All United States articles – Page 164
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ArticleFinCEN notice warns banks of environmental crime
The Financial Crimes Enforcement Network issued a notice to banks and other financial institutions calling attention to what it has identified as a rising trend in environmental crimes.
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ArticleRule requires banks report significant ‘computer-security incidents’ within 36 hours
Federal banking regulators issued a rule that requires financial institutions to notify their regulator within 36 hours of a “computer-security incident” that materially affects their operation, ability to deliver services, or the stability of the financial sector.
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ArticleMcKinsey affiliate to pay $18M for poor handling of nonpublic information
MIO Partners, a wholly owned subsidiary of management consulting firm McKinsey & Company, has agreed to pay an $18 million penalty for failing to maintain adequate policies and procedures to prevent the misuse of material nonpublic information.
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ArticleSEC enforcement report: Total actions down in FY2021; first-of-their-kind cases up
The number of total enforcement actions filed by the Securities and Exchange Commission fell 3 percent in fiscal year 2021, according to the agency’s annual enforcement report.
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ArticleSenate grills Comptroller candidate Saule Omarova on writings, past
Saule Omarova faced extraordinary questioning from Republicans on her background and previously expressed views during her nomination hearing to be the next Comptroller of the Currency.
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Article2021 TRACE Bribery Matrix: Post-Trump U.S. still outside top 20
A negative trend in the U.S. business bribery risk environment that began under the Trump administration has yet to reverse, according to TRACE International’s 2021 Bribery Risk Matrix.
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ArticleOSHA halts implementation of Biden vaccine policy
The Occupational Safety and Health Administration has suspended implementation and enforcement of its guidance ordering companies with more than 100 employees to develop a COVID-19 vaccine policy by Jan. 4.
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ArticleSEC rewrites whistleblower record books during historic FY2021
The SEC announced more whistleblower awards to more recipients in fiscal year 2021 than all prior years combined, according to the agency’s annual report to Congress.
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ArticleFASB update improves discount rate guidance under leases standard
The Financial Accounting Standards Board issued an update to its leases standard regarding discount rate guidance for lessees that are not public business entities.
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ArticleLawsuit: Ex-JPMorgan VP links firing to concerns raised about compliance program
A former compliance executive with JPMorgan Chase alleges she was fired after pointing out flaws in the bank’s compliance program and misrepresentations the bank made to regulators regarding a 2016 settlement of bribery allegations in the Asia Pacific region.
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ArticleFASB update provides expedient for valuing share-based awards
The Financial Accounting Standards Board has provided a practical expedient for private companies to reduce the complexity of determining the fair value of share-based awards.
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ArticleFASB passes on third leases delay
The Financial Accounting Standards Board declined providing private companies and certain not-for-profit organizations a third date delay to its leases standard, which is scheduled to take effect fiscal years beginning after Dec. 15, 2021.
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ArticleEx-McKinsey partner charged with insider trading on Goldman Sachs deal
Former McKinsey Partner Puneet Dikshit was arrested and charged with using inside information to profit on the acquisition of a fintech company by his firm’s client, Goldman Sachs Group.
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ArticleIgnoring compliance, Mashreqbank fined $100M for Sudan sanctions violations
The New York State Department of Financial Services fined United Arab Emirates-based Mashreqbank $100 million for violating now-repealed Sudanese sanctions regulations and for having in place an inadequate compliance program.
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ArticleTreasury ransomware response: More sanctions, updated FinCEN guidance
The U.S. Treasury continued its crackdown on facilitators of ransomware payments, sanctioning a second virtual currency exchange and its affiliates and updating FinCEN guidance to help make financial institutions more aware of related red flags.
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ArticleNHTSA issues first-ever whistleblower award of $24M to Hyundai insider
A former Korean safety engineer with Hyundai will receive the first whistleblower award from the National Highway Traffic Safety Administration: A $24.3 million payment for information regarding engine safety issues in 1.6 million Hyundai and Kia vehicles sold in the U.S.
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ArticleSEC, CFTC charge U.S. Commodity Funds with disclosure failures
The SEC settled charges against U.S. Oil Fund and its general partner U.S. Commodity Funds for misleading statements about futures broker limitations. USCF additionally settled a parallel CFTC case and will pay a total penalty of $2.5 million.
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ArticleRobinhood data breach impacts 7 million customers
Robinhood announced a hacker obtained the email addresses or names of approximately seven million of its customers. Approximately 310 customers had their personal information exposed as part of the same breach.
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FASB proposes amendments to interim disclosure requirements
The Financial Accounting Standards Board proposed an update to its interim reporting standard as part of its disclosure framework project aimed at improving the clarity, consistency, and effectiveness of financial statement disclosures.
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ArticleFed supervision head Randal Quarles to resign
Randal Quarles, vice chair for supervision at the Federal Reserve, submitted his resignation as a member of the board, effective at the end of December.