All United States articles – Page 168
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ArticleWEX fined $350K over ICFR weaknesses
Financial technology service provider WEX agreed to pay $350,000 as part of a settlement with the SEC regarding violations of internal accounting control provisions in the federal securities laws at its former Brazilian subsidiary.
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ArticleSEC charges 3 EY employees with auditor independence violations
The Securities and Exchange Commission charged three Ernst & Young employees for violations of the agency’s auditor independence rules regarding services carried out at Cintas Corp. A former accountant at Cintas was also charged.
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ArticleFed reminds large banks of investment risks in Archegos postmortem
The Federal Reserve reminded large banks of its expectations regarding risk management practices in investment banking after the collapse of Archegos Capital Management earlier this year led to more than $10 billion in losses.
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ArticleCFTC’s Dawn DeBerry Stump to not seek second term
Dawn DeBerry Stump, one of only two active commissioners at the Commodity Futures Trading Commission, announced she will not seek another five-year appointment when her current term ends in April 2022.
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ArticleTen things I’d like to see happen in 2022 (2021 in review)
ESG and cryptocurrency figure to be key topics in 2022, but we’re also keeping an eye on President Biden’s anti-corruption efforts, details on Amazon’s record GDPR fine, the status of Facebook’s first CCO, and more.
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ArticleFINRA fines Wells Fargo subsidiaries $2.25M for recordkeeping violations
Two Wells Fargo broker-dealers agreed to jointly pay a $2.25 million fine to settle charges levied by FINRA regarding a failure to store approximately 13 million customer records in the proper format over a 17-year span.
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ArticleSEC 2022 rulemaking preview: Clarity to come on ESG, crypto?
In his first year leading the Securities and Exchange Commission, Gary Gensler has tipped his hand regarding stricter oversight of companies’ environmental disclosures and the cryptocurrency industry. Year 2 will likely see words turn to actions.
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ArticleNYDFS guidance addresses common MFA problems—and how to fix them
The New York State Department of Financial Services outlined common vulnerabilities in multi-factor authentication and how to address them from a cybersecurity risk management standpoint.
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ArticleSEC staff stresses importance of fallback language in LIBOR transition
Companies looking to avoid running afoul of the SEC in their LIBOR transition efforts would be wise to include fallback language in their contracts and investments that reference the soon-expiring benchmark rate.
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ArticleOCC report: Cyberattacks, pandemic among top bank risk areas in 2021
Banks and financial institutions regulated by the OCC faced elevated risks in 2021 from cyberattacks launched on them and their third parties, as well as compliance risks related to the pandemic, according to the agency’s latest report.
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ArticleFive compliance triumphs from 2021
A key CCO appointment, a company committed to transparency, and a bank that spent big on improving its AML controls highlight CW’s annual list of laudable ethics and compliance moments.
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ArticleSaule Omarova, Biden’s nominee to lead OCC, withdraws
Saule Omarova withdrew her candidacy for Comptroller of the Currency after facing fierce Republican opposition—and skepticism from some key Democrats—during her nomination hearing.
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ArticleFinCEN beneficial ownership registry takes shape in proposed rule
FinCEN’s proposed rule for a new beneficial ownership registry was released as part of the U.S. government’s efforts to pull back the veil on anonymous shell companies used to launder illicit profits from corruption, money laundering, and other financial crime activities.
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ArticleLucid Group facing SEC subpoena over recent SPAC merger
Lucid Group said it received a subpoena from the Securities and Exchange Commission concerning its special purpose acquisition company merger this summer.
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PremiumTop ethics and compliance failures of 2021
Systemic risk management lapses at a financial services firm, allegations of toxic culture at a video game giant, and more of the same baffling behavior from one of the world’s largest tech companies comprise CW’s list of the biggest ethics and compliance fails of 2021.
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ArticleAmerican Renal Associates to pay $2M in accounting fraud case
American Renal Associates Holdings has agreed to pay $2 million to settle Securities and Exchange Commission charges of accounting fraud allegedly perpetrated by three former financial executives at the dialysis provider.
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ArticleCompliance takeaways from Biden strategy on countering corruption
President Joe Biden’s sweeping anti-corruption initiative includes developments in two key areas of interest for the compliance profession: the U.S. beneficial ownership registry and a new proposal to expand reporting requirements on cash real estate transactions.
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ArticleWhat companies/auditors need to know for 2021 year-end audits
The continued effects of the pandemic, along with the implementation of new accounting standards, have companies and their auditors confronting substantial change in year-end audits.
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Ex-Immunomedics CFO charged with insider trading
The SEC charged former Immunomedics Chief Financial Officer Usama Malik and his former romantic partner with insider trading. The Department of Justice also announced criminal charges for securities fraud.
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ArticleEx-Roadrunner CFO gets two years in prison for accounting fraud scheme
Peter Armbruster, the former chief financial officer of trucking and logistics company Roadrunner Transportation Systems, was sentenced to 24 months in prison for his role in a complex securities and accounting fraud scheme.