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Diversity

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Survey tackles aligning cross-generational views of ethics in the workplace

2024-07-22T16:04:00+01:00By

Companies may need to examine employees by age group to find out how likely some workers might be to ditch compliance to complete tasks.

Bank risk

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Banking regs join FinCEN in proposing AML/CFT risk assessment rule

2024-07-22T15:50:00+01:00By

Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.

U.K. Parliament

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New U.K. government moves to transform FRC into ARGA

2024-07-19T13:28:00+01:00By

Within two weeks of gaining power, the U.K.’s newly elected Labor government has confirmed its intention to beef up the audit regulator and strengthen corporate governance.

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More from Compliance Week

DOJ

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DOJ lauds Guardant Health’s cooperation in cancer test false claims case

2024-07-17T20:37:00+01:00By

California-based cancer testing company Guardant Health agreed to pay more than $945,000 to settle allegations levied by the Department of Justice of violating the False Claims Act and Stark Law.

London Stock Exchange

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Experts: Further reforms needed beyond revamped London Stock Exchange rules

2024-07-17T17:53:00+01:00By

The U.K. Financial Conduct Authority is revamping the London Stock Exchange rules, but more changes may be needed to achieve growth and attract initial public offers, experts said.

FTX logo

News Brief

FTX reaches $4 billion settlement with CFTC in bankruptcy court lawsuit

2024-07-17T15:39:00+01:00By

FTX Trading and the Commodity Futures Trading Commission have agreed on a $4 billion settlement in bankruptcy court to settle the CFTC’s lawsuit against the failed crypto trading platform.

GDPRgavel

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Lithuanian DPA orders Vinted to pay $2.6M over GDPR violations

2024-07-16T17:25:00+01:00By

The data protection authority of Lithuania levied a fine of 2.4 million euros (U.S. $2.6 million) against Vinted UAB, an online clothing trading and exchange platform, for alleged violations of the European Union’s General Data Protection Regulation.

Whistle

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Employees accuse OpenAI of illegal NDAs blocking whistleblower rights

2024-07-16T16:48:00+01:00By

Anonymous employees of OpenAI accused the company of requiring employees to sign nondisclosure agreements (NDAs) that “prohibited and discouraged” them from reporting securities law violations to federal regulators.

ChinaCargoContainer

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Updated UFLPA enforcement strategy targets aluminum, PVC, seafood imports

2024-07-16T15:08:00+01:00By

U.S. Customs and Border Protection will make it a priority to check shipments of aluminum, polyvinyl chloride, and seafood from China and elsewhere in the region for links to forced labor, according to an updated Uyghur Forced Labor Prevention Act enforcement strategy.

x_web

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European Commission informs X it may be in breach of Digital Services Act

2024-07-15T20:36:00+01:00By

The European Commission informed X, formerly Twitter, that it may be the first company found to be in violation of the European Union’s Digital Services Act in areas “linked to dark patterns, advertising transparency, and data access for researchers.”

Israel

News Brief

FinCEN updates red flags to watch for in thwarting West Bank settler violence

2024-07-15T16:45:00+01:00By

The Treasury Department’s Financial Crimes Enforcement Network updated an alert first issued in February warning financial institutions of Israeli extremists fomenting violence in the West Bank.

Audit

News Brief

FRC dings MacIntyre Hudson $156K over public interest entity violations

2024-07-15T16:41:00+01:00By

The U.K.’s Financial Reporting Council fined audit firm MacIntyre Hudson (MHA) and two employees for breaching the agency’s requirements.

BitMEX

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DOJ latest agency to charge crypto platform BitMEX for BSA/AML failures

2024-07-12T16:57:00+01:00By

The parent company of crypto-trading platform BitMEX is again facing charges of violating the Bank Secrecy Act, the latest in a string of punishments against the company and its founders for failing to implement adequate know your customer and anti-money laundering programs.

PwC building

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Lessons from PwC’s failure to squelch dissent in the ranks with ‘silent layoffs’

2024-07-12T10:49:00+01:00By

It’s been a trying time for staff at firms with redundancies, affecting morale as layoffs mount amid an effort to silence dissent in the ranks for those departing.

UBS

News Brief

FINRA fines UBS unit $850K for failing to properly monitor customer transactions

2024-07-11T19:04:00+01:00By

UBS Financial Services, a subsidiary of the Swiss banking giant UBS, has been fined $850,000 for failing to properly monitor transactions between its broker-dealers and third parties.

insider trading

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Ex-Apple insider trading compliance head fined $1.1M for insider trading

2024-07-11T18:46:00+01:00By

A former Apple attorney who oversaw the company’s compliance with insider trading rules will pay a $1.1 million fine to settle insider trading charges levied by the Securities and Exchange Commission.

Citi

News Brief

OCC, Fed fine Citi $136M for repeated risk management, data governance failures

2024-07-11T15:13:00+01:00By

Citigroup will pay $135.6 million in fines levied by two banking regulators for repeated failures to remediate deficiencies in risk management, data governance, and internal controls.

Rite Aid building

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Rite Aid reaches $410M settlement with DOJ in opioid false claims case

2024-07-11T14:40:00+01:00By

Rite Aid agreed to pay $7.5 million and allow the Department of Justice to access nearly $402 million from the company’s forthcoming bankruptcy case to settle allegations it helped fuel the nation’s opioid epidemic.

DOJ

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Ex-Paxful co-founder pleads guilty to violating BSA/AML regulations

2024-07-10T19:30:00+01:00By

The co-founder and former chief technology officer of crypto peer-to-peer network Paxful faces charges related to violating the anti-money laundering requirements of the Bank Secrecy Act.

Brian_Nelson_web

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De-risking trend threatens global financial markets, Treasury official warns

2024-07-10T17:25:00+01:00By

As the United States and other Western countries turn the screws on criminals, hackers, terrorist organizations, and sanctions evaders attempting to access global financial markets, financial institutions could respond by reducing their connections to risky sectors, according to Treasury Under Secretary Brian Nelson.

FCC

News Brief

FCC orders Sorenson unit to pay $34.6M over illegal data retention

2024-07-10T15:46:00+01:00By

Sorenson Communications agreed to pay $34.6 million and implement a comprehensive compliance program to settle allegations levied by the Federal Communications Commission that its subsidiary illegally retained call content of users who relied on captions to make and receive calls.

Messaging apps

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FTC proposes $5M penalty for NGL Labs, founders over COPPA violations

2024-07-09T20:26:00+01:00By

The Federal Trade Commission ordered anonymous messaging app creator NGL Labs and its two founders to pay $5 million for unfairly marketed to children and falsely claiming artificial intelligence filtered out bullying messages and threats.

Fifth Third Bank

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CFPB orders Fifth Third Bank to pay $20M over fake accounts, forced auto coverage

2024-07-09T20:04:00+01:00By

Ohio-based Fifth Third Bank will pay $20 million in penalties to the Consumer Financial Protection Bureau for allegedly opening fake bank accounts and wrongfully repossessing customers’ vehicles.

AdobeStock_228118718

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New U.K. codes strive to restore falling trust, integrity

2024-07-09T19:08:00+01:00By

Codes of ethics and conduct are becoming ubiquitous, yet instilling high standards of corporate integrity still seems an elusive goal. Why is corporate culture such a challenge?

OCC

News Brief

OCC proposes recovery plan rule for banks with $100B or more in assets

2024-07-09T14:16:00+01:00By

The Treasury Department’s Office of the Comptroller of the Currency proposed a rule that would extend requirements for recovery plans to all banks with at least $100 billion in assets.

Boeing

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Boeing agrees to plead guilty, pay additional $244M for violating 2021 DPA

2024-07-08T18:41:00+01:00By

Boeing will plead guilty to a felony and pay an additional $243.6 million for violating the terms of a 2021 settlement it made with the Department of Justice related to safety lapses that contributed to the crash of two airplanes.

Dominic_Buckwell_web1

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Q&A: Seaco general counsel, compliance head on environmental regulations

2024-07-03T18:17:00+01:00By

Dominic Buckwell, general counsel and compliance head at global marine container leasing company Seaco, discussed key themes including anti-money laundering, sanctions, and why the industry needs common environmental reporting standards.

/web/img/field/image/prison.jpg

News Brief

Ex-Outcome Health execs sentenced for overbilled ad revenue, misleading auditor

2024-07-02T20:35:00+01:00By

Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.

DOJ wall

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DOJ orders Evolution Health to pay $4.5M over alleged kickbacks, false claims

2024-07-02T14:42:00+01:00By

A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.

Silvergate_Bank_Web

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Silvergate Bank to pay $63M to Fed, California over BSA/AML deficiencies

2024-07-02T13:50:00+01:00By

Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.

DOJ

News Brief

Tareen Dermatology agrees to pay $1.6M over false claims to Medicare

2024-07-01T21:14:00+01:00By

A Minnesota dermatology practice, its owner, and chief executive agreed to pay $1.6 million to settle allegations, first brought by two whistleblowers, that the company violated the Anti-Kickback Statue by making false claims to Medicare.

Turkey flag

News Brief

FATF removes Jamaica, Türkiye from watchlist; adds Monaco, Venezuela

2024-07-01T15:58:00+01:00By

Jamaica and Türkiye made “significant progress” addressing deficiencies in their anti-money laundering/countering the financing of terrorism (AML/CFT) programs, warranting their removal from the Financial Action Task Force’s grey list.

Tibbets_web1

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How fintechs can overcome major compliance hurdles in embedded finance

2024-07-01T15:45:00+01:00By Margaret Holmes Tibbets, CW guest columnist

Margaret Holmes Tibbets, chief compliance officer at financial technology company Pipe, explains how firms are facing an existential compliance crisis, and to survive they’ll need to overcome not one but two hurdles.

Financial Crimes 2024 Managing Nonbanks

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Banks must bolster awareness of fintech partner risks, experts advise at Fordham

2024-07-01T15:44:00+01:00By

During a panel at Compliance Week’s Financial Crimes and Regulatory Compliance Summit, held June 10-11 in New York, experts discussed nuances in bank-financial technology partnerships, offering best practices for how banks should protect themselves.

Bank of England

News Brief

Bank of England report: ’Need to improve’ private equity risk management

2024-06-28T19:30:00+01:00By

A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.

North Korea sanctions

News Brief

Mondo TV reaches $538K settlement with OFAC over N. Korea sanctions violations

2024-06-27T16:56:00+01:00By

Italy-based Mondo TV agreed to pay $538,000 to settle charges with the Treasury Department’s Office of Foreign Assets Control over 18 apparent violations of North Korea sanctions regulations.

cyber_utilities_web

News Brief

DOE offers supply chain cybersecurity guidance for energy, oil, gas industries

2024-06-27T16:37:00+01:00By

The U.S. Department of Energy released supply chain cybersecurity principles meant to help strengthen key technologies used to manage and operate electricity, oil, and natural gas systems.

WIC_2

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Women in Compliance highlights: Mentorship driving DEI; fostering board buy-in

2024-06-27T13:39:00+01:00By

Keeping track of regulations and understanding how they affect your business can be a hot mess without proper organization and collaboration, experts said at Compliance Week’s Women in Compliance Summit, held June 3-4, in Atlanta.

Oil barrels

News Brief

DOJ orders PetroChina unit to pay $14.5M over export control violations

2024-06-26T16:26:00+01:00By

PetroChina International America agreed to pay a fine and forfeiture of $14.5 million to settle charges with the Department of Justice that it violated U.S. export control laws.

iran_sanctions_web

News Brief

OFAC sanctions nearly 50 entities for ‘shadow banking’ benefiting Iranian military

2024-06-26T14:37:00+01:00By

The Treasury Department’s Office of Foreign Assets Control sanctioned nearly 50 entities connected with so-called “shadow banking” networks that help Iran’s military evade U.S. sanctions and to sell the country’s oil and petrochemical products.

Child Privacy

News Brief

SpongeBob game developer ordered to pay $500K over CCPA, COPPA violations

2024-06-25T19:42:00+01:00By

Popular children’s mobile game developer Tilting Point Media agreed to pay $500,000 to settle allegations the company illegally collected children’s personal data, a violation under the California Consumer Privacy Act and a federal children’s privacy law.

DOJ

News Brief

DOJ orders Houston medical centers to pay $15M over concurrent billing false claims

2024-06-25T17:17:00+01:00By

Houston-based medical center institutions agreed to jointly pay $15 million to settle allegations for improperly billing Medicare for concurrent surgeries in violation of teaching physician and informed consent regulations.

FDIC

News Brief

Banking regs find flaws in resolution plans for BoA, JPM, Goldman Sachs, Citi

2024-06-25T14:48:00+01:00By

Two federal banking regulators found deficiencies with the sale of derivatives in the resolution plans of Bank of America, Goldman Sachs, and JPMorgan Chase, while the regulators disagreed on the severity of an issue with Citigroup’s plan.

Clearview AI

News Brief

Clearview AI agrees to pay stake in company to settle Illinois privacy lawsuit

2024-06-24T21:02:00+01:00By

Facial recognition company Clearview AI reached a preliminary settlement in a class action lawsuit alleging it violated the Illinois Biometric Privacy Act, with the company agreeing to compensate victims with stake in the company.

DOJ

News Brief

Averhealth to pay $1.3M in DOJ drug test false claims case

2024-06-24T17:24:00+01:00By

National drug testing firm Averhealth agreed to pay $1.3 million to settle allegations, first brought by a whistleblower, that it knowingly submitted false claims to the Michigan Department of Health and Human Services, the Department of Justice announced.

lockheed_martin_web

News Brief

DOJ orders Lockheed Martin units to pay $70M for improper subcontracting

2024-06-24T17:01:00+01:00By

Two subsidiaries of aerospace giant Lockheed Martin agreed to pay $70 million to settle allegations levied by the Department of Justice of overcharging the Navy for aircraft parts.

Citi

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Citi report: GenAI revolution will bring increased need for compliance

2024-06-21T18:28:00+01:00By

A new report on the use of artificial intelligence in financial services predicts that the technology will drive profits, disruptions, and change over the next decade.

Mexico-China-Money

News Brief

OFAC sanctions drug cartel over China procurement; FinCEN issues advisory

2024-06-21T16:37:00+01:00By

The Treasury Department’s Office of Foreign Assets Control and Secretary Janet Yellen announced sanctions Thursday against the top leaders of La Nueva Familia Michoacana drug cartel over the illicit trafficking of synthetic opioid fentanyl in the United States.

Real estate accounting

News Brief

CFPB proposes $3.95M fine against Freedom Mortgage over repeated data errors

2024-06-20T17:09:00+01:00By

Freedom Mortgage Corp. would have to pay a $3.95 million fine and carry out regular auditing and testing of its loan data under a proposed order by the Consumer Financial Protection Bureau.

OCC

News Brief

OCC emphasizes compliance’s role in FI’s operational resiliency

2024-06-20T15:40:00+01:00By

Compliance departments at financial institutions must become more involved in ensuring their firm’s operational resiliency to address emerging risks, the Treasury Department’s Office of the Comptroller of the Currency said in its semi-annual risk perspective.

Whistle

News Brief

CFTC awards whistleblower $8M despite involvement in misconduct

2024-06-20T15:37:00+01:00By

A whistleblower received an $8 million award from the Commodity Futures Trading Commission for uncovering fraud—even though the agency deemed the whistleblower was culpable in the misconduct.

SEC office

News Brief

SEC orders R.R. Donnelley to pay $2.1M over cyber-related control violations

2024-06-20T14:45:00+01:00By

A business communications and marketing services company agreed to pay more than $2 million to settle charges levied by the Securities and Exchange Commission over cybersecurity-related control violations.

DOJ

News Brief

DOJ orders consultants to pay $11.3M total for cyber rule violations

2024-06-18T19:49:00+01:00By

Guidehouse and Nan McKay and Associates will pay a total of $11.3 million to the Department of Justice (DOJ) to settle allegations that cybersecurity failures led to the theft of client personal information during the height of the COVID-19 pandemic.

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