All Compliance Week articles in Web Issue – Page 209
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ArticleSource of funds/source of wealth: Knowing the difference and best practices
With the similarity of their nature and how they overlap, not to mention how often they are mentioned in the same breath, it can easily lead to confusion when trying to remember which is which between source of funds and source of wealth.
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ArticleSteps for preparing for potential Russian cyberthreats
As the West seeks to isolate Russia, the country might retaliate with state-sponsored cyberattacks. Although Russia is suspected to have launched such attacks before, the scale and scope could be much bigger this time, experts warn.
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ArticleCity National Rochdale to pay $30.4M for undisclosed conflicts of interest
Registered investment adviser City National Rochdale has agreed to pay $30.4 million in a settlement with the Securities and Exchange Commission for conflict-of-interest violations.
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Citizens names general counsel and chief legal officer
Citizens Financial Group announced the appointment of Polly Klane as general counsel and chief legal officer, effective April 4.
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ArticleTelenor caught in GDPR conundrum over Myanmar subsidiary sale
A complaint filed with the Norwegian Data Protection Authority alleges Telenor’s progressing sale of its Myanmar-based subsidiary violates the EU’s General Data Protection Regulation by potentially exposing its customers in the region to military surveillance.
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ArticleDOJ establishes task force to ensure compliance with Russia sanctions
Attorney General Merrick Garland announced the formation of an interagency task force designed to ensure sanctions and other actions implemented by the U.S. government against Russia and its officials are fully enforced.
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ArticleTreasury reports examine persistent and emerging AML/CFT risks
The Treasury Department outlined key areas where criminals, terrorist groups, and rogue nations are using the U.S. banking system to launder funds to finance their illicit activities.
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ArticleThe Cassava Sciences saga: Short sellers, ‘gaming’ the FDA, and the damaging ripple effects
The Federal Drug Administration’s decision last month to deny a citizen petition on behalf of short sellers with positions in Cassava Sciences stock highlights the damage the commonly exploited regulatory process can have on a company, regardless of innocence or guilt.
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ArticleAnalysis: Scope of supply chain disruptions from Russian invasion of Ukraine
Analysis conducted by supply chain risk management platform Interos highlights the scope of global supply chain disruptions on U.S. and European companies resulting from Russia’s invasion of Ukraine.
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ArticleMoneyGram sets aside $15.8M to settle NYDFS, CFPB investigations
MoneyGram disclosed it expects to pay a total of $15.8 million to settle two separate investigations by the New York State Department of Financial Services and the Consumer Financial Protection Bureau.
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ArticleHow compliance can help prevent illegal wildlife trade
Developing a reasonable understanding of the supply chain is the first step in ascertaining whether corporate entities might inadvertently participate or facilitate illegal trading in wildlife.
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ArticleECB questions AMLA’s effectiveness over scope, resource concerns
The European Central Bank believes the European Union’s proposed new anti-money laundering agency needs to have a wider scope of direct supervision and more staff if it is going to be effective.
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ArticleNYDFS investigating Coinbase’s compliance practices
The New York State Department of Financial Services has initiated an investigation into cryptocurrency exchange platform Coinbase relating to its compliance program.
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ArticleBarclays fined $1.05M for Premier FX oversight failures
The U.K. Financial Conduct Authority fined Barclays Bank £783,800 (U.S. $1.05 million) for “oversight failings” in its relationship with collapsed money remittance firm Premier FX.
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ArticleReport: Record low number of going concern opinions in FY2020
Public companies receiving going concern audit opinions during fiscal year 2020 were at the lowest number and percentage in the past 21 years, with little change among common issues, according to the latest report from Audit Analytics.
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ArticleLawsuit by BitMEX co-founder could test GDPR’s reach over SARs
Ben Delo, co-founder of cryptocurrency exchange BitMEX, filed a complaint against Wise Payments after the company allegedly refused his requests under the General Data Protection Regulation to provide him with personal information it submitted via suspicious activity reports.
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ArticleStericycle reaches $80.7M agreement in FCPA settlements
Stericycle, a medical waste disposal company, disclosed it expects to pay $80.7 million in principle agreements with the SEC and Department of Justice for violations of the Foreign Corrupt Practices Act concerning its operations in Latin America.
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ArticleNational Bank of Pakistan to pay $55.4M for AML compliance lapses
The National Bank of Pakistan and its New York branch must pay $55.4 million in total penalties in settlements with two U.S. regulators for deficiencies in the bank’s risk management and anti-money laundering compliance program.
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ArticlePwC Canada fined $950K for internal training exam cheating
The Canadian affiliate of Big Four audit firm PwC has agreed to pay $950,000 in penalties between audit regulators in the United States and Canada after discovering widespread cheating among employees taking internal exams.
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ArticleBitMEX founders fined $10M each for flouting AML rules
Arthur Hayes and Benjamin Delo, co-founders of cryptocurrency exchange and derivative trading platform BitMEX, were each fined $10 million as part of guilty pleas for anti-money laundering violations under the Bank Secrecy Act.