All Compliance Week articles in Web Issue – Page 1339
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ArticleCFPB reaffirms tougher stance with $3.7B Wells Fargo settlement
Wells Fargo will pay a total of $3.7 billion to address “widespread mismanagement” of auto loans, mortgages, and deposit accounts as part of a settlement with the Consumer Financial Protection Bureau.
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ArticleCHS Hedging AML controls criticized in $6.5M CFTC action
CHS Hedging, a Minnesota-based futures commission merchant, was fined $6.5 million by the Commodities Futures Trading Commission for AML program gaps and other risk management and recordkeeping failures regarding a ranch owner customer committing fraud.
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ArticleTSB Bank fined $59.2M for governance lapses in botched IT migration
TSB Bank was fined £48.65 million (U.S. $59.2 million) by U.K. regulators after a disastrous IT migration left customers unable to access cash or use online accounts for weeks.
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Article
Caterpillar names chief sustainability officer
Construction equipment manufacturer Caterpillar announced Dr. Lou Balmer-Millar will assume responsibility for the chief sustainability officer role.
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Article‘Period of uncertainty’ projected as U.K. embarks on ‘Edinburgh Reforms’
The “Edinburgh Reforms” aim to establish a smarter regulatory framework for the United Kingdom that is agile, less costly, and more responsive to emerging trends. Experts weigh in on the proposed changes.
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Article
Exela Technologies, ex-CFO settle SEC control failure charges
Texas-based IT firm Exela Technologies and its former CFO settled charges brought by the Securities and Exchange Commission alleging failure to properly account for and record liabilities related to a shareholder lawsuit.
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ArticleBioTelemetry to pay $44.8M over India testing false claims
BioTelemetry and CardioNet agreed to pay more than $44.8 million to settle allegations they violated U.S. federal health laws by improperly billing Medicare and other federal programs for heart monitoring and cardiac test analyses performed by a company in India.
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ArticleManaging sanctions risk: Keys to successful implementation
The International Compliance Association hosted a webinar looking at challenges faced by organizations regarding changes in the sanctions landscape in 2022. Holly Thomas-Wrightson offers a recap of the discussion.
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ArticlePCAOB 2021 inspection reports: PwC sees best results again; EY deficiencies increase
For the second straight year, PwC fared the best among inspection results released by the Public Company Accounting Oversight Board for the largest U.S. audit firms, including each of the Big Four, Grant Thornton, and BDO.
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ArticleDeloitte fined $1.1M for SIG audit lapses
Deloitte received a penalty of £906,250 (U.S. $1.1 million) from the U.K. Financial Reporting Council for evidence failures regarding supplier rebates and cash uncovered in its 2015 and 2016 financial year audits at specialist building product distributor SIG.
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ArticleSEC fines PNC unit over municipal bond disclosure lapses
Broker-dealer PNC Capital Markets agreed to pay nearly $200,000 and be censured to resolve Securities and Exchange Commission allegations it violated rules related to limited offerings of municipal securities.
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SEC taps Megan Barbero as general counsel; Dan Berkovitz to depart
The Securities and Exchange Commission announced General Counsel Dan Berkovitz will depart the agency, effective Jan. 31, 2023. Megan Barbero, currently principal deputy general counsel, will be appointed general counsel upon Berkovitz’s exit.
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ArticleESG in 2023: CSRD to put new pressures on EU businesses
Corporate reporting on everything from climate change to workers’ rights is set for a shake-up in the European Union, and companies should use 2023 to prepare for new regulations and stakeholder expectations.
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ArticleDOJ declines to prosecute Safran over alleged FCPA violations
The U.S. Department of Justice informed French aircraft equipment manufacturer Safran that the company would not face prosecution regarding alleged bribes paid by employees at two subsidiaries to a China-based consultant.
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ArticlePCAOB enforcement roundup: Grant Thornton fined in disclosure crackdown
The Public Company Accounting Oversight Board announced several notable enforcement actions last week, including sanctions against six firms for allegedly violating agency reporting requirements.
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ArticleIrish DPC probing Twitter over breach affecting 5.4M users
The Irish Data Protection Commission is investigating whether Twitter violated the European Union’s General Data Protection Regulation regarding a data breach alleged to have affected 5.4 million users.
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Article
Meta to pay $725M to settle privacy class-action lawsuit
Meta, the parent company of Facebook, agreed to pay $725 million to settle a class-action lawsuit accusing the social media giant of selling data to third parties without users’ consent.
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ArticleLessons in preventing AML failures
Anybody working in financial services will know enormous effort is made to ensure their institution is on the right side of the law. Why, then, do such failures continue to exist? And crucially, what can be done to prevent their recurrence?
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ArticleFinCEN report identifies financial trends of Russian oligarchs
The Financial Crimes Enforcement Network published an analysis of financial trends involving Russian oligarchs and how U.S. financial institutions have aided in the identification of more than $30 billion worth of sanctioned Russians’ assets.
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News BriefDanfoss to pay $4.4M in OFAC sanctions settlement
Danish manufacturer Danfoss agreed to pay nearly $4.4 million to settle allegations a subsidiary violated U.S. sanctions by running payments from customers based in Iran, Sudan, and Syria through the foreign branch of a U.S. financial institution.