Regulatory Enforcement


Rosencrop

Senate confirms Jeffrey Rosen as deputy attorney general

2019-05-17T16:47:00+01:00By

The U.S. Senate has confirmed Jeffrey Rosen to be the next deputy attorney general, replacing Rod Rosenstein.

Huaweibldg

U.S. could ban all Huawei products

2019-05-16T19:59:00+01:00By

New moves from the Commerce Department suggest a full domestic ban on products from the Chinese telecom giant Huawei are forthcoming.

ForexArticle

European Commission fines five banks €1B over foreign exchange cartel

2019-05-16T16:39:00+01:00By

In two separate settlements, the European Commission fined five banking giants for colluding in the trade of significant sums of foreign currency.

Autonomybuilding

Former Autonomy CFO sentenced to 60 months in prison

2019-05-15T15:15:00+01:00By

Sushovan Hussain, the former chief financial officer of U.K. software firm Autonomy, has been sentenced to 60 months in prison for his role in falsifying the company’s revenues prior to its acquisition by Hewlett-Packard.

Murray

DOJ's Claire McCusker Murray to deliver keynote at CW2019

2019-05-15T13:41:00+01:00By Compliance Week

Newly appointed Department of Justice Principal Deputy Associate Attorney General Claire McCusker Murray will deliver a keynote at the upcoming CW annual conference at the Mayflower Hotel in Washington D.C.

WorldBank

World Bank Group debars Sieyuan Electric

2019-05-14T17:07:00+01:00By

The World Bank Group has placed a 15-month debarment on Shanghai-based Sieyuan Electric relating to fraudulent practices under the Inter-Zonal Transmission Hub Project.

AuditOpinionFeature

SOX did not end audit opinion shopping, study says

2019-05-14T16:50:00+01:00By

Despite regulatory efforts to make auditors more independent and more skeptical, companies have been able to shop for audit opinions, a new study says.

WorldCup

SEC fines Telefônica Brasil $4.13M in World Cup ticket case

2019-05-13T14:30:00+01:00By

Spanish telecom provider Telefônica Brasil received a civil penalty for improperly accounting for tickets and hospitality given to government officials.

FranceTelecom

France Telecom execs on trial over employee suicides

2019-05-08T17:49:00+01:00By

The trial has begun for seven former France Telecom executives, who stand accused of implementing a severe cost-cutting regime that resulted in the suicides of dozens of employees.

PastDue

CFPB proposes debt collection rule changes

2019-05-08T15:39:00+01:00By

Proposed regulations to renew the Fair Debt Collection Practices Act include unlimited texting and e-mail in collection efforts.

Tomatoes

Commerce slices into Mexican tomato imports

2019-05-08T14:54:00+01:00By

The U.S., mired in a countdown to additional Chinese tariffs, will impose a 17.5 percent tariff on Mexican tomato imports beginning Tuesday. Shortages and spiking prices are predicted.

fbwm_cw_07

Senators chide slow-acting FTC over Facebook fine

2019-05-07T19:39:00+01:00By

With reports that the FTC is still negotiating penalties for Facebook’s breach of a privacy-related consent order, Senators Josh Hawley and Richard Blumenthal urged the agency to “act swiftly to conclude its investigation.”

Meet24

FTC cracks down on Ukrainian dating apps

2019-05-07T19:22:00+01:00By

The FTC has removed dating apps from Apple’s App Store and Google’s Google Play Store following allegations they allowed children as young as 12 to access them.

june4

How to Tackle CCPA Compliance – Expert Guidance and Benchmarking Insights

2019-05-07T14:59:00+01:00Provided by

Webcast details: June 4, 2019 – 2 p.m. ET   |  CPE Credit(s): 1

SapphireGlass

SEC charges GT Advanced Technologies with fraud

2019-05-06T18:44:00+01:00By

GT Advanced Technologies is in trouble with the SEC for misleading shareholders about its ability to provide sapphire glass to Apple for its iPhones.

10611143395_32efa671df_b

New compromise in SEC, Elon Musk battle

2019-05-06T15:35:00+01:00By

A new proposal to combat Tesla CEO Elon Musk’s bad behavior has some at the SEC shaking their heads after Musk breached last year’s SEC agreement.

Bharara_Preet_Headshot

Preet Bharara to deliver keynote at CW2019

2019-05-06T14:20:00+01:00By Compliance Week

Former federal prosecutor and best-selling author Preet Bharara will deliver a keynote at the upcoming CW annual conference at the Mayflower Hotel in Washington D.C.

Terms

EU data supervisor warns online providers about Ts & Cs

2019-05-02T19:06:00+01:00By

The European Data Protection Supervisor is warning social media and tech companies that their consumer terms and conditions may soon come under increased scrutiny if they fail to comply with the agency’s rules.

starcompliance wp img

The Compliance Officer’s Ultimate Compliance Guide

2019-05-02T16:20:00+01:00Provided by

The job of compliance officer has become increasingly dominated by technology and automation. And one under constant pressure from changing regulation globally.

Bitcoin

SEC suspends trading for Bitcoin Generation

2019-05-02T13:47:00+01:00By

The Securities and Exchange Commission has temporarily suspended trading for cryto currency market operator Bitcoin Generation while it looks into concerns about information on the marketplace on which investors are relying.

NoEnforcement

Enforcement actions against accountants on the decline

2019-05-02T13:45:00+01:00By

Accountants and auditors are getting a lighter touch from enforcement authorities, according to an analysis that shows actions dropped significantly from 2017 to 2018.

Swedbank

Swedbank creates new unit to combat financial crime

2019-05-01T21:35:00+01:00By

As Swedbank faces multiple investigations into money laundering practices, the bank’s acting president and CEO Anders Karlsson recently announced the formation of a new unit to combat financial crime.

Broadway

SEC charges compliance officer in ticket resale scam

2019-05-01T20:46:00+01:00By

The SEC has charged a CCO with perpetuating a previously charged scheme run by his cousin that involved stealing millions of dollars from investors.

DOJ

Justice Department revises the Evaluation of Corporate Compliance Programs

2019-05-01T20:33:00+01:00By

The Department of Justice on April 30 released a revised, more comprehensive guidance describing specific factors that prosecutors should consider when evaluating corporate compliance programs.

CFTC

CFTC approves proposed rule to improve quality for swap data repositories

2019-04-26T20:26:00+01:00By

The Commodity Futures Trading Commission approved a proposed rule to improve the quality of swap data and update and streamline regulations related to swap data repository operations and governance.

Pharmaceuticals

Astellas, Amgen to pay $124.75M for False Claims Act violations

2019-04-26T20:03:00+01:00By

Pharmaceutical companies Astellas and Amgen will pay a total of $124.75 million to resolve allegations that they violated the False Claims Act by illegally paying the Medicare co-pays for their own high-priced drugs.

Glencorecrop

Glencore announces CFTC probe

2019-04-26T19:59:00+01:00By

The U.S. Commodity Futures Trading Commission is investigating whether multinational commodity trading and mining company Glencore and its subsidiaries might have violated certain provisions of the Commodity Exchange Act and/or CFTC regulations.

Truckstock

Celadon Group to pay $42.2M in restitution for accounting fraud

2019-04-25T19:48:00+01:00By

Trucking company Celadon Group entered into a corporate resolution for securities fraud and will pay total restitution of $42.2 million for filing materially false and misleading statements to investors and falsifying books, records, and accounts.

riskalert

OCIE issues risk alert on Regulation S-P

2019-04-23T19:24:00+01:00By

The SEC’s Office of Compliance Inspections and Examinations has issued a risk alert on Regulation S-P describing the most common deficiencies it has uncovered in recent examinations of both registered investment advisers and broker-dealers.

BankAustria

UniCredit Group Banks to pay $1.3B for sanctions violations

2019-04-17T20:03:00+01:00By

UniCredit Group Banks will pay total financial penalties of approximately $1.3 billion for processing hundreds of millions of dollars of transactions through the U.S. financial system on behalf of an entity designated as a weapons of mass destruction proliferator and other Iranian entities subject to U.S. economic sanctions, the Department ...

Winterkorn

Former VW boss charged over emissions scandal in Germany

2019-04-16T20:55:00+01:00By

German prosecutors have filed aggravated fraud charges against Martin Winterkorn, the former chief executive of Volkswagen, and four other unnamed managers for their involvement in the emissions-cheating scandal.

Trumpcrop

Trump takes another swing at controlling independent agencies

2019-04-15T20:51:00+01:00By

The Trump administration is trying a new strategy to seize control over independent agencies’ rulemaking processes and the guidance they issue.

GE

GE to pay $1.5B for misrepresentations concerning subprime loans

2019-04-15T17:34:00+01:00By

General Electric will pay a civil penalty of $1.5 billion to resolve claims under the Financial Institutions Reform, Recovery, and Enforcement Act involving subprime residential mortgage loans originated by WMC Mortgage, a GE subsidiary.

StandardCharteredFeature

Standard Chartered Bank to pay $1.1B for sanctions violations

2019-04-09T20:20:00+01:00By

Standard Chartered Bank, a U.K.-based financial institution, will pay a total of $1.1 billion in a global settlement for sanctions violations.

AccountingScandals

Roadrunner executives charged with accounting fraud

2019-04-08T20:21:00+01:00By

The SEC and the Department of Justice brought civil and criminal charges against three former executives of transportation company Roadrunner Transportation Systems for their alleged role in a complex securities and accounting fraud scheme that resulted in a loss of more than $245 million in shareholder value.

SEChq

Allison H. Lee, former counsel to Kara Stein, nominated to SEC

2019-04-03T21:28:00+01:00By

President Trump will nominate Allison Herren Lee, of Colorado, to serve at the SEC. Lee, a Democrat, would fill the seat vacated by Kara Stein, restoring the five-member Commission to full strength.

Claims

FCA regulation now in effect for claims management companies

2019-04-03T20:58:00+01:00By

The U.K. Financial Conduct Authority has issued a reminder for the claims management industry: As of 1 April, all claims management companies in England, Scotland, and Wales will have to demonstrate that they meet and maintain minimum standards set by the FCA.

GoldmanFeature

FCA fines Goldman Sachs £34.3M for transaction reporting failures

2019-04-01T18:47:00+01:00By

Compliance officers in the financial services industry can learn a lot from the failings of Goldman Sachs, which was fined £34.3 million (U.S. $45 million) by the U.K. Financial Conduct Authority for failing to provide accurate and timely reporting relating to 220 million transaction reports over a period of a ...

CorruptGlobeFeature

Fresenius Medical Care to pay $231M to resolve FCPA case

2019-04-01T18:22:00+01:00By

German healthcare company Fresenius Medical Care reached a $231 million settlement with U.S. authorities for violations of the Foreign Corrupt Practices Act for participating in various corrupt schemes across multiple countries that went undetected for more than a decade.

Facebookcrop

HUD charges Facebook with facilitating housing discrimination

2019-03-29T17:13:00+00:00By

The Department of Housing and Urban Development is charging Facebook with violating the Fair Housing Act by “encouraging, enabling, and causing housing discrimination through the company’s advertising platform.”

FinalReport

Report: FTC, CFPB have blind spots for credit reporting agencies

2019-03-27T21:36:00+00:00By

A report by the Government Accountability Office finds that the FTC and CFPB have oversight and enforcement shortcomings when it comes to credit reporting agencies.

WorldBankGroup

World Bank Group debars for one year Vietnamese water and sewerage company

2019-03-27T21:27:00+00:00By

The World Bank has imposed a one-year debarment on Vietnamese, state-owned water and sewerage company Vietnam Water and Environment Investment Corporation – JSC.

DOJ

A closer look at the revised FCPA Corporate Enforcement Policy

2019-03-26T21:34:00+00:00By

The Department of Justice in recent months has made several notable revisions to its FCPA Corporate Enforcement Policy surrounding M&A, messaging apps, and much more.

Whistleblower

SEC awards $50M to two whistleblowers

2019-03-26T20:57:00+00:00By

The Securities and Exchange Commission announced awards totaling $50 million to two whistleblowers whose high-quality information assisted the agency in bringing a successful enforcement action.

columnist icons2

Avenatti arrest fallout: don’t confuse whistleblowing with extortion

2019-03-25T21:56:00+00:00By

A high-profile arrest of Michael Avenatti for an extortion scheme against Nike raises difficult questions of corporate responsibility regarding whistleblower initiatives.

Bitcointrap

Banks, central banks warned of crypto-currency risks and pitfalls

2019-03-25T21:46:00+00:00By

Despite failures, plummeting prices, and a plethora of risks, financial institutions and central banks are cautiously looking at ways to use virtual currencies. International regulators are warning them that doing so haphazardly could be disastrous.

Nokia

Nokia discloses Alcatel-Lucent compliance issues

2019-03-22T15:06:00+00:00By

Following its 2016 acquisition of Paris-based telecommunications company Alcatel-Lucent, Nokia disclosed in a filing with the Securities and Exchange Commission that it has “been made aware of certain practices relating to compliance issues at the former Alcatel-Lucent business that have raised concerns.”

FTC Building

FTC clarifies expectations for post-settlement compliance reports

2019-03-21T16:39:00+00:00By

The Federal Trade Commission, increasingly faced with incomplete information and blown deadlines, is laying down the law when it comes to post-settlement compliance reports.

FairHousing

Facebook settles housing discrimination suit, ends ad ‘exclusions’

2019-03-21T16:03:00+00:00By

Facebook will pay $5 million and implement a series of anti-discrimination policies to settle a lawsuit brought against it by national fair-housing advocates.

Globalbribery

A global look at anti-bribery enforcement activity

2019-03-20T15:14:00+00:00By

TRACE International’s 2018 Global Enforcement Report serves as an insightful resource for companies seeking information on which countries are enforcing anti-bribery laws and which countries are beleaguered by bribery and corruption issues.