All articles by Aaron Nicodemus – Page 50
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Accounting execs arrested as Wirecard probe continues
German prosecutors arrested three Wirecard executives, including the former CFO and head of accounting, as an investigation into the company’s inflated balance sheet and a missing $2 billion continues to expand.
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OCC proposal seeks to clarify when banks are ‘true lender’
The Office of the Comptroller of the Currency has proposed a rule meant to eliminate ambiguity in federal banking regulations regarding loans made by national banks and their third-party partners.
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Medical device maker projects $18M to settle FCA violations alleged by former CCO
Evidence of kickbacks and bribes brought to light by a whistleblower and former chief compliance officer has led Merit Medical Systems to reach an estimated $18 million agreement in principle with the DOJ to settle False Claims Act allegations.
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Colorado investment firm fined $200K for inadequate compliance procedures
A Colorado-based investment advisory firm has been fined $200,000 and ordered by the SEC to improve its compliance practices regarding the purchase of securities on behalf of certain institutional investors.
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Cigarette filter maker agrees to first-ever U.S.-North Korea sanctions DPA
A cigarette filter maker has entered into the first-ever U.S.-North Korea DPA with the Justice Department for sanctions violations and agreed to pay a fine of $665,112 to the Treasury Department’s Office of Foreign Assets Control.
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How Twitter got hacked, and what you can learn from it
Twitter just suffered the biggest cyber-attack in its history. But is it being set up for something bigger? We explore that possibility and much more.
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Walmart latest hit with CCPA-related lawsuit
Consumers are using the newly enforceable California Consumer Privacy Act to sue companies they say have mishandled their data. Walmart is the latest and most high-profile to be slapped with a lawsuit.
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SEC continues whistleblower payout surge with $3.8M award
The Securities and Exchange Commission has paid out approximately $119 million to 20 whistleblowers in the past 10 months, a trend the agency continued with the latest announcement of a $3.8 million award.
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Italian telecom fined $18.6M for violating GDPR data collection rules
Italian telecommunications operator Wind Tre S.p.A has been fined approximately €16.7 million (U.S. $18.6 million) for violating data collection provisions of the EU’s General Data Protection Regulation.
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Google fined $670K for violating GDPR’s ‘right to be forgotten’
Belgium’s Data Protection Authority fined Google Belgium €600,000 (U.S. $670,000) for refusing to delete search results linked to a Belgian public official, a provision of the GDPR know as the “right to be forgotten.”
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SEC proposes update to ease 13F reporting requirements
The Securities and Exchange Commission has proposed raising the threshold at which small institutional investment managers must file quarterly reports with the agency.
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Universal Health Services settles FCA allegations for $122M
Whistleblowers will receive a $16.7 million payday as part of a $122 million settlement between the Department of Justice and Universal Health Services.
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CCO Hinton leaves Google to advise whistleblower startup
Andy Hinton told CNBC he left his longtime position as vice president and chief compliance officer at Google in March as he looks toward a new role advising a startup that offers a whistleblower app.
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What regulators want to know about KYC technology
So, your company has decided to embark on an update of its legacy Know Your Customer system. Hear from experts on how to begin the process of onboarding that tech to the regulators.
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FinCEN issues advisory on coronavirus-related financial scams
The Financial Crimes Enforcement Network has issued an advisory on the types of coronavirus-related scams and schemes that financial institutions should be on alert for—for example, “mule money schemes”—and how and where to report such activity.
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Bill proposes national cyber-security czar
A bill with bipartisan Congressional support proposes to create a national cyber-security czar who would report directly to the president.
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SEC risk alert provides compliance roadmap for investment advisors
A risk alert issued recently by the SEC examines disclosure deficiencies by investment advisors managing private funds.
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Regs rollback Volcker rule restrictions on bank investments
Despite pushback from some regulators and Democrats in Congress, the newest Volcker rule update will allow banks—in certain circumstances—to invest or sponsor hedge funds and private equity funds.
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Experts: CCPA enforcement will prioritize children’s privacy, digital marketing
What will enforcement of the California Consumer Privacy Act look like at first? Experts offer their take, in addition to providing guidance for companies still not in compliance with the landmark legislation.
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Democratic privacy bill proposes new data agency
A draft privacy bill from Sen. Sherrod Brown (D-Ohio) would require companies seeking to collect sensitive personal data to receive a “certification of compliance” from a newly created independent agency.