 2015.
Broker-dealer Jefferies will pay $4 million to settle charges for the improper handling of “pre-released” American Depositary Receipts (ADRs), the Securities and Exchange Commission announced.
Swedish telecom giant Ericsson has entered a $1 billion settlement with U.S. authorities to resolve a long-running investigation into violations of the FCPA that spanned 17 years and several geographies and involved high-level executives.
Some companies might scramble to comply with more—and sometimes quickly shifting—sanctions requirements as the U.S. government chalks up record enforcement levels.
Two former top executives of trucking company Celadon Group face civil and criminal charges for their participation in an accounting fraud scheme that inflated the company’s income and earnings per share.
Iconix Brand Group and three of its former top executives were charged by the SEC for engaging in accounting fraud. Iconix and two of the executives agreed to settle, with litigation still pending against the company’s former CEO.
Four companies have reached settlements with the Federal Trade Commission for allegedly misrepresenting their participation in the EU-U.S. Privacy Shield framework.
The former president and CEO of packaged seafood company Bumble Bee was convicted for his participation in an antitrust conspiracy to fix prices of canned tuna, the Justice Department announced.
The Department of Justice is requiring Liberty Tax Service to greatly enhance its internal compliance controls as part of a proposed settlement with the tax preparation service provider over allegations of fraud and misconduct.
The Securities and Exchange Commission announced the appointment of Kristina Littman as chief of the Division of Enforcement’s Cyber Unit.
Margrethe Vestager, European commissioner for competition, once again rallied against Big Tech in a Nov. 29 speech. The politician has promised more oversight of search engines, online marketplaces, social media networks, and app sites to ensure fair markets.
The Securities and Exchange Commission has barred Cynthia Holder from practicing as an accountant before the Commission for her role in the long-running KPMG inspections scandal.
Biotech company MiMedx Group and three of its former top executives have been charged with defrauding investors. In response, MiMedx reshuffled its management team, including the appointment of a new general counsel and secretary.
The Bank of England has hit Citigroup with a record £44 million (U.S. $56.5 million) fine after it found three of its U.K. units failed to submit complete and accurate regulatory information about the lender’s capital and liquidity levels.
Uber has been stripped of its London operating license after the city’s transportation regulator identified a “pattern of failures” by the company, including several safety breaches that placed passengers at risk. It is appealing the ruling.
The Treasury Department’s Office of Foreign Assets Control had harsh words for Apple’s sanctions compliance program in announcing a not-so-hefty $466,912 settlement with the technology giant.
BGC Financial was accused of various supervision, reporting, and recordkeeping violations that went on for more than five years in a $3 million enforcement action from the CFTC.
Dannenbaum Engineering and its parent company have agreed to pay a $1.6 million criminal fine for a scheme involving illegal campaign contributions. While the fine might not be significant, the compliance lessons are.
Samsung Heavy Industries will pay total criminal penalties of $75.5 million to enforcement authorities in the United States and Brazil to resolve violations arising out of a bribery scheme in Brazil.
The Department of Justice this month made a few minor adjustments to its Corporate Enforcement Policy that are worth a closer look, as these changes could impact when compliance officers and corporate counsel decide to self-report a potential Foreign Corrupt Practices Act violation.
Swiss bank UBS will pay $59 million in total civil penalties in resolutions with both Hong Kong and Swiss regulators for overcharging clients for over a decade.