All articles by Aaron Nicodemus – Page 27
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News BriefCoinbase-linked defendant sentenced to prison in first crypto insider trading case
The brother of a former Coinbase employee has been sentenced to 10 months in prison for his role in a groundbreaking insider trading scheme involving cryptocurrency.
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News BriefMcDonald’s avoids SEC fine for misleading statements related to fired CEO
The Securities and Exchange Commission found McDonald’s violated federal securities law when it failed to fully disclose material factors regarding the firing of former Chief Executive Stephen Easterbrook in 2019.
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ArticleAML 2023 preview: Regs not backing down on beneficial ownership, tech needs
Keeping up with increasingly demanding anti-money laundering expectations in 2023 will likely mean doing more with less and figuring out where and when is the best place to use technology to aid compliance, experts say.
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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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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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ArticleHoneywell to pay $203M over bribery claims in Brazil, Algeria
Honeywell International agreed to pay $202.7 million to settle charges it paid bribes to obtain contracts with government entities in Brazil and Algeria in violation of the Foreign Corrupt Practices Act.
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ArticleFed rule sets SOFR as LIBOR replacement
The Federal Reserve Board adopted a rule that will officially set the Secured Overnight Financing Rate as the benchmark rate in financial contracts that reference the expiring London Interbank Offered Rate.
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ArticleFinCEN proposes restricted access to beneficial ownership registry
The Treasury Department’s Financial Crimes Enforcement Network released a notice of proposed rulemaking that outlines what agencies and entities should be allowed to access the beneficial ownership registry that is in the works.
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ArticlePCAOB announces ‘complete access’ to audit papers of Chinese firms
The Public Company Accounting Oversight Board announced it received “complete access to inspect and investigate” audit firms in China and Hong Kong, potentially averting the delisting of hundreds of Chinese public companies from U.S. exchanges.
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PremiumData gathering, management buy-in among SEC climate rule pain points
Respondents to our “Inside the Mind of the CCO” survey that have begun complying with the Securities and Exchange Commission’s climate-related disclosure rule share the biggest hurdles they’ve faced.
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ArticleSEC proposes sweeping changes to process for selling securities
The Securities and Exchange Commission proposed a series of rules that would change the way securities are sold in U.S. markets and create new disclosures for broker-dealers and others seeking to trade securities on behalf of retail investors.
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ArticleSEC accuses J.H. Darbie of violating AML rules
New York-based brokerage firm J.H. Darbie & Co. was charged with violations of anti-money laundering provisions of federal securities laws by the Securities and Exchange Commission for failing to report suspicious activity regarding penny stock transactions.
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ArticleBankman-Fried fraud charges detail FTX’s lack of internal controls, risk management protocols
A flurry of criminal and civil fraud charges laid against FTX founder Sam Bankman-Fried have pulled back the veil on the cryptocurrency exchange’s complete lack of internal controls and toothless risk management procedures.
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ArticleCFPB proposes repeat offender registry for nonbank consumer law violations
The Consumer Financial Protection Bureau proposed a rule that would require certain nonbank financial firms to register consumer protection orders filed against them by other federal agencies, courts, or states into a new, publicly accessible registry.
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ArticleDOJ official addresses liability concerns stemming from Uber CSO case
Principal Associate Deputy Attorney General Marshall Miller called the conviction of a former Uber Technologies chief security officer on obstruction charges an “outlier” that should not discourage compliance officers from self-reporting violations.
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ArticleFifth JPMorgan Chase metals trader convicted of fraud in DOJ spoofing case
A former JPMorgan Chase and Credit Suisse precious metals trader was convicted of fraud, wrapping up a long-running Department of Justice investigation into the manipulation of the precious metals markets from 2008-16.
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PremiumPressure on business or individual? CCOs torn on DOJ certifications
The Department of Justice’s new CCO certification requirement drew mixed reviews from respondents to our “Inside the Mind of the CCO” survey, with many questioning whether the policy might backfire on the compliance profession.
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PremiumTricky but doable: Tips for navigating sanctions in third-party relationships
Sanctions concerns don’t need to end all business relationships in high-risk regions. Experts at CW’s virtual TPRM and Oversight Summit share their experiences navigating compliance.
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ArticleSEC, OCC flag heightened risks from crypto bankruptcies
The Securities and Exchange Commission and Office of the Comptroller of the Currency reminded public companies and financial institutions, respectively, of their responsibilities to properly manage risks related to the crypto asset market.
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Two Point Capital, CEO dinged $100K for compliance procedure lapses
Two Point Capital Management and its CEO John McGowan were fined a total of $100,000 by the Securities and Exchange Commission for failing to adopt and implement policies and procedures tailored to guide the firm’s compliance with federal securities law.